The Business Platinum Card® from American Express – Review

The Business Platinum Card® from American Express blends the features of a travel rewards card with the benefits of a small business card. Although it shares many of the features of the Platinum Card® from American Express, including a hefty annual fee, it’s meant exclusively for business owners.

The Business Platinum Card from American Express offers extremely generous travel benefits, including complimentary airport lounge access and a $200 airline fee credit with the airline of your choice. It’s tapped into the American Express Membership Rewards® program, too.

Business Platinum competes with other high-end cards for frequent travelers, including Citi Executive AAdvantage World Elite Credit Card and Platinum Delta SkyMiles Credit Card from American Express. It’s also comparable to general-purpose rewards cards, such as the Chase Sapphire Reserve Card.

Keep in mind that this card requires a good or excellent credit score. Therefore, it is not ideal for every business owner, particularly those who are just getting started.

How the Business Platinum Card® from American Express Stacks Up

The Amex Business Platinum card is a truly remarkable piece of plastic, and it’s not for everyone. 

If you’re wondering how it stacks up against other high-end business cards, look no further than this chart — a head-to-head matchup between Amex Business Platinum and the Capital One Spark Cash Plus Card.

Is the Amex Business Platinum Card Worth It?

Clearly, the Amex Business Platinum Card has a lot of potentially valuable features. but it also has a hefty annual fee. Which begs the question: Is this card really worth it?

As is usually the case with premium credit cards, it depends how much you spend and to what extent you can use the Business Platinum Card’s other benefits.

Here’s a simple analysis. If you do the following each year you remain a cardmember, you’ll realize enough benefit value to offset the $695 annual fee:

• Fully utilize the $400 Dell purchase credit, which should be doable if your business has multiple employees using Dell equipment and software
• Full utilize the $200 airline fee credit, which is likely if you fly three or more times per year
• Use the Pay With Points feature on airfare purchases worth at least $272 per year

Notice this analysis doesn’t have anything to say about the value of points earned on purchases, which you’re likely to earn if and when you make qualifying purchases on your card. Nor does it include benefits like complimentary airport lounge access or hotel status benefits, whose potential values are significant but more variable based on your travel patterns and behaviors.

Bottom line: If you regularly travel for business, the Amex Business Platinum Card is very likely to be worth the annual fee.

Key Features of the Business Platinum Card® from American Express

These are the most important features of the Business Platinum Card from American Express. Terms apply and enrollment is required — be sure to read the fine print.

$200 Annual Airline Fee Credit

You’re entitled to a $200 annual airline fee credit with the airline of your choice. It’s good for offsetting incidental expenses such as baggage fees and in-flight services. Enrollment is required.

Welcome Offer

Earning Membership Rewards® Points

Most Business Platinum purchases earn 1 Membership Rewards® point per $1 spent. Earn 1.5 points per $1 spent on purchases in key business categories (U.S. construction material and hardware suppliers, electronic goods retailers and software and cloud system providers, and shipping providers), and on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases each year.

Prepaid hotel and airfare purchases made through American Express Travel, Amex’s online booking portal, earn 5 points per $1 spent.

Redeeming Membership Rewards® Points

You can redeem your points for merchandise, transportation, travel, gift cards, and statement credits through American Express’s Membership Rewards® portal. Point values generally fall between $0.005 and $0.01 apiece, but vary by redemption method. Statement credits have lower redemption values, while merchandise and transportation (including Uber rides) have higher values.

35% Airfare Bonus

When you redeem earned points (Pay With Points) for airline travel at the qualifying airline of your choice, you get a 35% points bonus, payable as a rebate. For instance, if you redeem 10,000 points for a flight, 3,500 points are deposited back into your account. You only receive this benefit with one airline, so be sure to choose the carrier you fly with most often. This benefit is capped at 1 million bonus points per calendar year.

35% Business and First Class Bonus

You’re also entitled to another, broader 35% points bonus on all First and Business class flights available through American Express Travel.

Annual Dell Purchase Credit

Enroll to get up to $400 statement credits annually for U.S. purchases made with Dell. Terms apply for this offer and enrollment is required.

Complimentary Airport Lounge Access

Enjoy complimentary access to over 1,400 airport lounges across 140 countries and counting through the American Express Global Lounge Collection, which bills itself as “the only…airport lounge access program that includes proprietary lounge locations around the world.” You can also access partner lounges such as Delta Sky Club and The Centurion Lounge. Enrollment is required.

CLEAR® Credit

Use your card and get up to $189 back each year on your CLEAR® membership. Enrollment is required and terms apply.

Fine Hotels & Resorts Benefits

Enjoy a slew of convenient benefits with nearly 1,000 Fine Hotels & Resorts (high-end hotel and resort properties worldwide) such as “12pm check-in when available, a room upgrade upon arrival when available, daily breakfast for two people, complimentary WiFi, or guaranteed 4pm late checkout.

Marriott Bonvoy Gold Elite Status

You’re entitled to upgrade to Marriott Bonvoy Gold Elite Status with no spend or stay requirement. When you do, you’ll enjoy a 50% bonus on base Bonvoy point earnings, special welcome gifts at check-in, flexible check-out, and room upgrades where available. Enrollment is required.

Hilton Honors Gold Status

You’re also entitled to upgrade to Hilton Honors Gold Status with no spend or stay requirement. This entitles you to faster point earnings on eligible Hilton stays, among other benefits. Enrollment is required.

APR on Eligible Pay Over Time Purchases

Your APR on purchases eligible for Pay Over Time will be 19.49% to 27.49% APR, depending on your creditworthiness and other factors as determined at time of account opening. Terms apply.

Important Fees

Amex Business Platinum has a $695 annual fee. There is no foreign transaction fee.

The late fee is the greater of $39 or 2.99% of the total late balance, starting after two consecutive billing periods of nonpayment – though other repercussions, such as reduced spending limits, may be imposed after less time. The returned payment fee is $39.

For rates and fees of the the Business Platinum Card® from American Express, please visit this rates and fees page.

Credit Required

This card requires good to excellent credit. Cardholders are also expected to have business cash flow sufficient to support timely payments on a high-end card.

Advantages of the Business Platinum Card® from American Express

The Business Platinum Card is a truly elite spending aid. Its many benefits include a strong welcome offer, a solid airline fee credit with the airline of your choice, complimentary Marriott Bonvoy Gold Elite status (terms apply), and much more.

• Great Travel Benefits. The Business Platinum Card has too many travel benefits to name. The most valuable are the 35% rebate on qualifying airline purchases paid for with Membership Rewards points, the $200 airline fee credit (enrollment required), the potential benefits at thousands of hotel properties worldwide, and access to over 1,400 airport lounges across 140 countries and counting (enrollment required). Few competing business cards offer a similarly strong travel benefit lineup.
• Strong Welcome Offer. The Business Platinum Card’s welcome offer is significantly more valuable than many other business cards, including Business Green Rewards Card from American Express and Diners Club Premier and Diners Club Elite.
• Outstanding Rewards Rate on American Express Travel Purchases: This card boasts a 5% return on major travel spending, which is nearly unheard of in the business card niche. To participate, all you have to do is purchase airfare and prepaid hotels through American Express Travel, American Express’s dedicated travel portal.
• 35% Point Bonus on Qualifying Airline Purchases. The Business Platinum Card stretches your points 35% farther when you use the Pay With Points feature to purchase airfare with your selected qualifying airline – that’s 3,500 bonus points for every 10,000 points spent. The same 35% boost applies to all first and business class flights with airlines available through American Express Travel.
• Marriott Bonvoy Gold Elite Status. This card earns you Marriott Bonvoy Gold Elite status when you enroll. This status normally requires at least 10 paid stays at Marriott Bonvoy hotels and resorts. Gold status entitles you to complimentary room upgrades, flexible checkout, 50% point earning bonus on paid stays, complimentary gifts upon arrival, and more.
• 1.5X Points on Big Purchases. It pays to make large business purchases with this card. When you make purchases in key business categories or eligible purchases of $5,000 or more everywhere else, you earn 1.5 Membership Rewards points per $1 spent on the entire balance (cap applies).
• No Foreign Transaction Fees. With no foreign transaction fees, this is a great card for overseas business travelers. Many competing business cards carry foreign transaction fees of 2% or higher.
• Peace of Mind Benefits. In addition to its luxurious travel benefits, Amex Business Platinum has a host of less flashy perks that offer valuable peace of mind.

 Disadvantages of the Business Platinum Card® from American Express

This card’s biggest drawbacks are its exacting qualification requirements — cardmembership is a privilege, not a right — and a relatively high annual fee. It’s your call as to whether these downsides outweigh the considerable pluses.

• Costly Annual Fee. This card comes with a $695 annual fee. That is a high price to pay for business owners who don’t travel often enough or spend quickly enough to take full advantage of Business Platinum’s benefits. If you’re looking for a solid rewards card, but don’t want to pay more than $500 per year for it, look to Gold Delta SkyMiles Business Credit Card from American Express.
• Exacting Qualification Requirements. The American Express Business Platinum Card is a very high-end card. It’s not for business owners with modest cash flows or less-than-perfect credit. If you’ve recently gone into business for yourself or have any blemishes on your credit history, set your sights lower – at least for now. Capital One Spark Miles and Spark Classic are both great cards for small businesses without gold-plated credit profiles.

Final Word

If you’re a first-time entrepreneur with limited experience running a business and a non-stellar credit profile, The Business Platinum Card® from American Express is probably too much card for you to handle right now. It is an exclusive card that’s meant for business owners who have truly spectacular credit, can pay their balances in full each month without trouble, and travel frequently enough to reap all the rewards on offer.

This doesn’t mean Business Platinum card membership is an unattainable goal that must be banished from your mind forever. It’s absolutely a realistic goal – provided you’re willing to work to build your business – and credit – first.

For rates and fees of the the Business Platinum Card® from American Express, please visit this rates and fees page.