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This article was last updated Jun 30, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
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Business owners who travel often, and are willing to pay a premium annual fee in exchange for numerous travel benefits, The Business Platinum Card® from American Express may be the perfect fit.
Benefits include airline fee credits, lounge access and concierge service. Plus, cardholders eager to rack up Membership Rewards points will love the welcome bonus.
Businesses that don’t require a lot of travel may see less value with this $595 annual fee card. A business card that offers flat-rate cashback or rewards categories such as gas or office supplies, or one with 0% intro APR, might make better sense. We’ll take a close look at where this card excels, where it falls short and another Amex business credit card worth considering.
- The Business Platinum Card® from American Express pros
- The Business Platinum Card® from American Express cons
- Compare it with the American Express® Business Gold Card
- Is The Business Platinum Card® from American Express worth it?
The Business Platinum Card® from American Express pros
Rewards. 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com. Get 50% more Membership Rewards® points. That's an extra half point per dollar, on each eligible purchase of $5,000 or more.
Welcome offer. Earn 75,000 Membership Rewards® points after you spend $15,000 on qualifying purchases within your first 3 months of Card Membership.
Airport lounge access. If you’re looking for the best business credit card for airport lounge access, The Business Platinum Card® from American Express is top of the line. Book your flights with it and enjoy access to more than 1,200 lounges in over 500 airports across 130 countries.
Annual airline fee credit. After choosing an airline with which you want to receive this benefit, you can receive up to $200 in statement credits for checked bags, in-flight refreshments, and other fees.
Annual Dell credit. Cardholders can get up to $100 in statement credits toward U.S. purchases with Dell Technologies between January and June, and up to another $100 in statement credits between July and December. During the coronavirus pandemic, Amex added value for cardholders by offering double the usual amount (increasing each half year maximum to $200 instead of $100).
Global Entry or TSA Precheck® fee credit. Get a statement credit up to $100 to reimburse you when you apply for Global Entry or TSA Precheck®. For the former, you can get the credit every four years. For the latter, it’s every four-and-a-half years.
No foreign transaction fee. If business trips take you or your employees out of the country frequently, don’t worry about paying an extra fee on each transaction – there is none.
A wide array of additional benefits includes:
- Business Platinum Concierge: Representatives are available 24/7 to assist with any questions or requests such as booking a business lunch.*
- Business Platinum travel service: Counselors are available to assist in making travel arrangements and itineraries to make traveling more efficient.
- 35% airline bonus: When you use Membership Rewards® Pay with Points for eligible fares (like first and business class), you can receive 35% of those points back, up to 500,000 bonus points per calendar year.*
- Baggage insurance plan: If your luggage is lost, damaged, or stolen, you may be covered for the cost when you pay for your ticket with your card. For full terms and conditions, see americanexpress.com/BIPterms.*
- Travel accident insurance: You may be covered up to $500,000 for accidental death and dismemberment as a result of eligible travel fares including plane, train, ship or bus. For full terms and conditions, see americanexpress.com/TAIterms.*
- Premium Global Assist® hotline: When you travel over 100 miles from your business, you can qualify for select referrals and services including medical, legal and financial. You’re responsible for the costs charged by third-party service providers.*
- Premium car rental privileges: Receive complimentary membership in premium car rental programs, with benefits including special upgrades and discounts.*
- Car rental loss and damage insurance: You may be covered for the cost of damage or theft when you pay for the rental with your card. For full terms and conditions, see americanexpress.com/CRLDIterms.*
- Fine Hotels & Resorts: Booking with Fine Hotels & Resorts allows you to receive complimentary benefits including: room upgrades when available, breakfast, late check-out and more.*
- Upgrade to gold status in select hotel programs: Get complimentary Marriott Bonvoy™ Gold Elite status and Hilton Honors Gold status with this card.
- Global dining collection: Receive special access to reservations and experiences at popular restaurants, and the opportunity to meet chefs at exclusive events.*
- Preferred Seating: Receive exclusive access to premium seats for events.*
- American Express Experiences: In select cities you can gain access to exclusive events and presales for concerts, sporting events and more.*
- Account manager: Employees or business partners can act as an account manager to deal with reviewing statements, making payments and other tasks.*
- American Express® Business App: Manage your card more easily via mobile or desktop to add receipts and notes to transactions.*
- Connect to QuickBooks: Link your QuickBooks and card account to facilitate expenses by labeling and transferring transactions.*
The Business Platinum Card® from American Express cons
High annual fee. This card’s annual fee of $595 is one of the highest around. Granted, it comes with premium travel benefits that can make the annual fee worth it. However, for businesses that only travel occasionally, a no-annual-fee credit card is likely to be a better choice.
High spending requirement to qualify for the welcome bonus. The minimum spending requirement to qualify for the welcome bonus is very high and must be met within a short period of time.
Compare it with the American Express® Business Gold Card
The Business Platinum Card® from American Express is very travel-focused in both its benefits and rewards. By contrast, the American Express® Business Gold Card offers a uniquely flexible rewards structure – Amex will select the two categories (from a total of six) where you spent the most each billing cycle and award 4X points per $1 spent in those categories.
Here’s how the two cards compare:
|The Business Platinum Card® from American Express||American Express® Business Gold Card|
|Welcome offer||Earn 75,000 Membership Rewards® points after you spend $15,000 on qualifying purchases within your first 3 months of Card Membership.||Earn 35,000 Membership Rewards® points after you spend $5,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.|
|Rewards||5X Membership Rewards® points on flights and prepaid hotels on amextravel.com. Get 50% more Membership Rewards® points. That's an extra half point per dollar, on each eligible purchase of $5,000 or more.||Get 4X Membership Rewards® points on the 2 select categories where your business spent the most each month*.|
|Foreign transaction fee||None||None|
|Rates and fees||To see rates & fees for The Business Platinum Card® from American Express please click here.||To see rates & fees for the American Express® Business Gold Card please click here.
4X categories for the American Express® Business Gold Card are as follows:
- Airfare purchased directly from airlines.
- U.S. purchases for advertising in select media (online, TV, radio).
- U.S. purchases at gas stations.
- U.S. purchases made directly from select technology providers of computer hardware, software and cloud solutions.
- U.S. purchases made at restaurants.
- U.S. purchases for shipping.
Be aware that the 4X rate applies to the first $150,000 in combined purchases in your top two spending categories each year. After that, your earning rate drops to 1 point per $1 spent.
The American Express® Business Gold Card also offers helpful benefits similar to what you’ll find on The Business Platinum Card® from American Express. For example, it offers trip delay insurance, a baggage insurance plan and car rental loss and damage insurance.
However, note that the American Express® Business Gold Card lacks the fee credits offered by The Business Platinum Card® from American Express, and it doesn’t offer airport lounge access.
Is The Business Platinum Card® from American Express worth it?
The Business Platinum Card® from American Express is a standout business card with a valuable array of travel benefits. It’s well worth the annual fee of $595 if you take advantage of benefits such as the annual travel credit, the Global Entry or TSA Precheck® fee credit and the unparalleled airport lounge access.
However, business owners wanting more flexibility in earning rewards, plus a less expensive annual fee, might prefer the American Express® Business Gold Card. If neither card fits your needs, one from our list of best small business cards might suit you better.