Does the American Express Platinum card have a late fee?

The American Express Platinum card minimum payment will be the sum of any payment plan due and your Pay In Full New Balance. Any balance not included in your payment plans will be due in full.

One of the most common American Express Platinum card payment plans is the Pay Over Time plan, which allows cardholders to pay eligible charges over time, with interest. You can choose to pay your Pay Over Time balance in full each month, the minimum payment due, or any amount in between.... read full answer

Your American Express Platinum card Pay Over Time minimum payment is the highest of:

• $40
• 2% of the Pay Over Time and/or Cash Advance new balance
• The total calculated through these steps:

1. Subtract the interest charged on the billing statement from the Pay Over Time and/or Cash Advance New Balance to calculate the Amount needed in the following steps;
2. Calculate the sum of 1% of the Amount from $0 to $20,000; 2% of the Amount from $20,000.01 through $35,000; 5% of the Amount above $35,000;
3. Divide the sum from step 2 by the Amount and round to four decimals;
4. Multiply by the Amount;
5. Add the interest charged on the billing statement.

Keep in mind that any balance not included in your payment plan will be due in full. American Express will charge a late fee of $29 the first time you fail to make at least your American Express Platinum card minimum payment by the due date. The fee goes up to $40 if there’s another late payment in the following six billing periods. In addition, you may lose any reward points earned during the billing period.

The Amex Platinum Pay Over Time feature gives cardholders extra time to pay off select eligible charges, up to a limit. Amex Platinum cardholders have the option of making only a minimum or partial payment toward their Pay Over Time balance by the due date each month. Pay Over Time balances carried from month to month will accrue interest at a rate assigned by American Express when you’re approved for a Platinum Card account, however. A penalty rate may apply to late or missed payments too.... read full answer

Cardholders are automatically enrolled in Amex Platinum Pay Over Time. You can either finance all eligible purchases or manually pick which of those charges you want to pay over time. The remaining charges will move back into your regular balance. Since Amex Platinum is a hybrid card, payment for all non-Pay Over Time purchases is still due in full each month.

You might get your American Express Platinum card annual fee waived if you are calling the Amex retention line at (800) 452-3945, but it is not guaranteed that it will work. Alternatively, you should consider applying for the Amex financial relief program.

Here’s how to get the American Express Platinum card annual fee waived:

• Call the retention line: ... read full answerYou can ask Amex to waive the annual fee by calling (800) 452-3945. However, it’s important to understand that this approach may not be successful. American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the Platinum card’s $695 annual fee. Retention offers traditionally include statement credits, bonus points or spending bonuses. But make sure your account is in good standing before calling.
• Apply for the Amex financial relief program: If you’re having difficulty paying your annual fee due to unforeseen financial difficulty, apply for the financial relief program online or call Amex at (866) 703-4169. You could potentially have your annual fee waived. Or you might receive other assistance such as lower monthly payments or lower interest rates. If you decide to enroll in a financial relief program, though, your spending ability will likely be greatly reduced for the duration. Your credit score may be impacted by the reduction in credit limit. And if you don’t comply with the terms of the program, that will appear as a negative on your credit report.
• Other options: You might be able to get your American Express Platinum card annual fee waived if you’re an active member in the military. Downgrading to an American Express card with a lower annual fee is also an option.

However, if you don’t end up getting the $695 annual fee waived, you should consider keeping the card for its rewards. With the American Express Platinum card, you’ll earn 5 points per $1 on flights booked with airlines or with American Express Travel (up to $500,000 spent per year), 5 points per $1 spent on prepaid hotels booked through Amex, and 1 point per $1 on all other purchases.

If you spend a lot on these categories, the rewards you’ll get will more than make up for the cost. But if you can’t take advantage of its travel-focused perks, you’ll end up overpaying.