Business Platinum Card® from American Express review: traveling entrepreneurs, take notice

The American Express Business Platinum Card®: Overview

annual interest rate

• introduce: not applicable
• Buy: 19.49%–27.49% variable (for time-payment transactions)
• Balance referral: not allowed
• Cash advance: not allowed
• punish: 29.99%

annual fee: $695

Foreign Transaction Fees: not any

Late payment fee: Full payment of $39 or 2.99% of any past due amount, whichever is greater

Refund payment fees: $39

although American Express Business Platinum Card® The annual fee is eye-popping, and if you take advantage of its membership rewards program and other benefits, you can see a solid return on your investment. Plus, no matter where you travel, you can use your card with confidence without worrying about foreign transaction fees. If travel is a significant expense for your company, this card might be a top contender for your financial toolbox.

To view rates and fees for the American Express Business Platinum Card®, see this page.

The American Express Business Platinum Card®: Rewards

Business Platinum Card® It has a multi-level reward structure through its membership rewards program:

• Earn 5x points on flights and prepaid hotel stays booked through amextravel.com
• Earn 1.5x points on purchases in specific business categories (currently building materials and hardware suppliers, U.S. transportation providers, U.S. electronics retailers, and software and cloud systems providers)
• Earn 1.5x points on qualifying purchases of $5,000 or more in other categories
• All other qualifying purchases earn 1x point

Please note: The 1.5x bonus multiplier is capped at $2 million in qualifying purchases per account per calendar year.

Earn points on most purchases. However, the following transactions are not eligible for Membership Rewards points:

• Transfers between people
• Fees or interest charged to your account
• Buy gift cards or travelers checks
• Purchase or store value on a prepaid card

Does the American Express Business Platinum Card® offer bonuses?

this Business Platinum Card® Offer new customers an extremely generous welcome bonus. Notwithstanding these terms and conditions, you can earn 120,000 Membership Rewards points after you spend $15,000 in purchases within your first 3 months as a Cardmember. If you redeem each reward point for 1 cent (you can choose how to redeem it), your welcome bonus will be worth $1,200, nearly double the annual fee.

How to redeem Membership Rewards points with the American Express Business Platinum Card®

There are many ways to redeem your Business Platinum Card® Membership bonus points. But be aware that some redemption strategies are more profitable than others.

Pay with points

You can link your Membership Rewards account to 16 retailer checkouts, including PayPal, and use your points toward purchases in your online shopping cart. When you redeem points this way, each point is worth anywhere from a half-cent to a penny.

You can also use points to shop at MembershipRewards.com. This website contains thousands of products sold by American Express® merchant partners. Each of your points can only be converted to half a cent when you use it on this platform, so this may not be the best option for you to maximize the value of your rewards.

Upgrade with points

If you want a better seat on an upcoming flight, you can offer some of your Membership Rewards points to the airline in exchange for an upgrade. The airline can accept or reject your offer.

If your offer is accepted, the airline will charge your credit card for the upgrade. American Express will then deduct the points from your Membership Rewards account and apply them to your card statement to pay for the upgrade.

Redeem gift card

You can also redeem Membership Rewards points for gift cards. Restaurant and retail gift cards tend to give you a better exchange rate – closer to 1 cent. However, other options may only earn you half a cent per point.

Exchange cash

If you have an American Express® business checking account, you can convert your points into cash deposited into that account. If you link your credit card and checking account to the same Membership Rewards account, you’ll earn $10 for every 1,000 points you earn. Otherwise, you’ll get $8 for every 1,000 points.

Transfer points to travel partners

Transferring your Membership Rewards points to your preferred airline or hotel loyalty program will likely result in the best exchange rates. Typically, you will receive one cent for each point redeemed. However, the Hilton Honors program offers a higher redemption rate; 1 Membership Rewards point is equivalent to 2 Hilton Honors points.

Apply points to bill charges

You can use Membership Rewards points to reduce the balance due on your credit card. However, you only get 0.60 cents per point (that’s six-tenths of a cent, not 60 cents), and you must use enough points to cover the entire charge on your current bill. Also, no matter how much you cancel, the bill credit does not count toward your minimum monthly payment.

extra benefits

In addition to earning points on qualifying purchases, you can enjoy these (and other) valuable benefits Business Platinum Card® cardholder:

• Flexible spending limit: Your overall spending limit will adjust based on your credit history and account activity, rather than being a fixed credit limit.
• Pay over time: You can pay in installments on most purchases as long as you stay within a specific installment credit limit. You’ll pay interest on any balance carried over to the next billing cycle. If your balance is not covered by the Overtime Payment Plan, it must be paid in full each month.
• 35% Airline Bonus: If you redeem points for eligible flights through Amex Travel, you can have 35% of those points credited to your rewards account (up to a limit of 1 million points per year).
• $200 Airline Fee Credit: Use your American Express card to get up to $200 credited to your account for baggage fees and in-flight refreshments on eligible airlines.
• Hotel status after upgrade: Sign up for Marriott Bonvoy™ Gold Elite and Hilton Honors Gold programs for free without meeting hotel requirements.
• Hotel benefits: Enhance your hotel stay with the Boutique Hotels and Resorts Program and enjoy room upgrades, early check-in, late check-out, free Wi-Fi, breakfast for two or a $100 amenity credit.
• Selected global lounge access: Relax in more than 1,400 airport lounges in 140 countries.
• Car rental plan premium status: Receive priority customer service, discounts and vehicle upgrades when available.
• Car rental loss and damage insurance: Protect your rent without paying for insurance out of pocket.
• Mobile phone protection: Get reimbursed up to $800 to repair or replace your phone. You are limited to two claims per year, and all claims are subject to a $50 deductible.
• Baggage insurance: If your baggage is lost, stolen or damaged, you may receive up to $2,000 for checked baggage, or a total of $3,000 for checked and carry-on baggage.
• Trip delay, interruption or cancellation insurance: If your adventure doesn’t go as planned, please contact American Express for assistance.
• Premium Global Assist® Hotline: If you are more than 100 miles from home and have a problem, you can call a hotline 24/7 for medical, financial and legal assistance.
• Business Platinum Travel Service: Travel experts will create a customized itinerary for your upcoming adventure.
• $189 CLEAR Plus Points: Up to $189 can be deposited into your account to cover the cost of your CLEAR Plus membership, which will help you get through event security faster.
• Global Entry or TSA PreCheck® fee credits: Global Entry membership fees of $100 are reimbursed every four years, and TSA PreCheck® membership fees of up to $85 are reimbursed every four and a half years.
• Other statement credits: Get up to $400 credited to your account when you make qualifying purchases from companies like Dell Technologies, Indeed, Adobe and wireless phone service providers.
• Business Tools: Take advantage of account reminders, the American Express® mobile app (available for Android and iOS), employee cards (also earn rewards), helpful account statements and reports, and seamless integration with QuickBooks.
• Extended warranty: Extend your manufacturer’s warranty to one year.
• Purchase protection: If you purchased a new product and it was stolen, lost, or accidentally damaged within 90 days of purchase, American Express® may be able to assist.
• Terms apply.

Is the American Express Business Platinum Card® right for you?

If your business takes you to destinations near and far, Business Platinum Card® American Express can offer benefits worth considering. If you use a fraction of the card’s benefits, you can easily recoup the annual fee. However, if travel isn’t one of your main expense categories, a different card may better suit your business needs.

Credit cards like the American Express Business Platinum Card®

When looking for a business credit card, it’s wise to compare your options. In that case, you might want to consider the Business Gold Card from American Express.

American Express Business Gold Card and American Express Business Platinum Card®

American Express® Business Gold Card and Business Platinum Card® both feature flexible credit limits, installment options on select purchases, no foreign transaction fees, and the same APR. However, the similarities end there.

The welcome bonus for the gold card is only 70,000 points, while the platinum card has 120,000 points. Additionally, the Gold card offers up to 4x Membership Rewards points on the two categories you spend the most in a given billing cycle, while the Platinum card offers 5x points on select travel expenses. Additionally, Gold Cardholders enjoy significantly fewer travel and business-related benefits than Platinum Card® users.

While the Gold Card offers card members fewer points and benefits, it has a lower cost of ownership. Its annual fee is $400 less than the Platinum card, at just $295 per year.

To view American Express® Business Gold Card rates and fees, see this page.

frequently asked questions

What credit score is needed to apply for the American Express Business Platinum Card®?

American Express® does not disclose specific eligibility criteria on its website. However, you’re more likely to get the American Express Business Platinum Card® and have good or excellent credit (740+).

Is the American Express Platinum Card better than the Gold Card?

The American Express Business Platinum Card® offers a larger welcome bonus and more points for certain types of purchases than the American Express Business Gold Card. However, the American Express Business Gold Card has a lower annual fee and a lower spending threshold required to earn the welcome bonus.

Can you use the Amex Business Platinum Card® for personal use?

You cannot use the Amex Business Platinum Card® for personal purchases. The terms and conditions of the card clearly state that you can only use it for business or commercial purposes.

Please note that card details are accurate as of the date of publication, but may be changed by the card issuer at any time. Before applying, contact your card issuer to verify rates, fees and benefits.

Terms apply to American Express card offers and offers. Certain American Express offers and offers may require registration. Please visit americanexpress.com for more information.

Eligibility and benefit levels vary by card. Terms, conditions and restrictions apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by American Express Insurance Company.