The Business Platinum Card from American Express Review

The Business Platinum Card from American Express Review

The Business Platinum Card from American Express is a premium credit card for business owners and frequent travelers. With an annual fee of $695, this card may seem expensive. However, the rewards can quickly outweigh the cost for those who travel frequently or make large purchases in select categories. This exclusive card offers a range of benefits and perks that make it an ideal choice for business professionals. From the welcome bonus of 120,000 Membership Rewards Points to luxury travel benefits and advanced expense management tools, this card enhances your business experience and helps you achieve your goals.

In this guide, we will take a closer look at the features and benefits of The Business Platinum Card and how it can benefit your business. Let’s dive in! The Business Platinum Card also offers a welcome bonus of 120,000 Membership Rewards Points for new customers who spend $15,000 on purchases within the first three months of card membership. Comprehensive The Business Platinum Card from American Express and talk about its benefits, features, all kinds of rates and fees, and comparisons with other similar credit cards.

Let’s start with quick highlights!

Quick Highlights

Welcome Bonus

• Earn 120,000 Membership Rewards® points after you spend $15,000 on purchases in the first three months of card membership.

Annual Fee

• $695

Rewards

• 5x points: Flights and prepaid hotel stays booked through amextravel.com
• 1.5x points:
  • Select business categories (currently construction material and hardware suppliers, U.S. shipping providers, U.S. electronics retailers, and software and cloud system providers)
  • Qualifying purchases of $5,000 or more in other categories
• 1x point: All other eligible purchases

The Business Platinum Card from American Express Rewards

The Business Platinum Card offers a tiered rewards structure through the Membership Rewards program, allowing you to earn points on various purchases.

Earning Points

• 5x points: Flights and prepaid hotel stays booked through amextravel.com
• 1.5x points:

• • Select business categories (currently construction material and hardware suppliers, U.S. shipping providers, U.S. electronics retailers, and software and cloud system providers)
  • Qualifying purchases of $5,000 or more in other categories (capped at $2 million annually)
• 1x point: All other eligible purchases

Person-to-person transfers, fees, gift cards, prepaid cards, and reloading are ineligible for points.

Welcome Bonus: New cardholders can earn a welcome bonus of 120,000 Membership Rewards® Points after spending $15,000 on purchases in the first three months of card membership.

The Business Platinum Card Benefits

Travel and Hotel Benefits

• Marriott BonvoyTM Gold Elite and Hilton Honors Gold Status: Enjoy automatic elite status without meeting stay requirements.
• Fine Hotels & Resorts® Program: Receive benefits like room upgrades, early check-in, late checkout, free Wi-Fi, breakfast for two, or a $100 amenity credit.
• Rental Car Program Premium Status: Access priority service, discounts, and vehicle upgrades.
• Car Rental Loss and Damage Insurance: Get coverage for your rental car.
• Cell Phone Protection: Up to $800 per claim, twice yearly, subject to a $50 deductible.
• Baggage Insurance: Up to $2,000 or $3,000 for checked and carry-on bags combined.
• Trip Delay/Cancellation/Interruption Insurance: Get assistance if your travel plans are disrupted.

Airport security and enrollment credits:

• $189 CLEAR Plus Credit: Offset the cost of expedited security screening.
• Global Entry or TSA PreCheck® Fee Credit: Get reimbursed for application fees every four years (Global Entry) or four and a half years (TSA PreCheck®).

Statement Credits

• Up to $400 in Statement Credits: Earn credits for purchases with select companies.

Business Tools

• Account Alerts and Mobile App: Stay informed and manage your account on the go.
• Employee Cards: Issue cards to employees and earn rewards for their spending.
• Account Statements and Reports: Gain insights into your business spending.
• QuickBooks Integration: simplify expense management.

Shopping Protection

• Extended Warranty: Get an extra year of warranty coverage on eligible purchases.
• Purchase Protection: Get reimbursed for stolen, lost, or damaged purchases within 90 days.

Rate and Fee

• Annual Membership Fee: $695 per year
• Foreign Transaction: None
• Late Payment: $39 or 2.99% of any past-due pay in full amount, whichever is greater.
• Returned Payment: 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.
• Late Payment: Up to $39
• Returned Payment: Up to $39

Membership Rewards Points Redemption with the Business Platinum Card from American Express

The Amex Business Platinum Card® earns Membership Rewards points, which offer various redemption options. Here’s a breakdown:

Redemption Methods

• Pay with Points at Checkout: Use points directly with select partners like Amazon, Best Buy, and PayPal at checkout. Points typically hold a value of 0.7 cents each.
• Redeem for Travel with Pay with Points: Book travel through Amex Travel using points. This offers:

• • One cent per point value for flights and hotels in the Amex Fine Hotels & Resorts Collection.
  • 0.7 cents per point for prepaid hotels, cruises, rental cars, and vacation packages.
• 3.5x bonus points for every 10 points redeemed on flights booked through Amex Travel (effectively a 35% rebate). This applies to:

• • • Business or first-class flights on any airline.
    • Economy class flights on a qualifying airline selected to receive your $200 annual airline fee credit.
• Transfer to Airline and Hotel Partners: Transfer points to Amex’s travel partners (18 airlines and three hotels) for potentially better value. Compare redemption rates before transferring.
• Redeem for Gift Cards: Redeem points for gift cards from various vendors (hotels, airlines, restaurants, retailers, etc.). Value varies between 0.7 and 1 cent per point.
• Statement Credits: Redeem points for statement credits at a value of 0.6 cents per point, making it the least valuable option.

The Business Platinum Card from American Express: Eligibility Criteria

While applying for the American Express Business Platinum Card doesn’t publicly disclose exact requirements, here’s a general overview of the eligibility criteria for the Business Platinum Card.

Basic Requirements

• Business ownership: You must be a legal business owner, sole proprietor, freelancer, or independent contractor operating in the United States.
• Age: You must be at least 18 years old.
• Residence: You must have a permanent U.S. address.
• Credit history: While Amex doesn’t disclose a specific credit score requirement, it favors applicants with a good to excellent credit history (typically above 670).
• Existing cards: You’re more likely to be approved if you already hold at most four Amex credit cards.

Customer Service

• Helpline Number: 1-855-531-3491, 1-855-531-3491
• Official Website: American Express

Conclusion

If you’re a business owner who travels frequently, values premium airport lounge access, and prioritizes employee card options and travel benefits, the American Express Business Platinum Card could be a valuable addition to your financial toolkit. While the annual fee is significant, the potential for statement credits, reward points, and travel perks can offset the cost for businesses that meet the spending requirements. However, it’s crucial to consider your spending habits carefully, and travel needs to determine if the card aligns with your financial goals and operational structure.

WhatCard recommends Credit Cards

• The Platinum Card from American Express
• American Express Gold Card Review