| Business Rating: | 4.9 / 5 |
| Rewards Value | 5.0 |
| Annual Percentage Rate | 1.0 |
| Rewards Flexibility | 3.0 |
| Features | 5.0 |
| Issuer Customer Experience | 5.0 |
In a Nutshell:
The Business Platinum Card from American Express offers great travel benefits and a large introductory offer, but the spending requirement to earn the offer is daunting, and many small business owners may be hard-pressed to spend enough to qualify for all of the card’s benefits.
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Other Notable Features:
- Over $3,500 in statement credits for travel and business purchases
- Credits for expedited security screening
- Airport lounge access through American Express Global Lounge Collection (enrollment required; access limited to eligible card members)
- Complimentary Marriott Bonvoy® Gold Elite Status, Hilton Honors™ Gold Status and Leaders Club Sterling Status from The Leading Hotels of the World® (enrollment required)
- Car rental loss and damage insurance
- Extended purchase warranty
As an elite card, the Business Platinum Card from American Express goes the extra mile. The card’s generous welcome bonus, travel-centric rewards rate, impressive list of luxury perks – including entry to some of the grandest airport lounges in the U.S. (access limited to eligible card members) – and discounts and travel credits can help make up for the steep annual fee.
That said, the card undeniably carries some large barriers to entry. On top of the high annual fee, the minimum spending threshold for earning the card’s introductory bonus is high. The rewards rate also favors large purchases, niche spending and travel, making the card a less-than-ideal fit for more modest spenders or small-business owners whose budget centers around gas, office supplies and other everyday expenses.
Bottom line: For small-business owners that don’t make big purchases and spend a lot on business travel, this probably is not the optimal business rewards card.
Rewards targeted to travelers and big spenders
The rewards structure of the Business Platinum Card is primarily designed to encourage large purchases and business travel, but the card recently threw a few new categories into the mix as eligible for bonus rewards. The card awards 5 points per dollar to flights and prepaid hotel purchases booked through the American Express website and a special rate of 2 points per dollar to purchases greater than $5,000 and on purchases in select categories. General spending, on the other hand, earns a meager rate of 1 point per dollar. Note that these rates only apply to your first $2 million dollars in combined spending in these bonus categories.
The average small-business owner who doesn’t fit the card’s spending profile may find the rewards rate less than impressive and will likely be better off with one of several cash back business cards that offer a higher rewards rate on common business purchases.
Great introductory bonus
While the value of the card’s ongoing rewards is up for debate, the Amex Business Platinum card’s latest introductory offer should grab your attention. The card now comes with a whopping 200,000 bonus points after you spend $20,000 in your first three months. That’s an impressive welcome offer, and given Bankrate’s valuation of Amex points at around 2.0 cents apiece, we estimate it could be worth about $4,000 if you redeem strategically by transferring to lucrative travel partners.
Of course, $20,000 is quite a heavy spending requirement, even for most small-business owners. You’d need to spend at least $6,700 per month for your first three months as a cardholder to earn the 200,000 points, which could easily put the bonus out of reach for more modest spenders. For reference, The Platinum Card® from American Express, the consumer version of this card, only requires an $8,000 spend in the first six months to secure as high as a 175,000-point welcome bonus. Depending on the size of your business, your spending habits and your goals, that card could be a better fit.
Unfortunately, though, the Amex Business Platinum no longer comes with an introductory APR offer to help you finance large expenses or free up cash flow. While the card once featured a 0% introductory APR for your first 12 months on purchases eligible for Pay Over Time with interest, this offer is not currently available. While introductory APR offers pop up on business cards from time to time, they’re not necessarily common, so losing this offer may make the Amex Platinum Business just a bit less appealing if you’re looking to chip away at business costs over time while avoiding interest.
Pick an airline and get 35% more value for your points
Membership Rewards® points are already quite valuable, but one of the key perks of the Amex Platinum Business card should make the deal even sweeter. The card offers a 35% bonus on Membership Rewards® points after you use the Pay With Points feature to cover all or part of a flight booked with American Express Travel (up to 1,000,000 points back per calendar year) with your selected airline. That gives your card’s welcome bonus a potential value of over $1,600 without the hassle of transferring points.
High annual fee
On the downside, the card carries a high annual fee – you’ll need to fork over a $895 annual fee to hold the card. Though the card’s boosted rewards rate on flights and prepaid hotels booked on AmexTravel.com and its many luxury perks could justify the annual fee for frequent travelers, $895 per year is nothing to sneeze at, especially if you don’t mind traveling in a little less style.
Valuable travel and business perks
Travel perks are where the Business Platinum Card really shines. The card grants free access to more than 1,400 airport lounges worldwide. Among these are the limited but fabulously plush Centurion lounges. The card also charges no foreign transaction fees, a plus for world travelers.
Cardholders can also enjoy complimentary Marriott Bonvoy Gold Elite Status, Hilton Honors Gold Status and Leaders Club Sterling Status from The Leading Hotels of the World® (enrollment required).
Other perks that come with the Amex Platinum Business card include:
- Up to $200 in airline fee credits (per calendar year) for incidentals with your selected qualifying airline (enrollment required)
- Up to $600 in credits for prepaid hotel bookings ($300 semi-annually) at Fine Hotels + Resorts or The Hotel Collection properties via American Express Travel annually when using your Platinum Card. (The Hotel Collection requires a minimum two-night stay)
- Up to $100 credit on qualifying hotel purchases (minimum two consecutive night stays with a brand in The Hotel Collection)
- Up to $209 in CLEAR Plus membership statement credits by paying with your card (annually)
- Up to $120 application fee credit for Global Entry (every four years, includes TSA PreCheck®) or up to $85 application fee credit for TSA PreCheck® (every 4.5 years, through an official enrollment TSA provider), when charged to your Platinum card.
- Up to $200 Hilton statement credit when you make eligible purchases at a Hilton property ($50 quarterly, enrollment required)
- Up to $1,150 in statement credits per year on Dell purchases (up to $150 directly with Dell and an additional $1,000 statement credit after you spend $5,000 or more in Dell purchases (enrollment required)
- Up to $360 statement credit on Indeed hiring and recruiting products and services (up to $90 back per quarter)
- Up to $250 statement credit after you spend $600 or more on U.S. purchases directly with Adobe (enrollment required)
- Up to $120 in statement credits per year for telephone service purchases made directly with a U.S. wireless provider (up to $10 back per month)
- Up to $1,200 in travel credit for flights booked with Amex Travel after spending $250,000 in a calendar year
- Up to $2,400 in statement credits for American Express One AP®, Amex’s accounts payable solution after spending $250,000 in a calendar year
How do businesses use the Business Platinum card?
Given its generous travel perks, the Business Platinum card could be a good option for businesses that require frequent travel. Here’s how one small business owner took advantage of the card:
Small Business Credit ProfilesHow Peel Away Labs uses The Business Platinum Card® from American Express | |
 | “I had a gut instinct that the annual fee would pay for itself and it did, no problem.“ |
Maxwell Cohen of Peel Away Labs, creators of the first fitted disposable sheets, used the Business Platinum Card from American Express to rack up points and perks on travel and discounts on shipping, a large expense for the company. Here’s his advice to other business owners considering the card:
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| Read more of our Small Business Credit Profiles | |
Why get the Business Platinum Card from American Express?
- You’re a business owner who spends a large amount on business travel.
- You tend to make large business purchases and can easily meet the spending requirements to earn the card’s bonuses.
- You are searching for a card with a large introductory bonus.
- You enjoy luxury travel and perks.
- You want a card with free airport lounge access.
- You travel frequently enough to make use of the card’s travel features.
How to use the Business Platinum Card from American Express:
- Be sure to spend at least $20,000 in the first three months to unlock the card’s introductory bonus.
- Charge large business purchases to the card to earn the card’s 2X bonus rate (be sure to read the fine print to see which purchases qualify).
- Be sure to designate an airline to earn your travel credit for baggage and airline fees.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
For rates and fees of the Business Platinum card, please click here.
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