Credit Cards

Is The American Express Business Platinum Card Worth It?

Posted: March 27,2020
by Jestan Mendame
Last updated: August 31,2020

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Just like the name suggests, the American Express Business Platinum is a credit card whose benefits are specifically for business owners. It has an extremely valuable rewards system and big sign-up 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 credit card’s perks, benefits, and even the disadvantages will also be discussed in this article.

Who Are The Amex Business Platinum Benefits Good for?

The American Express Business Platinum card 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.

If you have a small business and a credit score of at least 750+, it’s a possibility you will be approved for this credit 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
  • Earn 5 points on prepaid hotels that are booked using the Amex travel site.
  • Earn 1.5 points per dollar on eligible purchases worth $5,000 or more with Amex Business Platinum Card. That’s 50% more points for you! You can earn as much as 1 million additional points per calendar year.
  • Earn 1 point for every dollar spent on all other purchases.

Sign-Up Bonuses

American Express is currently offering a terrific deal for new members. Aside from its incredible rewards system, new cardholders can earn 75,000 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 75,000 points from the sign-up bonus and 7,500 points if you spent at least $5,000 on the 1.5x rate on eligible purchases.

Credit 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.

Remember, this card is a charge card, so there’s no 0% intro APR or regular APR. It means that you’d have to pay all balances in full when your statement arrives. You can have the option of carrying your balance over to the next statement period, but it’s not advisable to do so because the interest rates can skyrocket.

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’ll find in over 1,000 lounges across the globe. The Amex Platinum for Business also claims they have the most extensive collection of partner lounges, including the luxurious American Express Centurion Lounges and Delta SkyClubs. 
  • Free Boingo Preferred Program – You can benefit from Boingo’s free WiFi service whenever you’re flying. Sure, it’s not the fastest, but it’s free WiFi. It’s not the best for streaming videos on Netflix but you can use it to check and respond to urgent emails.
  • $100 Amex Hotel Collection Credit – Whenever you book a minimum of two nights at partner hotels, you’ll get $100 worth of credit you can spend on hotel services (does not include room price).
  • 1 Year Global WeWork Platinum Access – WeWork memberships do not come cheap, and the platinum membership is only available for Amex Platinum cardholders. Cardholders have access to over 300+ hubs worldwide.
  • 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.
  • Other Notable Perks – There are other benefits this card has, which easily makes up for the annual fees. For example, cardholders can get $200 worth of airline credit and another $200 worth of Dell credit. You will also get reimbursements for Global Entry (worth $100) or TSA Precheck (worth $85).

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 $20,000 in your first three months so you can get those 95,000 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. 

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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