The American Express Business Platinum Card® is a premium business credit card boasting an extensive array of benefits. But with a hefty annual fee of $695, is it truly worth the investment? This in-depth review examines the card’s welcome bonus, rewards structure, statement credits, airport lounge access, and compares it to other leading business cards to help you decide if it aligns with your business needs.
Key Takeaways: Is the Amex Business Platinum Card Right for You?
- Massive Welcome Bonus: Earn a potentially lucrative 150,000 Membership Rewards® points after spending $20,000 in the first three months.
- Exceptional Perks: Access to over 1,400 airport lounges globally, including Centurion Lounges and Priority Pass, plus valuable statement credits exceeding $1,000 annually.
- Flexible Rewards: Membership Rewards points are transferable to over 20 airline and hotel loyalty programs, offering flexibility in redemption options.
- High Annual Fee: The card’s $695 annual fee necessitates careful consideration of whether the benefits justify the cost.
- Strong Alternatives: Consider the Ink Business Preferred® Credit Card as a potentially more cost-effective alternative with generous rewards and a lower annual fee.
Welcome Bonus: A Significant Incentive
The Amex Business Platinum Card currently offers a compelling welcome bonus: Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. This substantial bonus represents a significant value proposition, especially considering the potential for maximizing point redemption through strategic transfers to airline and hotel partners offering high value per point.
Maximizing the Welcome Bonus
To maximize this offer, business owners should strategically plan their eligible spending within the first three months. Prioritizing large, necessary business expenses like equipment purchases, inventory stocking, or significant service contracts can help reach the required spending threshold efficiently. Remember to always review the terms and conditions to ensure your purchases qualify for the bonus.
Benefits and Perks: A Premium Package
Beyond the welcome bonus, the Amex Business Platinum Card shines with its extensive benefits package.
Statement Credits: Substantial Savings Opportunities
The card provides a range of statement credits designed to offset business expenses. These credits can easily add up, substantially reducing your overall costs. Key examples include:
- Up to $200 annually in Dell credits (enrollment required).
- Up to $360 annually in Indeed.com credits (enrollment required).
- Up to $200 annually in Hilton credits (Hilton for Business membership required; enrollment required).
- Up to $150 for select Adobe plans (enrollment required).
- Up to $200 in airline incidental fee credits (enrollment required).
- Up to $199 in CLEAR® Plus credits (subject to auto-renewal).
- Up to $120 for Global Entry or TSA PreCheck® application fees.
Additional Perks: Enhancing Travel and Business Operations
The benefits extend beyond statement credits, encompassing features that streamline business travel and enhance efficiency:
- Access to the American Express Global Lounge Collection®: Complimentary access to over 1,400 airport lounges worldwide – a valuable perk for frequent travelers.
- Hotel and Rental Car Elite Status: Complimentary Gold status with Hilton Honors and Marriott Bonvoy (enrollment required; terms apply), offering benefits like room upgrades and priority service.
- Fine Hotels + Resorts® Program: Access to exclusive benefits at luxury hotels including room upgrades, late checkout, early check-in, complimentary breakfast and a $100 credit (benefits vary by hotel and availability).
- Travel Insurance and Purchase Protections: Provides valuable coverage for unforeseen circumstances during business trips or purchases.
- Zero Foreign Transaction Fees: Simplifies international business transactions without incurring extra charges.
Unlocking the Full Potential of the Amex Business Platinum Card
It’s crucial to actively enroll in the various offered benefits and programs. Many credits require registration to be activated, and certain offers are potentially limited-time, necessitating proactive management to fully utilize the card’s features.
Earning and Redeeming Membership Rewards® Points: Flexibility and Value
The Amex Business Platinum Card earns American Express Membership Rewards points that offer substantial value owing to their transferability to various travel and other loyalty programs. The card’s earning structure is as follows:
- 5X points on flights and prepaid hotels booked through AmexTravel.com.
- 1.5X points on up to $2 million in annual eligible purchases from certain business categories (electronics retailers, software, shipping, etc.), plus purchases of $5,000 or more.
- 1X point on all other purchases.
Redemption Options
The flexibility of Membership Rewards points is a major advantage. You can:
- Transfer points to over 20 airline and hotel partners at a 1:1 ratio (some exceptions apply).
- Redeem points for gift cards, statement credits, or purchases at a range of merchants.
A word of caution: While redeeming for gift cards or statement credits is convenient, it will often yield less value than transferring to airline or hotel partners offering lucrative redemption opportunities. Strategic transfer planning is crucial to taking advantage of this feature thoroughly. Consult resources featuring valuations associated with numerous airline/hotel loyalty points to ensure optimal rewards.
Rates and Fees: A Necessary Consideration
The Amex Business Platinum Card has a $695 annual fee. Amex does offer an upgraded platinum card option; however, this particular platinum card has a significantly more expensive annual fee. This significant cost demands careful comparison with the benefits received. The benefits must significantly outweigh the expense to justify its use. Evaluate your projected business spending and the credits you anticipate receiving, ensuring your savings cover the card’s annual cost.
Card Comparison: Weighing the Options
The Amex Business Platinum Card’s premium offerings should be compared with alternative business credit cards.
Amex Business Platinum vs. Amex Platinum Card
The personal Amex Platinum Card® shares many similarities, such as airport lounge access and Membership Rewards points. However, the Amex Platinum Card emphasizes different aspects such as statement credits focused on lifestyle benefits like entertainment, hotels, and rideshare credit. It caters specifically to personal spending.
Amex Business Platinum vs. Chase Ink Business Preferred® Card
The less expensive Chase Ink Business Preferred® Credit Card (annual fee of $95) offers transferable Chase Ultimate Rewards points and excels in rewarding spending on common business expenses like travel and advertising. While lacking the extensive lounge access of the Amex Business Platinum, it provides a more cost-effective option for businesses that prioritize high earnings on specific spending categories rather than diverse premium benefits.
Is the Amex Business Platinum Card Right for Your Business?
The Amex Business Platinum Card stands as a compelling choice for businesses with significant travel expenses and a need for premium benefits. Its broad range of statement credits, global lounge access, enhanced travel insurance and elite status benefits makes it an appealing option for businesses capable of maximizing its features. However, the high annual fee may not align with the needs of many businesses. For those emphasizing cost-effectiveness and robust rewards on a broader spectrum of day-to-day business expenditures, the Chase Ink Business Preferred Card offers a valuable alternative with a significantly more budget-friendly annual fee.
