The Business Platinum Card® from American Express review
The Business Platinum Card® from American Express Overview
With the Business Platinum Card® from American Express, applicants should know they’ll need to pay their balance off in full each month. Other than that, this card works like any other business credit card that rewards business owners with points for their spending while extending important perks and protections most of us have come to expect.
The rewards structure is geared toward frequent travelers, with 5X points on flights and prepaid hotel bookings through Amex’s travel portal. However, purchases of $5,000 or more will net business owners with 1.5X Membership Rewards points for each dollar spent, which can add up quickly if you have pricey business expenses to cover every month.
This business card also comes with important perks you can take advantage of, including up to $200 in airline fee credits each year, up to $179 back per year on Clear membership, elite status with Marriott Bonvoy and Hilton Honors, up to $200 in Dell credits, top-rate airport lounge access and more.
This luxury travel credit card for business comes with a hefty $595 annual fee, but it can be an excellent value if you can earn a lot of rewards and take advantage of the new cardholder perks available to you.
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What are the advantages and disadvantages?
A deeper look into the current card offer
- Rewards rate: Earn 5X Membership Rewards points on flights and prepaid hotels booked with AmexTravel.com, 2X points on prepaid rental cars booked through AmexTravel.com, 1.5X points per dollar spent on purchases of $5,000 or more and 1X points on all other purchases
- Welcome offer: Earn 100,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first three months of card membership
- Annual fee: $595
- Purchase intro APR: None
- Balance transfer intro APR: None
- Regular APR: 14.24 percent to 22.24 percent (variable)
Amex Business Platinum current welcome bonus
The Amex Business Platinum gives new cardholders the chance to earn earn 100,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first three months of card membership. This welcome bonus is generous, to say the least, but you’ll only earn it if you can spend at least $5,000 per month on your card for the first three consecutive months in a row.
Frequent travelers might get the most out of the Amex Business Platinum due to its earning structure and its travel-related perks. However, users who make a lot of purchases that are $5,000 or higher also stand to get ahead. Here’s a basic rundown of the main features you should understand about this card’s earning structure and rewards program.
Cardholders can earn 5X points on flights and prepaid hotels (and 2X points on prepaid rental cars), but they have to be booked through AmexTravel.com. This may not be a big deal if you’re able to book travel using the Amex travel portal with ease, but keep in mind that this means you won’t earn bonus points on travel you book directly or with a discount site like Expedia.com or Priceline.com.
You also get the chance to earn 1.5X points on purchases of $5,000 or more, which heavily favors those with high business expenses. Cardmembers will earn 1X points on all other purchases as well, which is standard among American Express credit cards.
This card lets you earn rewards in the American Express Membership Rewards program, which can be redeemed for merchandise, gift cards, statement credits, travel and rental cars booked through AmexTravel.com or transfers to Amex airline and hotel partners.
How much are points worth?
Points are worth 2 cents each (on average) when transferred to airlines and hotel partners and used to book travel, according to The Points Guy’s latest monthly valuation. However, you’ll only get 0.6 cents to 0.7 cents per point if you redeem your Amex points for other options like merchandise with select retailers or statement credits to your account.
Amex Business Platinum: Benefits
The Amex Business Platinum comes with a dizzying number of benefits that can more than make up for the annual fee. These benefits may come in the form of credits to your account, but you’ll also get travel perks and insurance protections. And starting July 1, 2021, you’ll receive several of the new benefits added to The Platinum Card® from American Express in its latest update, including annual credits toward Clear membership, cellphone protection, improved Centurion Lounge Network access, discounts toward a private jet program with Wheels Up and access to Resy’s Global Dining program.
Travel benefits that come with this business credit card include perhaps the best airport lounge access on the market, with recently expanded Amex Centurion lounge access to now include more than 40 Centurion Lounges and Studio locations worldwide. Thanks to additional major partnerships in the American Express Global Lounge Collection—including Priority Pass Select lounges, Delta Sky Club lounges, Airspace Lounge locations, Escape Lounges, Plaza Premium lounges, Lufthansa Lounges and more—you’ll be able to rest in over 1,300 airport lounges across 140 countries and more than 500 airports.
You can smooth out your air travel further with an annual $200 airline fee credit with a select airline, a fee credit for Global Entry or TSA PreCheck, up to $179 back in annual statement credits toward your Clear membership for expedited airport security screening and no foreign transaction fees. If you’re looking to travel in style (and have the funds to back it up), you can also take advantage of Resy’s Global Dining Access program and discounts on the Wheels Up Premium Private Jet Program.
Since the offer’s addition in Jan. 10, 2021, you’ll be able to receive a complimentary night/$150+ property credit after booking an eligible stay at participating Hotel Collection locations through American Express Travel, or another a complimentary night/$250+ property credit for doing the same at a participating Fine Hotels + Resorts property (terms apply).
You’ll also get a 35 percent points bonus when you use Amex points to book qualifying airfare through AmexTravel.com. Flights that qualify include first or business class flights with any airline or any flight with your selected airline, and this benefit is worth up to 500,000 bonus points per year.
Elite status benefits
Qualify for automatic Gold status with the Hilton Honors and Marriott Bonvoy program just for owning the Amex Business Platinum.
Consumer protections and insurance
This business credit card comes with return protection, trip cancellation and interruption insurance, trip delay coverage, a baggage insurance plan, car rental loss and damage insurance, cellphone protection, extended warranties on eligible items and purchase protection against damage or theft.
Dell tech and WeWork discounts
Per year, you can qualify for up to $200 in credits toward purchases made with Dell: up to $100 on January to June purchases and another up to $100 from July to December purchases.
Rates and Fees
The Amex Business Platinum comes with a $595 annual fee that is not waived in the first year. Other fees to be aware of include a late payment fee up to $39 (or 2.99 percent of any past due Pay in Full amount, whichever is greater) and a returned payment fee up to $39.
How the Amex Business Platinum Card compares to other Amex business credit cards
The Amex Business Platinum may be ideal if your business spends a lot on travel, but you can consider other Amex business credit cards that offer more rewards in different categories. As an example, the American Express® Business Gold Card is popular considering you get the chance to earn 4X points on up to $150,000 spent in popular categories many businesses spend a lot in. However, the tradeoff involved in choosing this card comes in the form of reduced travel benefits and perks.
Also, keep in mind that you can earn American Express Membership Rewards points on business purchases without paying an annual fee at all. The Blue Business® Plus Credit Card from American Express lets you do just that.
|Card||Rewards rate||Annual fee||Welcome bonus||Other details|
|Business Platinum Card® from American Express||
||$595||100,000 Membership Rewards points after spending $15,000 on eligible purchases with the Business Platinum Card within the first three months of Card Membership.||
|American Express® Business Gold Card||
||$295||Earn 70,000 Membership Rewards points after spending $10,000 on eligible purchases with the Business Gold Card within the first three months of Card Membership.||
|The Blue Business® Plus Credit Card from American Express||
||$0||15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.||
Best cards to pair the Amex Business Platinum with
If you want to maximize the rewards you earn within a year but you don’t want to pay any more annual fees, consider pairing the Amex Business Platinum with the Amex Blue Business Plus. The Blue Business Plus lets you earn 2X Membership Rewards points on the first $50,000 you spend each year, so it would be a great option for non-travel purchases you need to make.
Bankrate’s Take—Is the Amex Business Platinum worth it?
The Amex Business Platinum is best for business owners who spend a lot on travel and can take advantage of the many travel perks cardholders receive, especially after its recent update for additional features. Furthermore, this card is a good option for anyone who has a lot of purchases that surpass the $5,000 mark, since they will earn 1.5X points per dollar spent.
The annual fee on this card is high, but the welcome bonus is easily worth $1,500 if you transfer your points to airline partners and book premium flights. That makes it an excellent first-year value, which gives you enough time to try out the card’s benefits to see if it’s worth keeping.