American Express Business Platinum Card® review | finder.com

The Business Platinum Card® from American Express review – June 2018

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For business owners and seasoned travelers who want to enjoy the comfort and luxury of business travels.

30-second take

  • Get this card if you’re a business owner who spends thousands of dollars on business travel and wants luxury travel benefits.
  • Pick something else if you want higher cashback rewards on all purchases or an intro APR on purchases or balance transfers.
  • Apply with good or excellent credit of 670 or higher.
Product NameThe Business Platinum Card® from American Express
APR for Purchases ( Purchase Rate )19.99% variable
Annual fee$450
Card TypeAmerican Express
Returned Payment Fee$38
Foreign Currency Conversion Fee (AMEX)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$450
Returned Payment Fee$38
Late Payment Fee$38
Rewards ProgramAmerican Express Rewards
Bonus Points on Sign-up50,000
Rewards Points per $ spent (AMEX)5
Points ExpiryNever

The basics

The Business Platinum Card® from American Express is aimed at business owners who spend thousands of dollars a month on air travel and are looking to use the luxury benefits this card offers. Considering the card’s $450 annual fee, it might not be ideal for your employees, unless they too spend hefty sums on traveling expenses.

With this card, you get access to more than 1,100 airport lounges in 120 countries, concierge services and benefits when booking through American Express Fine Hotels & Resorts. You can also upgrade to Gold status with Starwood’s Preferred Guest loyalty program or Hilton Honors without meeting stay requirements, and you get preferred access to entertainment perks like ticket presales and premium seats for cultural and sporting events.

Because it’s a hybrid credit–charge card, there’s no APR on purchases or balance transfer. This means you must pay your statement balance in full each month. If you need more time to pay off your balances, look into American Express’s Pay Over Time, a feature that allows you to pay for specific purchases over time with interest.

This card is designed for large spenders, requiring a high spending ceiling to reach the welcome offer’s requirements. To earn 50,000 bonus membership points, you must spend $10,000 on purchases in the first three months after opening your account. Until August 8, 2018, you can earn another 50,000 points by spending an additional $15,000 on purchases in that same first three months. Redeem your points on travel purchases, statement credit or shopping.

For more ways to earn membership points, pay for flights and prepay for hotels through American Express Travel. Doing so will earn you 5x points for every $1 spent.

If you spend more than $5,000 on a single eligible purchase, you get 1.5x membership points per dollar — up to 1 million points per year. On all other purchases, you earn 1x membership points.

The perks

  • Welcome offer.

    After you spend $10,000 on purchases in the first three months your account is open, you’ll earn 50,000 membership points. And if you spend an additional $15,000 on purchases during the same period, you’ll earn 50,000 more for a total of 100,000 points. That’s up to $1,000 in value for a total $25,000 spent. The offer is valid until August 8, 2018.

  • American Express Global Lounge Collection.

    Access more than 1,100 airport lounges across 120 countries — including the Centurion Lounge and International American Express lounges — and to Delta Sky Club when flying Delta. You’ll also get access to Priority Pass Select lounges, Airspace lounges and Escape lounges after you enroll.

  • Membership rewards.

    Every dollar spent on flights and prepaid hotels through American Express Travel earns you 5x membership rewards points. You’ll earn 1x membership rewards points per $1 on every other purchase you make. And if you spend $5,000 on a single eligible purchase, you’ll get 1.5 membership rewards points for every dollar. Redeem these points on statement credit, gift cards, travel or shopping.

How much are American Express Membership Rewards points worth?

Through American Express Membership Rewards, 50,000 points are worth:

  • $250–$500 in gift cards.
  • $250–$350 for shopping at Membership Rewards partner retailers, including Amazon, Newegg, BestBuy and Staples.
  • $250–$500 for traveling costs such as flight tickets, hotels, cruises and purchases through Expedia.
  • $350–$500 for point-of-sale transactions with New York taxis and at Rite Aid.
  • $500 for Uber rides.
  • $250 for entertainment purchases through Ticketmaster and AXS.
  • $250–$500 if you donate to charity.

How to get the most out of your membership reward points?

The program offers many ways to earn and redeem your points. Say you spend $10,000 on flights and hotels through American Express Travel, earning 50,000 points. You can redeem these points for a $500 reward, effectively getting 5% back — which is the highest value you can get out of this card.

Redeeming the same number of points for a $250 reward is equivalent to getting 2.5% back.

For all other purchases, you get 1 membership reward point per $1 spent. Which means that same $10,000 spent earns you only 10,000 points. You can redeem 10,000 points for rewards valued from $50 to $100, resulting in a value of 0.5% to 1% of what you spent to get them.

To make the most of your membership rewards points, consider booking as many flights and hotels as you can through American Express Travel. You can then redeem these points for the high-value rewards for a potential 5% reward rate.

You’ll also like

  • Airline fee credit and bonus.

    The card rewards you with a $200 airline fee credit annually to use toward any incidental air travel fees. You’ll also get a 35% airline bonus when you pay with membership rewards points for first- or business-class flights with any airline available through American Express Travel, or get 35% of your points back — up to 500,000 points per year — when you book with your selected qualifying airline.

  • Concierge services.

    The card comes with complimentary services to help with many aspects of your business life, like arranging lunch meetings, landing concert tickets for your clients, booking transportation and more.

  • Fine Hotels & Resorts benefits.

    Get a room upgrade when available, daily breakfast for two, guaranteed 4 p.m. checkout and noon check-in when available, complimentary Wi-Fi, an amenity such as food and beverage credit or a one-way private sedan transfer.

  • Starwood Preferred Guest benefits.

    Upgrade to Gold status in the Starwood Preferred Guest program without meeting any stay requirements. To upgrade, you must request enrollment with the program. American Express then shares your enrollment information with Starwood Hotels & Resorts Worldwide. You’ll maintain your Gold status as long as you remain an eligible American Express cardmember, or until American Express notifies you that your status is terminated.

  • Hilton Honors Gold benefits.

    As a Business Platinum cardmember, you’re eligible to enroll in complimentary Hilton Honors Gold status without meeting any stay requirements. Benefits include free breakfast and Wi-Fi and the ability to choose or upgrade your room at Waldorf Astoria Hotels Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, Curio by Hilton and DoubleTree by Hilton. In addition to earning more Hilton Honors Bonus Points on your stays, you can also earn a complimentary night free on standard room reward stays of five nights or more.

  • Preferred seating program.

    Cardholders can access premium seats at selected cultural and sporting events.

  • Global dining collection.

    With this card, you get access to reservations and extraordinary services at select restaurants and the opportunity to meet your favorite chefs at culinary events.

  • No foreign transaction fees.

    When traveling abroad, spend however much you want and pay no fees for international transactions.

  • Travel accident insurance.

    Enjoy up to $500,000 in travel and car rental protection, as well as as baggage insurance up to $3,000.

  • Premium roadside and global assistance.

    Call a 24/7 hotline for help on the road, whether that’s changing a tire, getting a tow or charging your battery. Amex pays for the service up to four times per year. You also have access to 24/7 medical, legal, financial or other emergency service when traveling more than 100 miles from home.

What to watch out for

  • High annual fee.

    Luxury benefits come with a high price. In this case, a $450 annual fee.

  • No purchase or balance transfer APR.

    The Business Platinum Card® is a hybrid credit–charge card, meaning you must pay your balances in full. If you’re enrolled in Pay Over Time, you’ll have the option to pay an APR of 19.99% variable and a penalty APR of 29.99% on select purchases.

Consider other cards if …

  • You want stronger cashback rewards.

    If your business spends more on specific purchase categories, you may want to consider SimplyCash® Plus Business Credit Card from American Express. It offers 5% cash back on US office supplies and wireless telephone services from US providers. It also offers 3% back on a category of your choice. Categories include airline tickets, US restaurants, US gas, US computer hardware and software, hotels, car rentals, US media advertising and shipping at US retailers. The 5% and 3% cashback rewards are capped at $50,000 annually, after which a 1% cashback reward applies.

    If your employees are on the road often and spend thousands of dollars on gas, consider Business Advantage Cash Rewards Mastercard® credit card by Bank of America. You’ll earn 3% cash back on gas and office supplies on up to $250,000 annually with a 1% rate after that, 2% cash back on restaurant purchases and 1% on everything else.

  • You want an intro APR on purchases or balance transfers.

    If you’re planning a large purchase for your company, consider Blue Business℠ Plus Credit Card by American Express. A 0% intro APR on purchases and balance transfers for the first 15 months (and then 19.99% variable) can help you save.

  • You don’t want to pay high annual fee.

    If you travel for business but don’t want to pay a card’s annual fee, consider Business Advantage Travel Rewards World Mastercard® credit card by Bank of America. You earn 3 points per $1 spent through Bank of America Travel Center and 1.5 points per dollar on all other purchases. It has no foreign transaction fees, offers a low intro APR on purchases for the first nine billing cycles and offers a welcome offer of $250 in statement credit for travel purchases after you spend $1,000 in the first 60 days your account is open.

Compare business credit cards

Rates last updated June 25th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro Purchase APR Intro Purchase APR Period Annual fee Product Description
Applied Bank® VISA® Business
23.99% variable
Turn your hobby or passion into a business with a new Applied Bank® VISA® Business card! This Visa Business card is perfect for sole proprietors and entrepreneurs.
Apply now Read review
Ink Business Cash℠ credit card
14.74% to 20.74% variable
0%
12 months
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
Ink Business Preferred℠ credit card
17.49% to 22.49% variable
$95
80000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
Spark® Classic for Business
24.49% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
Spark® Miles Select for Business
14.49%, 18.49% or 22.49% variable
0%
first 9 months
$0
Unlimited 1.5X miles per dollar on every purchase, every day
Spark® Miles for Business
18.49% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2X miles per dollar on every purchase, every day
Spark® Cash Select for Business
14.49%, 18.49% or 22.49% variable
0%
9 months
$0
Unlimited 1.5% cash back on every purchase, every day.
Capital One® Spark® Cash for Business
18.49% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
Marriott Rewards® Premier Business credit card
17.49% to 24.49% variable
$0 annual fee for the first year ($99 thereafter)
75000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
United MileagePlus® Explorer Business Card
17.49% to 24.49% variable
$$0 intro annual fee for the first year, then $95
50000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
Southwest Rapid Rewards® Premier Business Credit Card
17.49% to 24.49% variable
$99
Earn 2x points on Southwest® purchases and points on all other purchases. Plus 6,000 anniversary bonus points.
CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®
17.24% to 25.24% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 American Airlines AAdvantage® bonus miles after you spend $3,000 in purchases within the first 3 months of account opening.
The Business Platinum Card® from American Express
19.99% variable
$450
Earn 50000 Membership Rewards® points after you spend $10,000 and an extra 25,000 points after you spend an additional $10,000 all on qualifying purchases on the Business Platinum Card within your first 3 months of Card Membership.
SimplyCash® Plus Business Credit Card from American Express
13.99%, 18.99% or 20.99% variable
0%
9 months
$0
Earn cash back with buying power to help pay for business needs.

Compare up to 4 providers

What size business is the The Business Platinum Card® from American Express good for?

This card is well suited for owners of small to midsize businesses who fly frequently and want to enjoy luxury travel benefits while earning membership rewards points.

You’ll make the most of this card if you book your flights and hotels through American Express Travel, where you’ll earn 5 membership points per dollar. This allows you to redeem your points for rewards valued from 2.5% to 5% of what you spent.

If you spend $20,000 or more monthly on business travel, you could potentially earn membership rewards points at a value of up to $12,000 a year. High redemption could then justify the $450 annual fee.

What should I know before I apply?

When you apply for the The Business Platinum Card® from American Express, you’ll provide information about yourself and your business that includes:

  • Your business name and address.
  • Your company’s years in business and industry.
  • Company structure and number of employees.
  • Your annual revenue and monthly spending.
  • Your Federal Tax ID or Employment Identification Number.
  • Your personal information, including your annual income.

Always consider your options and your financial situation before you apply for a credit card.

How do I apply for the The Business Platinum Card® from American Express?

  1. Go to the American Express website.
  2. Select the The Business Platinum Card® from American Express from the list and click Apply.
  3. Complete the application form with required information about your business and the cardholder.
  4. Review your application’s details and submit it.

How long will it take to be approved?

Because conditional credit card approval is automated on the website, you can get a decision on your application within minutes. If more information is required, you might have to wait a few weeks. On approval, you’ll receive your new card in three to four business days through UPS.

I got the card. Now what?

  • Select a qualifying airline for statement credit. Get up to $200 each year in statement credit for such incidental fees as checked bags and flight change fees on one qualifying airline.
  • Select a qualifying airline to get 35% of your points back. When you pay for all or part of your flight on a qualifying airline with membership rewards points, you get 35% of your points back — up to 500,000 points per calendar year.
  • Enroll for Priority Pass Select. After enrolling, you’ll receive a Priority Pass Select card that unlocks access to airline lounges worldwide.
  • Enroll as a Starwood Preferred Guest. Use your card to enjoy late checkout, room upgrades and other benefits.
  • Enroll for Hilton Honors Gold status. Hilton Honors Gold members get such benefits as room choice and and upgrades, a complimentary nighton standard room reward stays of five nights or more, free Wi-Fi and other benefits.
  • Activate Gogo® inflight Internet. Get 10 complimentary Internet passes a year for Gogo-equipped flights.
  • Manage your account online. Keep track of spending, set up autopay and sign up for alerts to avoid late payments. You can also manage your expenses through Spend Manager, integrating your data directly with QuickBooks.
  • Customer service. If you have questions, call American Express’s 24/7 customer service at 1-800-528-4800.

Bottom line

The The Business Platinum Card® from American Express offers a premium travel experience to businesses that seek luxury benefits. You’ll get complimentary access to more than 1,100 airport lounges across 120 countries, 24/7 concierge services and complimentary support when booking through Fine Hotels & Resorts. You can also upgrade to gold status with the Starwood Preferred Guest loyalty program and Hilton Honors without meeting minimum stay requirements.

Frequently asked questions

Images: AmericanExpress.com

Kliment Dukovski

"Kliment Dukovski is a writer for finder.com. He specializes in global financial markets and personal finance, with a focus on credit cards. His main goal is to deliver honest and accurate information that will help you make the right financial decision. When he's not writing about finance-related subjects he writes sci-fi stories."

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