Link: Learn more about The Business Platinum Card® from American Express
The Business Platinum Card® from American Express (review) is a popular business card, which recently underwent a refresh. The card has a $895 annual fee (Rates & Fees), which is of course steep, especially since this has recently been increased. Often people will wonder if the card is worth that amount of money. There’s no “one size fits all” answer, so in this post, I want to talk about how I’d go about deciding.
The way I view it, there’s not just one question here. It comes down to whether the card is worth getting in the first place, and also whether it’s worth keeping, based on the ongoing perks. So here are my thoughts on the value proposition of the Amex Business Platinum Card, in no particular order…
In this post:
The Amex Business Platinum welcome offer is compelling
One of the big incentives to pick up any card is the welcome offer. Fortunately the Amex Business Platinum Card currently has a phenomenal welcome offer, which I value at thousands of dollars. So that can be a great incentive to pick up the card and give it a try for at least a year.
As I’ve explained before, anecdotally I find Amex business cards to be quite easy to get approved for, and there are several advantages when it comes to applying for the Amex Business Platinum, even if you’re new to business cards. There’s no reason to leave those kinds of rewards on the table, if you ask me.
The Amex Business Platinum isn’t a slam dunk for spending
While the Amex Business Platinum Card has a huge welcome offer and features some great perks, the one area where the card is a bit weak is when it comes to actual rewards for spending. The card offers:
- 5x Membership Rewards points on prepaid hotels and flights that are booked through American Express Travel®
- 2x Membership Rewards points on purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on each eligible purchase of $5,000 or more, on up to $2 million of these purchases per calendar year (and then 1x points); purchases eligible for multiple additional points bonuses will only receive the highest eligible bonus
- 1x Membership Rewards points on all other eligible purchases
Truth be told, I’d consider cards like The Blue Business® Plus Credit Card from American Express (review) and Capital One Venture X Business (review) to potentially be more compelling for everyday spending. That’s not necessarily an issue, but the point is that the cards we have for perks and the cards we use for spending aren’t necessarily always the same.
The Amex Business Platinum credits easily offset the annual fee
The Amex Business Platinum Card offers a variety of credits and benefits, which on the surface, are the easiest way to offset the annual fee. I won’t go over all the credits here (since too many disclaimers are required), but you can find all the details in my card review. This includes everything from hotel credits, to airline fee credits, to wireless credits, to Hilton credits, to Dell credits, to Adobe credits, to CLEAR credits.
If maximized, the credits can potentially get you over $2,000 of value per year. However, a vast majority of people aren’t going to be able to maximize every one of these credits, given the effort required to use them (they’re often broken up into periods, and have restrictions on redemptions).
I would like to flag the $600 per year in hotel credits that were recently added, as they alone could nearly offset the annual fee. This is a semi-annual credit, so you get a $300 credit in January through June, and a $300 credit in July through December. This is actually a pretty easy perk to use — just book a prepaid hotel through Amex Fine Hotels + Resorts® (no minimum stay) or The Hotel Collection (two night minimum stay) through American Express Travel®, and you can receive up to a $300 credit semi-annually.
Personally, I’ll have no issues maximizing that $600 credit, and on top of that, I get value from the airline fee credits, Hilton credits, and more, and that essentially helps me breakeven on the annual fee.
The Amex Business Platinum lounge access could be valuable
Nowadays, airport lounge access is one of the most valuable perks offered by premium cards. Admittedly there’s quite a bit of overlap here, given that premium cards from all of the big issuers offer some sort of lounge access, though the details differ.
Amex is known for its comprehensive lounge access perks. What’s most noteworthy is the lounge access perks offered for Amex Centurion Lounge and Delta Sky Club® locations, as that’s a major point of differentiation compared to cards from other issuers.
The Amex Business Platinum offers assorted other perks
Beyond the lounge access and credits, the Amex Business Platinum Card offers a variety of perks that will be of varying use to card members. We’re talking about everything from Hilton Honors and Marriott Bonvoy elite status, to Hertz and National elite status, to access to the Amex Fine Hotels + Resorts® program and Amex International Airline program.
Personally, I also appreciate the unique opportunity this card affords for Membership Rewards points redemptions. The card offers a 35% bonus on select Pay With Points redemptions when traveling your designated U.S. airline, potentially letting you redeem points for up to 1.54 cents each toward airfare (with some restrictions).
Is the Amex Business Platinum Card worth it?
What’s my take on the value proposition of the Amex Business Platinum Card? I recently picked up the card again, given the current welcome offer, plus given that I was targeted for an offer with “no lifetime language” (meaning I was eligible for the welcome offer, despite having had the card years back).
The card’s welcome offer is of course great, and a big incentive to pick up the card. Beyond that, I just consider the card’s value proposition on a year-by-year basis. One additional consideration is that I also have the personal version of the card, American Express Platinum Card® (review), and there’s some overlap in the benefits between the cards.
Personally, I’ve been getting good value from the credits on this card, and with the recent refresh, I’m finding it easier to justify the card than ever before. Particularly, the up to $600 annual hotel credit really does wonders with reducing the “out of pocket” on this card, for mental accounting purposes. I also appreciate the 35% airline bonus on select Pay With Points redemptions. While this has been devalued compared to the past, it’s still valuable, in my opinion.
I’m not sure I’ll be keeping this card forever, but for now, I’m very happy with it, especially given the offer that I received.
Bottom line
The Amex Business Platinum Card is a premium business card, and one that many people have. It’s worth getting for the large welcome offer, and it’s potentially worth holding onto for the credits, lounge access, and assorted other perks.
Admittedly there’s some effort required to really maximize the card, but for many people, I know the math checks out. If you ask me, the downside to the card is that there are better cards for everyday spending, so that makes it hard to justify putting a significant amount of spending on the card, if you’re looking to maximize your rewards.
What’s your take on the value proposition of the Amex Business Platinum Card?
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: The Business Platinum® Card from American Express (Rates & Fees).
The problem with the $600 fine hotels and resorts credit is that most of these hotels go for over $1000/night. I just checked a few cities, and the prices ranged from $2000 to$ 12,000 per night… I would probably never stay at such an expensive hotel, so this credit is pretty useless to me..
Maybe so. But, maybe you aren't trying. Check out MaxFHR.com. It's a great tool for finding qualified properties. Filters for city, price, loyalty program. If it still doesn't work, then fair enough. But, all too often naysayers simply want/need to be spoon-fed.
Thank you - this MaxFHR.com website is very helpful, thank you for sharing!
Absolutely. Keep in mind that there are strategies that simply won't be shared in a public forum. But, they are there. So, I would encourage you to experiment and ask "what if?" The adept hobbyist will find value everywhere. Some places more than others. And, when you discover that abundance, you'll have the freedom to choose "this" over "that." Best of luck.
I got the card a year ago with the 250,000 bonus point offer.
What I found most frustrating was that if one books a revenue airline ticket and wants to make a change, one has to *call* to do it. You cannot do a thing online on your own.
This is NOT an issue when booking airline tickets via Amex. personal platinum cards; one can go directly to the airline and make all the changes one needs, at least for AF, EK, SQ, DL, UA, AA, and 4Z.
Another challenge with Amex Travel is that if you book a flight on airline X but want to credit it to loyalty program Y, you have to call in to add loyalty program Y to that booking.