Credit Cards

Is The American Express Business Platinum Card Worth It?

Last updated: January 16,2022
Originally Published: March 27,2020
by Jestan Mendame

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Just like the name suggests, the Business Platinum Card from American Express is a card whose benefits are specifically for business owners. It has an extremely valuable rewards system and big welcome bonuses. However, even with these benefits, it doesn’t necessarily mean it’s for everyone.

Let’s dig down a little bit deeper on who benefits from this card the most. All of the card’s perks, benefits, and even disadvantages will also be discussed in this article.

Who Can Benefit From The Amex Business Platinum

The Business Platinum Card from American Express is perfect for people who spend big money on their business and travel. If you’re asking, how big is big? Well, we’d probably suggest spending at least $15,000 in your first quarter to hit the welcome offer of 120,000 bonus points.

But the card is not your typical card because it allows you to carry a balance for certain charges, but not all.

If you have a small business and a credit score of at least 750+, it’s a possibility you will be approved for this card. However, not everyone who has a business qualifies even if you have a physical store or full-time employees working under you.

Amex will look at qualifying factors like how many cards you’ve opened with them and the type of cards you’ve opened. Additionally, current and past cardholders of the Amex Platinum for Business do not qualify for the welcome bonus.

Points Earnings

The card has a very competitive points system for its members and it also has a pretty good list of airline and hotel partners you can use your points with such as Delta Airlines and Marriot Hotels.

Here’s how their rewards system works:

  • Earn 5 points for every dollar spent on any airline on
  • Earn 5 points on prepaid hotels that are booked using the Amex travel site.
  • Earn 1.5 points per dollar on eligible purchases 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 everywhere else, on up to $2 million of these purchases per calendar year.
  • Earn 1 point for every dollar spent on all other purchases.

There are other benefits that you can also get from the card such as a 0% Intro APR for 12 months; ongoing APR is 14.24% to 22.24% based on your creditworthiness and other factors as determined at the time of account opening.

Welcome Bonuses

American Express is currently offering a terrific deal for new members. Aside from its incredible rewards system, new cardholders can earn 120,000 points after you spend $15,000 on qualifying purchases within the first 3 months of getting the card.

If you sum it all up, you’ll get 120,000 points from the welcome bonus and another 7,500 points if you spent at least $5,000 on the 1.5x rate on eligible purchases.

Card Fees

A lot of people say that the American Express Business Platinum has the most expensive annual fee among all other American Express cards. The fee is $595 per year but it can be worth it if you maximize the bonuses and rewards the card offers. The card does not incur any foreign transaction fees while abroad. Annual fees will be $695 if the application is received on or after 01/13/2022.

Also, there have been Pay Over Time & Pay It Plan It features added to select Amex Consumer and Business cards, and this includes the Amex Platinum. This feature allows you to have the option of carrying your balance over to the next statement period.

The Amex Business Platinum benefits may be the right choice for your business needs

Perks And Benefits

The benefits of the American Express Business Platinum card significantly outweigh the expensive annual fees, especially if you’re a business owner and a traveler. Here are some of the unique benefits:

  • Lounge Access – Free manicures, WiFi service, and fresh food are some of the perks you can find on the American Express Global Lounge Collection(R). It has the most extensive collection of partner lounges with more than 1,400 airport pinges across 140 countries worldwide.
  • $200 Airline Fee Credit – Get up to $200 in statement credits per calendar year which you can use to reimburse your baggage fees and other airline expenses.
  • Transferable Points – This is probably one of the biggest up-sides of this card because you can transfer your points to other loyalty programs. It gives you more flexibility to redeem your points on a wide selection of rewards.
  • Easy Access Through Security – Cruise through security lanes faster with CLEAR(R) and get up to $179 back per year on your membership when you use your Platinum Card.
  • Up To $1000 In Statement Credits – Get upp to $400 with Dell Technologies, up to $360 with Indeed, up to $150 with Adobe, and up to $120 on wireless telephone purchases. Enrollment is needed.

Related Article: 6 Non-Travel Benefits Of The Amex Platinum Card

What Points Panda Thinks

The American Express Business Platinum Card is a premium credit card, so it may not be for everyone, even if you’re a business owner. We’d recommend this for business owners who can spend at least 15,000 in their first three months so you can get 120,000 Amex points.

We’d also recommend this card for frequent flyers who love to spend time in lounges and co-working spaces. These benefits mentioned above are worth the $595 annual fee.

Now, we don’t recommend this card for local business owners who don’t fly that frequently. Chase has some excellent business credit cards that offer cashback and rewards with no annual fees. One good example is the Chase Ink Business Cash that allows cardholders to earn points through purchases made at office supplies, internet services, and phone services. 

If you’re struggling to find the right card or having a hard time looking for great award flights and nights, you can sit back and relax by signing up for our travel concierge. We offer one whole year of unlimited credit card and award booking assistance for beginners or for those who just don’t have the time to do it themselves.

Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. Plus, earn 5% cashback on gas station purchases on up to $6,000 spent in the first year.

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