Even though the Amex Platinum comes with a substantial annual charge, your service in the military may entitle you to a waiver. In terms of travel reward cards, American Express’s Platinum Card® is one of its most esteemed offerings. In addition to yearly travel credits, the card offers an impressive earnings multiplier. It does, however, have a hefty yearly charge.
Depending on your military status, you may be eligible for a discount on this price. The Military Lending Act and the Servicemembers Civil Relief Act also cover this benefit.
Even with the annual charge, the Amex Platinum card offers a lot of benefits for the money. The Amex Platinum does not let you carry over a balance for all of your charges, unlike most other credit cards. As we’ll see, it’s one of the finest credit cards for active military personnel.
The Amex Platinum card’s four most valuable features
This travel credit card from American Express comes with a bevy of perks since it’s one of the finest on the market. This is a list of the top four features of the AmEx Platinum card.
Points from a valuable loyalty program
The Amex Memberships Rewards program, offered to Platinum members of American Express, is one of the most significant travel rewards programs available. Membership Rewards points may be redeemed for items like statement credits and gift cards, but their actual worth resides in the ability to transfer points to any of the program’s 15 Amex transfer partners. This allows you to use your points in a variety of ways.
In order to get the most out of your Amex Membership Rewards points, you may redeem them for as much as 2 cents per point. When you transfer points to a travel partner, you often receive the best value. For example, while transferring your Membership Rewards points to Hilton Honors, you received 50% extra Hilton Honors Points.
In other words, you got 3,000 Hilton Honors Points for transferring 1,000 Membership Rewards points. It is common for Membership Rewards to be exchanged one-to-one with other partners. Practically speaking, the option to transfer your points to a variety of travel partners is a huge benefit. After that, the value is all about money.
A Welcome Gift of 100,000 Membership Rewards points
It’s impossible to amass too many Membership Rewards points, and the Amex Platinum card enables new cardholders to do just that. Spend $6,000 in the first six months and get 100,000 Membership Rewards points.
Depending on how you redeem your points, that 100,000-point incentive might be worth more than $1,000 in travel. For example, 60,000 Membership Rewards points are worth $600 when used to pay for a flight using Amex Travel’s Pay with Points option. Each point is worth one penny. Transferring points to a travel companion, on the other hand, maybe worth much more.
Because of the numerous benefits it offers, the Amex Platinum card is one of the best travel rewards credit cards available. The Amex Platinum card, in addition to its generous 5X Membership Rewards points on flights booked directly with airlines or on Amextravel.com (up to $500,000 per calendar year, after that 1X) and prepaid hotels booked on Amextravel.com, offers cardholders complimentary Gold status and Gold Elite status in the Hilton Honors program and the Marriott Bonvoy program, respectively.
When booking a flight with a participating airline, Amex Platinum cardholders receive a $200 airline fee credit. They can also receive a $179 CLEAR® membership fee credit and a $100 statement credit to offset the cost of applying for Global Entry or TSA PreCheck. It’s possible to use these credits to cover the $695 yearly price. These benefits are in addition to those offered by the card, which includes insurance for automobile rentals and the absence of fees for international transactions. Select advantages require the completion of an enrollment or activation process.
If you’re a Platinum Amex cardholder, you’ll get a plethora of yearly credits. A $200 Uber Cash credit, a $240 digital entertainment credit, $300 in statement credits for qualified Equinox fitness memberships, and $100 in statement credits for Saks Fifth Avenue purchases are among the current year-end benefits available. Note that some benefits must be activated or enrolled in order to be used.
Getting the yearly fee for Amex Platinum to be waived
The annual charge for all American Express cards is eliminated for active-duty military personnel, according to a spokesman of the credit card company. That means you may have the $695 annual charge for the American Express Platinum Card removed. Any member of the United States Armed Forces on active duty, as well as any reserve component summoned to active duty, is an active-duty servicemember.
The Servicemembers Civil Relief Act and the Military Lending Act both provide this advantage. During your time on active duty, your interest rates are limited by the SCRA to a maximum of 6%. Debt incurred prior to military service is covered under the SCRA. MLA, on the other hand, covers the credit you receive while serving in the military. For interest rates and fees, the MLA limits them to a maximum of 36 percent MAPR (Military Annual Percentage Rate).
Despite the fact that a 36 percent interest rate may appear excessive, this is not the only factor at play. Annual fees, for example, are part of the total. It is possible to save a lot of money on credit cards through both the SCRA and the MLA. SCRA and MLA benefits can be requested online or by contacting the phone number on the back of your American Express card.
The SCRA and MLA waive yearly fees for active-duty personnel who provide proof of their status. Amex will use an automated tool to verify your military service eligibility based on the information you supply. Your active-duty orders, DD-214, or a letter from your commanding officer can serve as documentation that you are currently serving.
One of the greatest credit cards for travel is the American Express Platinum Card. Traveling with this card is a completely new experience, but it comes with a steep yearly cost. This cost, however, can be waived if you are an active-duty military member. As a result, you may take advantage of all the card’s features free of charge. The Amex Platinum yearly charge is eliminated if you phone an American Express representative to find out whether you qualify for this benefit.