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At a glance
- Best for: High-spending business owners and luxury perks
- Annual Fee: $695
- 18.49%-27.49% Variable
- Reward Rate: 1X-5X
- Recommended Credit: 670-850
Business Platinum Card® from American Express
150,000 Membership Rewards® Points
Offer Details:
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.
Why we like it
The Business Platinum Card® from American Express remains one of the most sought-after cards on the market for good reason. It’s bursting with high-end perks like lounge access and helpful statement credits, while its massive 150,000 point intro bonus can’t be beaten.
The annual fee is high and it does take a good amount of spending to make the most of the this card, but for the right business owner, it’s unbeatable thanks to its steady earning rates in high-spend categories.
Reward details
5X Membership Rewards® points on flights and prepaid hotels on AmexTravel.com
1.5X points (that’s an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
1X points for each dollar you spend on eligible purchases.
Pros & Cons
Pros
Massive 150,000 point intro bonus
Strong earning on high-spend categories
Tons of high end perks and useful statement credits
Looks and feels fantastic
Cons
High annual fee
Spending threshold for the bonus is also high
Lesser spending businesses may find value in a cheaper card
Overview
The unveiling of the American Express Platinum in the eighties changed credit cards forever. The sleek aesthetic and ultra-exclusive clientele fostered its reputation as a symbol of wealth, making it as much a statement accessory as a financial tool.
In other words, it felt pretty cool pulling that shiny card from your wallet.
The product is far more accessible today, but the premium reputation lingers on.
In 2021, Amex announced the business iteration, which holds a similar reverence by association. But is the card all it’s cracked up to be? Its massive 150,000-point introductory offer is enough to turn anyone’s head. But can its extensive perks and earning potential validate the eye-watering annual fee?
Let’s take a deep dive into the Business Platinum Card® from American Express.
Who is the Business Platinum Card® best for:
The Business Platinum Card from American Express is the perfect card for big spending, perk-loving, business travelers looking for a way to maximize their points.
The Bottom Line:
The mammoth 150,000 point intro bonus, combined with unparalleled lounge access, and strong earning on big purchases make it a strong contender in the premium business card space. However, those lured in by the prestige of Amex should ensure it represents good value before applying.
Intro Bonus
Along with it’s prestige and many perks, the biggest draw of the Business Platinum Card from American Express is its huge bonus. The card is currently offering 150,000 Membership Rewards points after spending $20,000 within three months of opening an account.
That’s one of the best welcome bonuses on the market and can score a cardholder more than $3,000 when strategically transferred to a travel partner.
Of course, $20,000 is a lot of money. That requirement alone disqualifies many small businesses that are unable to match that level of spending. You should consider this before applying to ensure you achieve maximum value. Check out some of the best ways to use those points here.
If your business’s typical spending is less than $6,666 a month, you could consider pre-paying some big expenses to ensure you hit the target. For example, if you pay a marketing company monthly, you could pay for the year upfront. Just make sure you have the cash available to pay it back. You don’t want to accrue interest on an expense that large.
Pros & Cons
Pros
- Massive 150,000 point intro bonus
- Strong earning on high-spend categories
- Tons of high end perks and useful statement credits
- Looks and feels fantastic
Cons
- High annual fee
- Spending threshold for the bonus is also high
- Lesser spending businesses may find value in a cheaper card
Benefits & Perks
Perks is where the Business Platinum separates itself from its competitors. Similarly to the consumer product, it’s packed with benefits, statement credits, and luxury add-ons worth more than $2,000 a year.
These benefits, along with the earning potential, should dictate the card’s long-term wallet-staying power. Make sure to note which provide direct value and which are experiential. Lounge access is great, but if you weren’t putting it on your business tab already, you’re not saving money
Unmatched lounge access
No other cards offer more lounge access than the Platinum line. Besides the usual Priority Pass benefits, Platinum cardholders can access the American Express Centurion lounges and the Global Lounge Collection. The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting.
The Centurion collection is excellent on its own and has by far the largest selection of lounges among credit card issuers. The Global Lounge Collection also features Lufthansa Lounges and Delta Sky Clubs, although you need to be flying with the airline on the day.
If lounge access is a key perk for you, this is the best card for you.
Business-centric statement credits
Lounge access is great, but as mentioned earlier, it does not provide direct value. It provides the perks using a bevy of business-specific statement credits plus a few added travel perks. Depending on how your business operates, the statements could represent as much as $1,400 in savings every year. But it’s important you run through them all to ensure you can use them.
Benefit | Amount | Info | Enrollment required? |
Dell | Up to $400 annually | Statement credit for Dell purchases in the US. Twice annually ($200 and $200) | Yes |
Adobe | Up to $150 | Statement credit on annual Adobe purchases | Yes |
Indeed | Up to $360 | Statement credit for recruitment services. $90 per quarter. | Yes |
Wireless telephone services | Up to $120 | Statement credit for US wireless providers. Up to $10 monthly | Yes |
Airline Fee | Up to $200 | Statement credit for chosen airline each year | No (although airline must be chosen) |
Global Entry/TSA PreCheck | Up to $120 | Statement credit for Global Entry or TSA PreCheck every four years | Both services have a sign up process. Using the card for this process activates the credit |
CLEAR Plus | Up to $199 | Statement credit for annual membership | Service requires a card for sign-up. Renewal is required |
Elite Status
An underappreciated perk of the Business Platinum Card is automatic elite status with some of the best loyalty programs in the country.
After registering, cardholders can enjoy Gold status with both Hilton and Marriott. Both offer stronger earning opportunities and enhanced benefits, such as free upgrades and complimentary breakfasts.
Cardholders also enjoy elite car rental status with several programs. Avis Preferred, Hertz Gold Plus Rewards, and National Emerald Club are all included.
Those who travel a lot for work will find even more savings in these perks.
Fine Hotels + Resorts Program
At first glance, The Fine Hotels + Resorts Program is just a collection of properties tied to Amex. In reality, the perks offered make it one of the best benefits attached to the Business Platinum Card.
When staying for two consecutive nights at one of these properties, cardholders gain access to some outstanding perks. You’ll enjoy:
- 12 PM check-in and 4 PM check-out when available.
- Free breakfast for two.
- Free room upgrades when available.
- $100 hotel credit at certain properties
Amex Concierge
The Amex Concierge may be the most under appreciated benefit in the world of credit cards.
The concierge will try to help with pretty much anything, from booking restaurants to locating lost bags. For busy business owners, The Amex Concierge is another dedicated member of your team working to make your travel experiences more comfortable.
Earning rewards & redeeming points
Earning rewards
1.5x points per dollar on business expenses
One of the biggest frustrations of Amex’s consumer card is the underwhelming earning opportunities. The business card helps rectify that slightly by offering 1.5x points per dollar on specific spending categories, up to $2 million a year.
These include:
- U.S. construction materials and hardware suppliers
- U.S. electronic goods retailers and software and cloud system providers
- U.S. shipping providers
- Eligible purchases of $5,000 or higher.
You’ll know from this list how your own business’s earnings will look. The card rewards big spenders, allowing them to score up to 3 million points a year.
Analyzing your business spending will help you see if this card will maximize your earnings.
Big on Amex Travel spending
If you travel a lot for work, your earnings can be massive if you’re willing to use Amex Travel. Flights and prepaid hotels all earn 5x points per dollar.
The downside to this is that you’re limited to the rates offered by Amex. Shopping around for cheaper flights on other platforms won’t reap the same rewards.
Redeeming points
Transfer to travel partners
Amex’s Membership Reward Points are immensely valuable. We value them at around 2 cents each when transferred to one of Amex’s 17 airline partners and 3 hotel partners.
Generally, this is the best way to maximize points as sweet spots can score outweighed value. For example, transferring 80,000 Amex points to JetBlue TrueBlue could allow you to book a Qsuite from New York to Qatar. This flight often runs for over $10,000.
Book travel on Amex Travel
If you’re uncomfortable with the complexities of points and miles, the simplest option is to book travel on Amex’s own travel portal.
With most Amex products, points are valued at 1 cent each. The Business Platinum breaks this pattern. It offers a 35% points rebate on business and first-class flights on any airline, plus economy flights with your own pre-selected carrier.
The system caps the points rebate at 1 million a year, but using this method guarantees a redemption value of 1.54 cents each. For comparison, booking the Qsuite flight mentioned above would result in a 12 cent per point redemption value.
Is this card right for you?
American Express designed the Business Platinum Card for high-spending business owners. Its $20,000 intro bonus threshold and high rewards on purchases over $5,000 highlight that business owners will derive the most value from this card.
If you’re on the edge of that category, the numerous statement credits can help retain the card’s value. Frequent travelers will also find immense value in the lounge access, elite status options, and hotel perks.
Those with lower spending or with more specific spending needs may get more from another card. The high annual fee can be a barrier, especially if the statement credits aren’t applicable to your business. It’s expensive to add extra cards, too.
- Best for: High-spending business owners and luxury perks
- Annual Fee: $695
- 18.49%-27.49% Variable
- Reward Rate: 1X-5X
- Recommended Credit: 670-850
Business Platinum Card® from American Express
150,000 Membership Rewards® Points
Offer Details:
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.
Why we like it
The Business Platinum Card® from American Express remains one of the most sought-after cards on the market for good reason. It’s bursting with high-end perks like lounge access and helpful statement credits, while its massive 150,000 point intro bonus can’t be beaten.
The annual fee is high and it does take a good amount of spending to make the most of the this card, but for the right business owner, it’s unbeatable thanks to its steady earning rates in high-spend categories.
Reward details
5X Membership Rewards® points on flights and prepaid hotels on AmexTravel.com
1.5X points (that’s an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
1X points for each dollar you spend on eligible purchases.
Pros & Cons
Pros
Massive 150,000 point intro bonus
Strong earning on high-spend categories
Tons of high end perks and useful statement credits
Looks and feels fantastic
Cons
High annual fee
Spending threshold for the bonus is also high
Lesser spending businesses may find value in a cheaper card
by your friends at The Daily Navigator
