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Is The American Express Business Platinum Card Worth It?

Last updated: September 09,2022
Originally Published: March 27,2020
by Jestan Mendame

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Just like the name suggests, the 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 to which you can transfer your points 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 Amextravel.com.
  • Earn 5 points on prepaid hotels that are booked using the Amex travel site.
  • Earn 1.5X points (that’s an extra half point 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.

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 they 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 $695 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.

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 On AMEX Global Lounge– 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 lounges across 140 countries worldwide.
  • Priority Pass Select Membership – More lounge access at more than 1,300 Priority Pass lounges 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 upsides 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 $189 back per year on your membership when you use your Platinum Card. CLEAR(R) is available at more than 50 U.S. airports and stadiums.
  • Up To $1000 In Statement Credits – Unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.

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 which 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 60,000 Bonus Points after you spend $4,000 on purchases in the first 3 months from account opening.
  • $50 Annual Ultimate Rewards hotel credit
  • 5x points on travel purchased through Chase Ultimate Rewards
  • 3x points on dining, online grocery purchases, and select streaming services
  • 2x points on other travel purchases

 

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