3 Ways to Get the Amex Platinum Card at No Cost

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5 days ago

The Platinum Card® from American Express: High Rewards at a High Price. The Platinum Card® from American Express offers many benefits but comes with a hefty annual fee of $695. This makes it one of the most expensive cards available. However, there are ways you could get it at no cost.

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Military Perk

If you are in the military on active duty, you are in luck. American Express waives the annual fee for active-duty military personnel, making it easy to enjoy the card’s perks for free.

Options for Non-Military

For those not in the military, here are three ways to get the card at no cost:

Morgan Stanley Platinum Card®
Charles Schwab Platinum Card®
Maximizing Spending Credits

The Platinum Card® from American Express Benefits

Intro APR

Purchases: Not Applicable
Balance Transfers: Not Applicable

Regular APR : See Pay Over Time APR

Rewards: 1X-5X Membership Rewards® Points

Annual Fee: $695

Welcome Offer: 80,000 Membership Rewards® Points

This luxury travel card has some of the most prestigious perks, such as access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy, and spending credits worth over $1,500 every year. The annual fee can be offset in the first year with a welcome bonus worth $800 in points.

Key Perks and Benefits

Big Welcome Offer

Earn 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases in the first 6 months.

Substantial Spending Credits

$200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel.
$240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases with your Platinum Card® for services like Disney+, ESPN+, and more.
$200 Airline Fee Credit: Get up to $200 in statement credits per year for incidental fees charged by your selected airline.
$200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually.
$155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership.
$189 CLEAR® Plus Credit: Get up to $189 back per year on your CLEAR® Plus membership.

Airport Lounge Access

Complimentary access to over 1,400 airport lounges worldwide.

Hotel Benefits

Elite status with Hilton and Marriott Bonvoy.

Flexible Travel Points

Earn 5X Membership Rewards® Points for flights booked directly with airlines or American Express Travel, and 5X on prepaid hotels booked with American Express Travel.

The Morgan Stanley Option

To get the Amex Platinum Card for Morgan Stanley with the same benefits plus a $695 annual engagement bonus, you need to open a Morgan Stanley Platinum CashPlus account. This account usually costs $55 per month ($660 per year) but can be avoided by meeting these conditions:

At least $5,000 in monthly deposits or a Social Security deposit of any amount.
An average daily cash balance of at least $25,000.
An additional eligible Morgan Stanley brokerage account.
Morgan Stanley Online enrollment.

Meeting these requirements means the engagement bonus will cover the cost of your card.

The Charles Schwab Option

If you have an eligible account with Charles Schwab, you can get the American Express Platinum Card® for Schwab. With substantial qualifying holdings, you receive an annual appreciation bonus:

$250,000 to $1 million: $100 in annual statement credits.
$1 million to $10 million: $200 in annual statement credits.
$10 million or more: $1,000 in annual statement credits.

Maximizing Spending Credits

The Platinum Card® from American Express offers over $1,500 in annual statement credits. Here are some examples:

$200 in Uber Cash
$240 digital entertainment credit
$200 airline fee credit
$155 Walmart+ credit
$189 CLEAR® Plus credit

If you can use at least $695 of these credits, the annual fee is essentially covered. However, these credits can be complicated to manage. Make sure you can utilize them before applying for the card.

Conclusion

The Platinum Card® from American Express is expensive, but there are ways to get it without paying $695 per year. The Morgan Stanley and Charles Schwab versions of the card offer spending credits that can help offset the cost. Even if you have the standard version, you should be able to cover the fee by taking advantage of its benefits. This card only makes sense if you can utilize its perks, making the annual fee worthwhile. If not, consider other travel credit cards that better fit your lifestyle.