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.
In this post:
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 Plus credit of up to $189 per year, and a Global Entry or TSA PreCheck credit once every four years. (Enrollment is required for select benefits)
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
Bottom line
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).
I have a business platinum card and I can verify that I do receive a cell phone bills credit from AT&T as well as Verizon. It is clearly shown on statements and mobile app.
FYI: No wireless credit is being offered. I have a platinum card and have confirmed this with AMEX.
Will the card still retain the 35% MR points back on redemptions? This is the only reason that I keep the card.
We noted that Business Platinum Amex lounge access with guests will require a $75,000 annual spend. The personal card also had a lounge devaluation. It becomes hard to justify the annual fee.
I received no value from the airline credit last year. I did use the Dell benefit but find it increasingly difficult to find something there that I would buy if it were not for the credit (in other words, a free item but not one I would purchase if it were not free). The wireless credit does not apply to Google Fi. And while I did use some offers last year, the value of those...
I received no value from the airline credit last year. I did use the Dell benefit but find it increasingly difficult to find something there that I would buy if it were not for the credit (in other words, a free item but not one I would purchase if it were not free). The wireless credit does not apply to Google Fi. And while I did use some offers last year, the value of those was not significant. I use the Biz Blue and get 2 points per dollar spend on the first $50k spend which also outstrips the BizPlat. I just can't justify the old card fee much less the increased fee with the current card benefits. Bottom line, I will close my BizPlat next month when it comes up for renewal.
It looks like they have matched the INK Business Card cell phone protection benefit. This is listed on their website. (Interestingly, it was not included in a promotional mailing that was sent recently.)
Cell Phone Protection*
Effective April 1, 2021, you can be reimbursed for your costs to repair or replace your damaged or Stolen cell phone up to $800, subject to a $50 deductible, for 2 approved claims per 12-month period when your...
It looks like they have matched the INK Business Card cell phone protection benefit. This is listed on their website. (Interestingly, it was not included in a promotional mailing that was sent recently.)
Cell Phone Protection*
Effective April 1, 2021, you can be reimbursed for your costs to repair or replace your damaged or Stolen cell phone up to $800, subject to a $50 deductible, for 2 approved claims per 12-month period when your prior month's wireless bill was paid utilizing an Eligible Card Account. Terms and conditions apply.‡
*Coverage is provided by New Hampshire Insurance Company, an AIG Company
Bye, bye for me as well. Cancelling when renewal is due. It has become a coupon book which are pretty much of no use to me at all. Just got venture X which has 2x points on purchases, same credit for global entry, priority pass. Already get gold Hilton with my Hilton amex cards. Cell phone coverage also provided with Venture x. I see no reason to pay the exorbitant fee of $700 anymore.
This is old news. The new benefits and new annual fee were announced in October
Bye, bye.. Canceling when annual fee is due
They seriously need to raise this card to $995 per year
Amex keep on raising the fees for less crowded lounges
I already have a personal Platinum. I’m downgrading this card to gold.
Wow! Dell. Sign me up. Actually, I'm dropping the card as soon as the the fee goes up. Fees increase as the useful benefits drop.
Re cellphone protection, should note that the Amex is a $50 deductible while Chase is $100
Is it possible to list some of the new retailers and companies that would qualify for the new spending bonus on Electronic goods, retailers, software, and cloud service providers, Construction materials and hardware supplies, and Shipping providers?