Here Are 2 Ways to Get the Amex Platinum Card for Free

The Platinum Card® from American Express is normally pretty costly. It has a $695 annual fee (see rates and fees), making it one of the most expensive credit cards. You get plenty of benefits in return, but it still takes a bite out of your savings.

Unless you get it for free. While it may seem hard to believe, there are two ways to avoid the annual fee on this premium card.

1. Open the Morgan Stanley version of the card and a Platinum CashPlus account

There are multiple versions of The Platinum Card® from American Express. One of them is the Amex Platinum Card for Morgan Stanley. You can apply for it if you have a Morgan Stanley brokerage account.

If you have the card and a Platinum CashPlus account with Morgan Stanley, you can receive a $695 annual engagement bonus. Terms apply. Since that balances out the annual fee, you effectively pay nothing for the card (see rates and fees). Morgan Stanley's CashPlus accounts are designed as a banking alternative. They include a debit card and unlimited ATM rebates worldwide, among other benefits.

Here's the catch: The Platinum CashPlus account has a $55 monthly fee. That's $660 per year, so you're not saving all that much if you need to pay it. You can avoid that fee if you meet all of the following requirements:

• At least $5,000 in total monthly deposits (or a Social Security deposit of any amount)
• At least $25,000 in average daily cash in the account
• An additional eligible Morgan Stanley brokerage account (self-directed brokerage accounts qualify)
• Morgan Stanley Online enrollment

There are some hoops to jump through, namely the deposit and balance requirements. There's at least a long list of eligible types of deposits. It includes payroll direct deposits, checks, and incoming money transfers.

The main downside is that you need to keep at least $25,000 locked up. With current banking interest rates, that's more of an issue than it was in the past. Many of the best savings accounts have rates of over 4%. A $25,000 balance could earn you over $1,000 of interest per year in one of those accounts.

2. If you're active-duty military, American Express waives the fee

Two federal laws provide protections to active-duty military when borrowing money:

• The Servicemembers Civil Relief Act (SCRA) applies to credit accounts and loans opened before military service.
• The Military Lending Act (MLA) applies to credit accounts and loans opened during military service.

These laws include a variety of protections, including interest rate caps. Some card issuers, including American Express, go above and beyond by providing additional benefits.

While you're in the military on active duty, you can get the annual fee waived on many American Express cards. That includes The Platinum Card® from American Express (terms apply). Here's how getting the fee waived works:

• For cards opened before military service: You can request it online through the credit management section of your account. Select the option for SCRA benefits. You can also do it by phone -- just call the number on the back of your card.
• For cards opened during military service: There's no action required on your part. American Express checks if you're eligible with the Department of Defense during the application process. If you are, you receive the applicable benefits automatically. If you don't receive them, contact customer service.

It makes sense to apply for The Platinum Card® from American Express if you're active-duty military. You can get one of the most valuable credit cards without paying a dime. It has over $1,500 in annual spending credits and access to over 1,400 airport lounges, to name a few of the highlights (terms apply, select enrollment required).

For those who aren't in the military, there's the option with the Amex Platinum Card for Morgan Stanley. It isn't quite a slam dunk, because you also need a Platinum CashPlus account, and getting the fee waived on that is somewhat of a hassle. But it could be worth considering, especially if you're a Morgan Stanley client and you're interested in or already have that type of account.