The American Express Business Platinum Card has a 200,000-point offer. Here’s who should consider it.

The Business Platinum Card® from American Express announced an elevated welcome offer of 200,000 Membership Rewards points after spending $20,000 in the first three months of card membership in September of 2025.

This is the highest public welcome offer we’ve ever seen for this card, which is best suited for business owners who have higher regular spending — particularly those who travel frequently. But is the sign-up bonus still worth the card’s high annual fee and initial spending requirements?

Here’s everything you need to know about the Business Platinum Card and how this offer stacks up against the best business credit cards on the market.

How much are 200,000 Membership Rewards Points worth?

According to Bankrate’s points and miles valuations, American Express Membership Rewards points are worth 2.0 cents per point. This gives the new welcome offer an average value of $4,000 when redeemed with high-value transfer partners.

If you spend exclusively in 1X categories to meet the new welcome offer’s requirements ($20,000 in the first three months), you’ll earn a minimum of 170,000 points (a return of 17 percent on your spending). That brings the total dollar value for this offer and the card’s regular points to get the offer to $4,400.

Who does this offer make sense for?

This offer makes sense for business owners with higher spending needs, as this is among one of the highest spending requirements for a welcome offer on the market right now.

While the Business Platinum comes with a very high $895 annual fee, it grants cardholders solid benefits that can offset it — if your business can take advantage of most of its offerings.

For example, if you use the $200 annual air incidental credit, the annual $209 credit for CLEAR membership, the monthly $10 wireless credits (worth $120 annually), and the credit for shopping at Dell (worth $1,150 annually), then you’ve already earned $1,679 in credits against your $895 annual fee. You’ll get even more value if you use the credits for Indeed and Adobe (worth $360 and $250 annually).

Plus, the value of benefits like lounge access and travel protection can be worth their weight depending on your travel needs.

Signing up for this offer could make even more sense if you travel frequently, as you can get exceptional value by paying with points for all or part of an eligible flight booked through the American Express Travel portal.

Specifically, you’ll get 35 percent of the points back (up to 1,000,000 Membership Rewards points per calendar year) on eligible first and business-class tickets and any fare class with your selected qualifying airline booked through American Express Travel.

How does this card’s welcome offer compare to the competition?

American Express® Business Gold Card

For comparison, the American Express® Business Gold Card currently has a welcome offer of 100,000 Membership Rewards points after spending $15,000 in the first three months of card membership — worth an average of $2,000.

However, the Business Gold has excellent benefits and earns 4X Membership Rewards points in your top two monthly categories from the select list of options below. If you spent exclusively in these categories to earn the welcome offer, you’d reach 160,000 points (representing a 21 percent return on your spending):

• Purchases at U.S. restaurants, including takeout and delivery
• Purchases at U.S. gas stations
• Purchases made from U.S. electronic goods retailers and software and cloud system providers
• Monthly wireless telephone service charges made directly from a wireless telephone service provider in the U.S.
• Transit purchases, including trains, taxicabs, rideshare services, ferries, tolls, parking, buses and subways.
• Purchases at U.S. media providers for advertising in select media (online, TV and radio)

If your business regularly spends in these categories, your ongoing return potential may be higher with the Business Gold than the Business Platinum.

The Blue Business® Plus Credit Card from American Express

Another American Express business card comparison worth making is with the company’s no-annual-fee business card, the The Blue Business® Plus Credit Card from American Express.

The Blue Business Plus has a welcome offer of 15,000 Membership Rewards points after spending $3,000 in the first three months of card membership — worth just $300. But, you’ll earn a flat 2X on all purchases (up to $50,000 within a calendar year, then 1X points thereafter), leaving you with 21,000 points after meeting the sign-up bonus — a 14 percent return on your spending.

As long as you can justify the annual fee, the value of the Business Platinum is exceptionally better.

How does this offer compare to past Business Platinum offers?

The current public offer on this card is an increase from 150,000 points after spending $20,000 in the first three months of card membership. Earning over 100,000 points for a welcome offer on the Business Platinum is an excellent value in general; however, since this is one of the highest historical spending requirements on this card, you may want to move to apply now.

In addition, keep in mind that, while this is the highest we’ve ever seen this card’s public offer, you may be targeted for even better offers. These targeted offers, which have recently ranged to as high as 250,000 points, tend to come with lower spending requirements and have occasionally provided introductory APR offers as well.

These targeted offers can come via email or through the mail, or you may be able to find pre-qualified offers on the Amex website. These offers are personalized based on factors including your credit history and credit score.

You can increase your chances of receiving one by opting in to Amex’s email and direct mail offers, or by exploring our CardMatch™ tool to compare the offers that may be available to you.

The bottom line

Overall, the elevated welcome offer of 200,000 Membership Rewards points on the American Express Business Platinum Card can provide significant value for business owners with high spending needs and those who travel frequently.

If you’re interested in this card, check to see if this is your highest offer. With numerous benefits to offset its high annual fee, this card offers exceptional value for those who can take advantage of its offerings.

However, no welcome offer is worth it if you have to spend more than you can repay when the bill is due. If the offer doesn’t suit your business needs, or if other cards offer better ongoing value, you may want to forego this card for the prospect of better long-term value.