Business Platinum Card from American Express: Comprehensive Review
The Business Platinum Card from American Express is a premium credit card for business owners and frequent travelers. While the $695 annual fee might seem steep, the card’s rewards and benefits can quickly outweigh the cost for those who travel often or make large purchases in specific categories. This exclusive card offers many advantages, including a lucrative welcome bonus of 120,000 Membership Rewards points, luxurious travel benefits, and advanced expense management tools designed to enhance your business experience and empower you to achieve your goals.
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Business Platinum Card Review: Is It Right for You?
The Business Platinum Card from American Express is a top-tier credit card designed for business owners who seek unparalleled travel perks, robust rewards, and financial management tools. Priced with a $695 annual fee, it’s tailored for frequent travelers and high-spending businesses. This review explores the features, benefits, and whether it justifies its premium cost.
Key Highlights
- Welcome Offer: Earn 150,000 Membership Rewards® Points after spending $20,000 on eligible purchases within the first 3 months. This is an excellent incentive for businesses with significant initial expenses.
- Rewards Structure:
- 5X Points: Earn on flights and prepaid hotels booked through AmexTravel.com, providing unmatched value for frequent business travelers.
- 1.5X Points: On eligible purchases in key business categories or on transactions of $5,000 or more (up to $2 million annually), ensuring optimal rewards for large expenditures.
- 1X Point: Earn on all other purchases, offering a steady accumulation of rewards.
- Annual Fee: The $695 fee may seem steep but is balanced by extensive perks and benefits.
- Travel Perks: Access to 1,400+ airport lounges, up to $200 in airline fee credits, and Fine Hotels + Resorts benefits.
- Business Perks: Statement credits for essential business services, including Dell, Indeed, Adobe, and wireless providers, enhancing operational efficiency.
Who Should Consider the Business Platinum Card?
This card is an excellent fit for:
- Frequent Travelers: Those who value travel perks like lounge access, expedited airport processing, and premium hotel benefits.
- High-Spending Businesses: Companies with substantial operational or purchasing expenses can maximize the card’s rewards potential.
- Expense-Conscious Owners: Business owners seeking tools for streamlined expense tracking and reporting, enabling better financial oversight.
Related: Can I Use Business Credit Card for Personal Expenses?
Fees and Rates: Business Platinum Card from American Express
Like most premium credit cards, the Business Platinum Card comes with a high annual fee of $695. However, the rewards and benefits make it worth considering if your business frequently makes large purchases or if you travel often.
Here’s a breakdown of the card’s fees and rates:
- Annual Fee: $695.
- Foreign Transaction Fees: None.
- Late Payment Fee: Up to $39 or 2.99% of the past-due amount, whichever is higher.
- Returned Payment Fee: $39.
- Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater.
- Cash Advance Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater.
Membership Rewards® Points: An Overview
Earning Points
- 5X Points: Earn on flights and prepaid hotels booked through AMEX Travel, significantly boosting rewards for business travel.
- 1.5X Points: Applies to select business categories such as shipping, hardware, and large purchases exceeding $5,000.
- 1X Points: Consistently earned on all other purchases, ensuring no transaction is left unrewarded.
Redeeming Points
- Flexible Options: Points can be transferred to over 20 airline and hotel loyalty programs, redeemed for travel, gift cards, or applied as statement credits.
- Pay with Points: Offers the ability to cover travel costs partially or entirely with points, adding convenience and flexibility.
Maximization Tips
- Prioritize travel bookings through AmexTravel.com to leverage the 5X multiplier.
- Schedule large purchases strategically to take full advantage of the 1.5X rewards on transactions over $5,000.
Related: How to Get a Credit Card with $5000 Limit?
Travel Benefits: The Business Platinum Card from American Express
1. Global Lounge Collection®
Enjoy access to over 1,400 airport lounges worldwide, including premium spaces like Centurion® Lounges and Priority Pass™ Select lounges, elevating your travel experience.
2. $200 Airline Fee Credit
Receive reimbursements for incidental fees, such as checked luggage or in-flight refreshments, adding value for frequent flyers.
3. Fine Hotels + Resorts® Program
Experience exclusive benefits like complimentary breakfast, late checkouts, and room upgrades at luxury hotels, with perks averaging $550 in value per stay.
4. TSA PreCheck® and Global Entry
The card covers application fees for these programs, ensuring expedited security and customs processing.
5. No Foreign Transaction Fees
Ideal for international business expenses, saving money on every transaction abroad.
Business-Centric Benefits
Annual Statement Credits
- Dell: Up to $400 annually for Dell Technologies purchases, benefiting tech-driven businesses.
- Indeed: Up to $360 annually for recruitment expenses, aiding growing companies.
- Adobe: Up to $150 annually for Creative Cloud subscriptions, perfect for design-focused businesses.
- Wireless Services: Up to $120 annually for U.S. wireless telephone service providers, supporting communication needs.
Financial Management Tools
- Employee Cards: Issue supplementary cards to team members, track their spending, and earn rewards on all transactions.
- QuickBooks Integration: Sync card transactions with QuickBooks for streamlined accounting and financial planning.
- Year-End Summary: Receive a comprehensive report of annual expenses, simplifying tax preparation and budget analysis.
Is the Business Platinum Card Worth the $695 Annual Fee?
Advantages
- Extensive travel perks, including lounge access and hotel benefits, enhance the value for frequent travelers.
- Substantial statement credits reduce the effective cost of the card.
- Advanced financial tools make it an asset for businesses aiming to streamline operations and optimize rewards.
Disadvantages
- The high annual fee may not suit smaller businesses with limited travel or expense needs.
- Requires significant spending to unlock full rewards potential.
- The benefits are less compelling for businesses that do not prioritize travel.
Comparing the Business Platinum Card with the Personal Platinum Card
Here is a simple tabular comparison of the Amex Platinum and Amex Business Platinum cards based on the provided information:
| Feature | Amex Platinum | Amex Business Platinum |
|---|---|---|
| Annual Fee | $695 | $695 |
| Welcome Offer | 80,000 points after spending $8,000 in 6 months (worth $1,600) | 150,000 points after spending $20,000 in 3 months (worth $3,000) |
| Earning Rates | 5x points on flights booked directly or via Amex Travel (up to $500,000/year) | 5x points on flights and prepaid hotels via Amex Travel |
| 5x points on prepaid hotels via Amex Travel | 1.5x points on purchases of $5,000+ and select U.S. business categories | |
| 1x point on other purchases | 1x point on other purchases | |
| Statement Credits | $200 hotel credit via Amex Travel | $200 airline fee credit per year |
| $200 airline fee credit | $199 Clear Plus membership credit | |
| $199 Clear Plus membership | $400 Dell credit per year ($200 semi-annually)^ | |
| $200 Uber Cash | $150 Adobe credit per year^ | |
| $100 Saks Fifth Avenue credit | $360 Indeed credit ($90 quarterly)^ | |
| $240 digital entertainment credit | $120 wireless plan credit ($10 monthly) | |
| $300 Equinox membership credit | ||
| $155 Walmart+ membership credit | ||
| Lounge Access | Yes | Yes |
| Elite Hotel Status | Marriott Bonvoy Gold; Hilton Honors Gold | Marriott Bonvoy Gold; Hilton Honors Gold |
| Unique Perks | Uber and Saks credits | – 35% points rebate on flights (up to 1 million points annually) |
| Equinox, digital entertainment, and Walmart+ credits | Focus on business-related credits | |
| Travel Protections | Trip delay and purchase protections (terms apply) | Trip delay and purchase protections (terms apply) |
| Points Redemption Bonus | None | 35% points rebate for eligible flights booked with Amex Travel |
| Target Audience | Individuals seeking premium travel and lifestyle perks | Business owners with significant expenses or specific business needs |
| Winner (Overall Value) | Great for personal luxury perks | Great for business spending and large purchases |
Business Platinum Card
- Geared towards business owners, offering tools for expense management and higher points earning on large transactions.
- Includes credits and perks tailored for business-related services and expenses.
Personal Platinum Card
- Designed for individual users, focusing on lifestyle perks such as Uber credits and personal travel rewards.
- Best suited for frequent travelers seeking luxury and convenience in their personal lives.
Bottom Line: Choose the Amex Platinum for personal luxury and lifestyle perks or the Amex Business Platinum for business-related rewards and spending flexibility.
Comparison: Brex vs Amex
Let’s compare the Brex Credit Card with Amex:
| Feature | Brex | Amex |
|---|---|---|
| Physical Credit Cards | Yes | Yes |
| Virtual Credit Cards | Unlimited virtual cards available | Not specified |
| Credit Limits | 10-20x higher limits than traditional corporate cards | Standard limits |
| Card Network | The #1 network for global acceptance | Traditional card network |
| Expense Management | Integrated and automated expense management | Requires manual or less advanced management processes |
| AI-Powered Assistance | AI-powered assistant for automating approvals and simplifying reports | Not available |
| Real-Time Spend Tracking | Real-time tracking for company-wide visibility | Limited or not specified |
| Budget Management | Smart, scalable budgets for greater control | Standard budget tracking features |
| Cash Account Integration | Includes an FDIC-insured cash account with treasury management | Not included |
| NetSuite Integration | Award-winning integration; Partner of the Year for 2023 | Not specified |
| Fees | No fees; free global card program | Fees typically apply |
| Spend Visibility and Control | Real-time tracking and category-specific controls | Limited or manual visibility |
| Automation Benefits | Reduces expense busywork by 10x, increases compliance and accuracy | Lacks automation |
| Global Acceptance | Widely accepted globally | Accepted widely but less efficient |
Who is Winner?
Brex outperforms Amex in terms of credit limits, real-time visibility, expense automation, and global acceptance. Its lack of fees and advanced AI-powered tools make it ideal for fast-growing companies seeking scalability and efficiency. However, Brex is best for startups and modern businesses, while Amex fulfills the traditional corporate needs
Winner: Brex for its innovation, higher limits, and advanced expense management.
Eligibility for the Business Platinum Card
To apply for the Business Platinum Card, you must meet certain eligibility requirements:
- Business Ownership: You must be a legal business owner, freelancer, or independent contractor.
- Age: You must be at least 18 years old.
- Credit History: While a specific score is not disclosed, Amex typically looks for applicants with good to excellent credit (typically 670 or higher). The American Express uses Experian to determine your FICO score in your credit report.
- Existing Cards: If you already have up to four Amex credit cards, your chances of approval may be higher.
Customer Support
For any inquiries or issues, you can reach American Express customer service at 1-855-531-3491 or visit their official website.
Final Thoughts
The Business Platinum Card from American Express is a premium tool for high-spending businesses and frequent travelers. With unparalleled travel benefits, robust rewards, and powerful financial tools, the card justifies its $695 annual fee for those who can maximize its features. For businesses that align with its offerings, it serves as both a financial and strategic asset, streamlining expenses and elevating travel experiences.
Who shouldn't get the Amex Business Platinum Card?
This card might not be the best fit for:
- Infrequent travelers: The annual fee outweighs the card’s benefits if you travel infrequently. Consider purchasing day passes for occasional airport lounge access instead.
- Those who spend outside travel categories: The card offers limited rewards (1 point per dollar) on non-travel and non-prepaid hotel purchases. Other cards offer better rewards for these spending categories with lower annual fees.
Is the Amex Business Platinum a sound card?
The Amex Business Platinum can be a sound card, but it depends on your needs and spending habits. It’s a good fit for frequent business travelers who can take full advantage of the perks and benefits, like extensive lounge access, travel credits, and flight bonus points. However, if you rarely fly or don’t plan to utilize the travel-focused features, the high annual fee and limited rewards outside travel categories make it less attractive.
What is the credit limit on the Amex Business Platinum Card?
The Amex Business Platinum Card does not have a pre-set spending limit. American Express states that your limit is flexible and adapts based on your payment history, purchase history, and overall creditworthiness. You can use Amex’s Check Spending Power tool to see if you’ll likely be approved for a specific purchase if you plan a significant expense.
Specification: Business Platinum Card from American Express: Comprehensive Review
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