Over the summer The Platinum Card® from American Express (review) underwent a refresh, and now The Business Platinum Card® from American Express (review) is seeing some significant changes as well. The card is getting lots of new credits and a new spending bonus category, but the annual fee is also going up. Let’s take a look at the details.
Amex Business Platinum annual fee increasing from $595 to $695
Let’s start with the bad news. The annual fee on the Amex Business Platinum will be increasing by $100, from $595 to $695 (Rates & Fees). This change kicks in as of January 13, 2022, for both new and existing cardmembers.
Of course, no one likes an annual fee hike, though on the plus side at least you could still pick up the card and get the new benefits, all while at least paying the lower annual fee for one year. On top of that, the card is getting some meaningful new benefits that cardmembers should benefit from.
Amex Business Platinum new perks
With the annual fee increasing by $100, the Amex Business Platinum is also adding up to $830 in new credits annually. Specifically, the card is picking up credits with the following businesses:
- Dell Technologies — the card will offer a $400 annual statement credit on all Dell purchases, up to $200 semi-annually; this is an increase of $200 compared to the previous Dell statement credit offered by the card
- Indeed — the card will offer up to $360 in annual statement credits on all Indeed hiring and recruiting products and services to post open positions and find talent, up to $90 per quarter
- Adobe — the card will offer up to $150 in annual statement credits for Adobe purchases, including Adobe Creative Cloud, and Acrobat Pro DC with e-sign
- Wireless credit — the card will offer up to $120 in annual wireless credits, in the form of a $10 monthly statement credit towards purchases made directly from any US wireless telephone provider
This is in addition to all the existing credits offered by the card, including an annual airline fee credit of up to $200, a CLEAR credit of up to $179 per year, and a Global Entry or TSA Pre-Check credit once every four years. Keep in mind that you’ll need to enroll to activate these credits prior to using them.
Amex Business Platinum new spending bonus
The Amex Business Platinum is also getting a new bonus category for spending. Specifically, the card will offer 1.5x Membership Rewards across the following business categories:
- Electronic goods, retailers, software, and cloud service providers
- Construction materials and hardware supplies
- Shipping providers
This is in addition to the card already offering 1.5x Membership Rewards points on large purchases of over $5,000. Total combined spending on the 1.5x earning is limited to the first $2 million spent each calendar year, which limits your bonus earning in these categories to one million Membership Rewards points.
This is a great time to apply for the Amex Business Platinum
If you don’t yet have the Amex Business Platinum, this is a great time to apply for the card. If you apply now, you can take advantage of the new perks, all while paying the lower annual fee for one year.
On top of that, the card is offering an improved publicly available welcome bonus of 120,000 Membership Rewards points after spending $15,000 within the first three months. Personally, I value Membership Rewards points at 1.7 cents each, so to me those points are worth $2,040.
The card is also offering 0% intro APR for 12 months from the date of account opening on purchases eligible for Pay Over Time.
My take on Amex Business Platinum changes
My feelings with the changes to the business version of the card are similar to my feelings when we saw changes to the personal version of the card. Yes, the Amex Platinum is essentially turning into a coupon book of sorts, but the math checks out, if you ask me.
Here’s my take on the new benefits:
- While I wouldn’t otherwise buy stuff from Dell, the reality is that the company sells all kinds of products from other companies, and I’ve gotten pretty good value out of my Dell credits; if anything, a $200 credit every six month is even better for being able to make larger purchases
- The $120 wireless statement credit is better than nothing, though I generally prefer to use the Ink Business Preferred® Credit Card (review) for that, given the cell phone protection and bonus points the card offers
- Personally I don’t place much value on the Indeed and Adobe credits, but I’m sure some others do
- The new bonus categories on spending are better than nothing, though there are still better cards for everyday spending
The Amex Business Platinum is undergoing some major changes. The card’s annual fee will be increasing by $100, though the card will be picking up new benefits as well. This includes up to $830 in additional annual credits, plus a new bonus category for business spending.
While I find the direction that the Amex Platinum has gone to be a bit unusual, I do think the math continues to check out.
What do you make of the changes to the Amex Business Platinum? Will they impact whether or not you choose to have the 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).