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 has received many credits and an additional set of spending bonus categories, but the annual fee has also gone up. Let’s take a look at the details.
Amex Business Platinum annual fee increase from $595 to $695
Let’s start with the bad news. The annual fee on the Amex Business Platinum has increased $100, from $595 to $695 (Rates & Fees). This change kicked in as of Thursday, January 13, 2022, for both new and existing cardmembers.
Amex Business Platinum 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 picked up credits with the following businesses:
- Dell Technologies — the card offers 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 offers 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 offers 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 offers 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 $189 per year, and a Global Entry or TSA PreCheck 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 additional spending bonus
The Amex Business Platinum is also getting an additional bonus category for spending. Specifically, the card will offer 1.5x Membership Rewards across the following business categories:
- U.S. Electronic goods, retailers, software, and cloud service providers
- U.S. Construction materials and hardware supplies
- U.S. 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.
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 these additional 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 additional bonus categories on spending are better than nothing, though there are still better cards for everyday spending
The Amex Business Platinum has undergone many changes, including an increase in annual fee, and benefits of 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).