The Business Platinum® Card from American Express is an American Express business charge card that 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 airport lounge access and airline fee credits, and is tapped into the American Express Membership Rewards® program. It 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 Citi Prestige and Chase Sapphire Preferred.
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. Also, as a charge card, Business Platinum requires that you repay your balance in full each month, with limited exceptions. Though it doesn’t accrue regular interest charges, cardholders who don’t pay in full for two consecutive statement cycles incur late charges and risk account closure.
Earn up to 75,000 Membership Rewards® points. When you spend at least $10,000 in qualifying purchases within 3 months of opening your account, you earn 50,000 points. If you spend an additional $10,000 in qualifying purchases within the same 3-month period, and you’ll get another 25,000 points for a total of 75,000 points.
Earning Membership Rewards® Points
Most Business Platinum purchases earn an unlimited 1 Membership Rewards® point per $1 spent. For eligible purchases of $5,000 or more, you get 50% more – 1.5 points per $1 spent, up to 1 million additional points per year. Prepaid hotel and airfare purchases made through American Express Travel, Amex’s online booking portal, earn an unlimited 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 500,000 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.
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. The airline must be the same carrier you select for your 35% points bonus.
Complimentary Airport Lounge Access
Enjoy complimentary access to over 1,200 airport lounges over 130 countries and counting through the American Express Global Lounge Collection, which bills itself as “the only credit card 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.
You enjoy free access at more than 1 million Gogo and Boingo WiFi hotspots worldwide, including a limited number of Gogo in-flight WiFi passes.
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, guaranteed 4pm late checkout, and an additional special amenity unique to each property, such as a $100 food and beverage credit or a one-way private sedan transfer.”
Starwood Preferred Guest Gold Status
You’re entitled to upgrade to Starwood Preferred Guest Gold Status with no spend or stay requirement. When you do, you’ll enjoy a 50% bonus on base Starpoint earnings, special welcome gifts at check-in, flexible check-out, and room upgrades where available.
General Travel Benefits
Business Platinum’s general travel benefits include:
- Complimentary car rental upgrades (for instance, from sedan to SUV)
- Complimentary car rental insurance covering loss and damage,
- 24/7 global assistance for travelers more than 100 miles from home
- A complimentary subscription to DEPARTURES Magazine, Amex’s in-house travel, culture, and style publication
The Platinum Card has a slew of less-publicized (but highly practical) cardmember benefits beyond travel. These include:
- Extended warranties on all items with original warranties of 5 years or less
- Financial protection (up to $300 per item) against returns rejected by merchants within 90 days of purchase
- Financial protection for stolen or damaged items purchased with the card (up to $10,000 per item and $50,000 per year) for 90 days from the purchase of covered items
Pay Over Time
Most Business Platinum cardholders are required to pay their balance in full at the end of each billing period. Those who don’t risk account closure after two consecutive periods of non-full payment.
However, longstanding cardmembers can get around this requirement with American Express’s Pay Over Time feature, which allows balances to be carried indefinitely (with interest) from month to month. Carried balances accrue variable interest charges, depending on prevailing rates.
Business Platinum has a $450 annual fee, starting in the first year of card membership. There is no foreign transaction fee. For customers not enrolled in the Pay Over Time program, the late fee is the greater of $38 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 $38. Terms and conditions apply – see rates and fees.
This card requires good to excellent credit. Cardholders are also expected to have business cash flow sufficient to support timely, in-full payments on a charge card without a preset spending limit.
- Great Travel Benefits. Business Platinum 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, the luxury benefits at thousands of hotel properties worldwide, and access to over 1,200 airport lounges over 130 countries and counting. Few competing business cards offer a similarly strong travel benefit lineup.
- Strong Welcome Offer. Business Platinum’s welcome offer is worth up to $750 when fully exploited (and possibly more, depending on how you redeem). That’s significantly more than many other business charge and credit cards, including Business Green Rewards Card from American Express ($50 bonus) and Diners Club Premier and Diners Club Elite (no bonus).
- 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 credit 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.
- Automatic SPG Gold Status. This card automatically earns you Starwood Preferred Guest Gold status, which normally requires at least 10 paid stays at Starwood 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. By contrast, the actual Amex Starwood Preferred Guest Business Card ($95 annual fee, waived in the first year) doesn’t come with an automatic Gold upgrade – you have to spend your way to it.
- No Preset Spending Limits. As a charge card, The Business Platinum Card has no preset spending limit. If you’re a big spender who can’t wait to make large, mission-critical purchases, this can be a lifesaver. Before you sign up for a business credit card with a finite spending limit, think carefully about the potential trade-offs.
- 1.5X Points on Big Purchases. It pays to make large business purchases with this card. When you make eligible purchases of $5,000 or more, you earn 1.5 Membership Rewards points per $1 spent on the entire balance, up to 1 million additional points per year. That’s an extra $10,000 in potential reward earnings each year – though you, of course, have to have the budget to support that kind of spending.
- No Foreign Transaction Fees. With no foreign transaction fees, this is a great card for overseas business travelers. Many competing business cards, including U.S. Bank Business Edge World Elite MasterCard (2% to 3%), carry foreign transaction fees of 2% or higher.
- Peace of Mind Benefits. In addition to its luxurious travel benefits, Business Platinum has a host of less flashy perks that offer valuable peace of mind. These include 24/7 roadside assistance, 24/7 global assistance for travelers, baggage insurance, and travel insurance. Other business credit cards, such as the Capital One Spark family, don’t have such a solid lineup of “behind the scenes” benefits.
- Costly Annual Fee. This card comes with a $450 annual fee – 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 credit card, but don’t want to pay more than $400 per year for it, look to Gold Delta SkyMiles Business Credit Card from American Express or Starwood Preferred Guest Business Credit Card from American Express. Both annual fees are just $95 per year, and both are waived in the first year.
- Pay-in-Full Requirement. You’re generally required to pay your Business Platinum balance in full each month, which can be problematic if you value the flexibility of a credit card. If you don’t qualify for Amex’s Pay Over Time feature, don’t have the cash flow to pay your card balance in full each month, or want the flexibility to purchase items on credit, look to a business credit card – not charge card – such as the Citi Executive AAdvantage World Elite Credit Card or the Gold Delta SkyMiles Business Credit Card from American Express.
- Exacting Qualification Requirements. The American Express Business Platinum is a very high-end charge 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.
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.