The Business Platinum® Card from American Express is a business card that offers travel and cash back reward benefits. American Express has been around since 1850. They were originally a freight forwarding company but eventually transformed into the credit card company people know today.
Small business owners and entrepreneurs who travel frequently could benefit greatly from the American Express Business Platinum® Card. With the Business Platinum® Card users can expect to pay a higher-than-average annual fee, but there are a lot of perks that go along with this card.
The Essentials of the Business Platinum® Card From American Express
- APR: There are no APR charges because the balance is due in full each month. There is an option to enroll in the “Pay Over Time” feature. This option currently has an APR of 19.99%
- Annual Fee: $595 annual fee.
- Travel and business rewards: Get 5X points on flights and prepaid hotels from amextravel.com, 1.5X points on eligible purchases of $5,000 or more, and 1X points for each dollar spent on eligible purchases.
- Introductory Bonus Offers: Up to $200 annual Dell credit may be available. Earn 50,000 reward points after spending $10,000, and another 50,000 points after spending an additional $15,000. Purchases must be made within the first three months of card membership. New cardholders could also get one year of Platinum Global Access from WeWork.
What’s Interesting about The Business Platinum® Card from American Express
While Amex’s Business Platinum® Card does have a higher-than-average annual fee – and one that has increased in 2019 – it does offer a host of perks. Here is a rundown of the additional benefits that come with this credit card.
When cardholders use their reward points for all or part of their eligible plane tickets, they get 35% of their points back. Eligible fare includes First and Business Class tickets booked through American Express Travel. It also works with other qualifying airlines.
Another traveling perk with this business card is access to airport lounges. American Express offers over 1,200 airport lounges in 130 countries. Included in the package are The Centurion Lounge and The International American Express Lounge. In addition, American Express partners with Delta Sky Club when card users fly Delta or Priority Pass.
Each year, Amex Business Platinum® Card users can select a qualifying airline and receive up to $200 in statement credits. This credit can be used on things like checked bags or in-flight refreshments.
Card users can receive a statement credit every 4 years when they apply for Global Entry or every 4.5 years when they apply for TSA PreCheck.
Reservations made through Fine Hotels & Resorts will receive complimentary benefits like room upgrade if available, breakfast for two, and guaranteed 4 p.m. late checkout. Business Card Members also have the option to upgrade to Marriott Bonvoy Gold Elite status without stay requirements. In addition, they will also hold Hilton Honors Gold status.
On top of all this, American Express provides a platinum travel service that helps create custom itineraries and recommendations to aid in travel plans.
A final major perk offered with the Business Platinum® Card is that business owners can expect zero fees on foreign transactions.
Things to Consider about the Business Platinum® Card from American Express
Apart from the high annual fee, the Business Platinum Card® from American Express doesn’t have a lot of drawbacks. However, if the user doesn’t plan on traveling much or won’t be making larger purchases ($5,000 or more in a single transaction), this card may not be suited to their needs.
Additionally, the user may find the rewards and bonus programs tedious if trying to maximize all benefits.
How to Get the Most from the American Express Business Platinum® Card
To get the greatest benefit from this card, users should travel regularly and use their card to pay for large business expenses. This will ensure that they receive the greatest return for their annual fee.
New applicants can earn up to 100,000 rewards points if they spend $25,000 within three months of their membership. 100,000 reward points are equal to $1,000 in airline travel. Once you cash in your points on airfare, remember to use a qualifying airline to receive 35% of your points back towards other flights.
To get the highest return, users should also take advantage of the global access to WeWork. WeWork provides office space for work in many locations around the world. The lowest membership fee is $45 a month. That alone would pay for almost the entire annual fee with this card.
Other Card Options That Might Interest You
The American Express Business Platinum® Card might not be ideal if you don’t travel very often for your business. If that’s the case, you may be interested in the American Express® Blue Business Cash Card.
Instead of a travel rewards card, the Blue Business Cash card offers 2% cash back on all transactions up to $50,000 annually. Once you’ve reached that limit, all transactions give 1% cash back. There’s no annual fee, and there’s 0% APR for the first 12 months for new users. If you do travel a lot for business but prefer a more straightforward redemption process than the American Express Business Platinum® card, try Capital One® Spark® Miles for Business.
With this card, you’ll receive 2X miles with every purchase you make. There are no blackouts or seat restrictions and there’s no minimum amount required to redeem the miles. Also, there’s no annual fee for the first year ($95 for the following year), and you’ll receive a bonus 50,000 miles if you spend $4,500 within the first three months of opening an account. Miles can be used on flights, hotels, and vacation packages.
The Final Word
For those who do a lot of business travel or use their credit card to earn points on business transactions, the Business Platinum® Card from American Express more than pays for itself. The high fee may deter some individuals, but the benefits outweigh the costs for the right business.