The American Express Business Platinum Card is considered by many to be the top premium business credit card thanks to its wide array of benefits, credits, and rewards bonuses. But with a steep $695 annual fee, is it worth it for your business? Read this comprehensive review to learn who should get The Business Platinum Card.
Introduction to the American Express Business Platinum Card
The Business Platinum Card sits at the top of American Express’s lineup of small business credit cards. Designed with high-spending businesses in mind, this card offers 5X points on flights and hotels, statement credits, lounge access, hotel elite status, and more. But that premium experience comes at the cost of a $695 annual fee.
In this detailed review, we’ll analyze if the Business Platinum Card’s perks and earning rates justify the fee for your business’ expenses and travel needs.
Overview of American Express Business Platinum Card Rewards Rates
Here’s how the Business Platinum Card earns points:
- 5X Points on flights and hotels booked on AmexTravel.com
- 1.5X Points on eligible purchases of $5,000 or more, up to 1 million additional points per year
- 1X Point per dollar on other purchases
No caps or limits on the 1.5X points make this card rewarding for larger expenses.
Welcome Bonus, Annual Fee, and Requirements
New cardholders can earn 120,000 Membership Rewards® points after spending $15,000 on eligible purchases with the Business Platinum Card within the first 3 months of card membership.
Expect a high $695 annual fee with this premium card. You’ll need excellent credit and high income for approval.
How American Express Business Platinum Card Membership Rewards Work
With the American Express Business Platinum Card, you can:
- Earn points on eligible business purchases
- Transfer points to various airline and hotel partners
- Redeem points for flights, hotels, vacations, events, merchandise, and more
- Get ~1 cent+ per point in value when transferring points to partners
Transferring points to partners often provides the highest redemption value.
American Express Business Platinum Card Annual Fees
To help justify the $695 fee, the Business Platinum Card provides:
- Up to $400 in Dell technology statement credits
- Up to $200 in annual airline fee credits
- Airport lounge access including Centurion and Priority Pass
- Hotel elite status with Hilton Honors Gold and Marriott Bonvoy Gold
- G Suite statement credits – up to $360
Analyze if these credits and perks match your business’ typical spending. When maximized, they can offset the high annual fee.
Who Gets the Most Value from the Card?
The Business Platinum Card makes the most sense for:
- High spenders – The 1.5X extra points on large purchases provides outsized earnings.
- Frequent travelers – 5X points on flights and hotels quickly adds up.
- Businesses with big technology budgets – Dell credits provide savings.
- Companies with employees – Employee cards and G Suite credits provide value.
For the right business, the rewards bonuses and credits can more than offset the steep annual fee.
The Bottom Line
Thanks to generous rewards rates and statement credits, the Business Platinum Card from American Express can provide immense value for enterprises with expenses that align with the benefits. But the high annual fee means doing the math to determine if it pays off based on your business’ spending and travel patterns.