Business Platinum Card from American Express Review

30-second take

• Get this card if you spend big on business purchases and want to earn Membership Rewards points.

• Pick something else if you don’t want to pay a steep annual fee or you don’t pay off your balance in full each month.

• Apply with a good to excellent credit score of 650 or higher.

The basics

The Business Platinum Card from American Express is a powerful travelling companion, offering access to over 1,200 airport lounges worldwide, a suite of exclusive travel insurance and the ability to earn Membership Rewards points for every $1 in eligible purchases. As a Platinum cardholder, you have access to specialty services, a dedicated Concierge team and priority treatment as well. Since this card has no pre-set spending limit on purchases, you can enjoy financial flexibility with your card usage, as long as you maintain a good credit history and make your payments on time.

If you’re a big business spender, you may be able to look past the annual fee of $499. Additional cards will cost you too, with a price tag of $199 annually.

Keep in mind the Business Platinum Card from American Express is a charge card, which means you will need to pay off your entire balance each month in full. While this card offers many unparalleled benefits, you may find it difficult to pay off the full balance each month. It is perhaps tailored toward a small business owner who generates more income than expenses.

The perks

• Welcome offer.

  Earn a Welcome Bonus of up to 100,000 Membership Rewards points ($1,000 in statement credits that you can reinvest into your business). Earn 80,000 bonus Membership Rewards points when you spend $6,000 in purchases within the first three months. Plus, earn an additional 20,000 bonus Membership Rewards points when you make a purchase after your 14-month Card anniversary date.

• Earn Membership Rewards points.

  Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases. Points never expire, and there is no limit to the amount you can earn.

• Access to airport lounges worldwide.

  Kick back and relax with access to over 1,200 airport lounges across 130 countries and counting through the American Express Global Lounge Collection. Get access to the iconic The Centurion Lounge network, Plaza Premium Lounges and hundreds more domestic and international lounges.

You’ll also like …

• Travel insurance coverage.

Receive Emergency Medical Insurance, up to $500,000 Travel Accident Insurance, Car Rental and Theft Insurance, Trip Cancellation and Interruption Insurance, Hotel/Motel Burglary Insurance, Travel Emergency Assistance and a suite of other travel insurance coverage including Flight Delay, Lost and Stolen Baggage and Baggage Delay Insurance.

• Receive up to 55 days interest-free.

Receive up to 55 days interest-free when you pay your balance off in full each billing cycle. This allows you to maximize your cash flow and benefit from holding onto your cash longer.

• Business solutions and coverage.

Maximize your cashflow and manage your business better with a suite of business solutions offered by American Express. Get access to business insurance coverage, expense management reports and a range of other helpful business tools.

• Purchase coverage.

Extend warranties on eligible items you buy with your card (usually up to one year longer than the manufacturer offers) and potentially qualify for a refund from American Express if a merchant won’t accept a return within 90 days of purchase. Your eligible items are also covered against theft and accidental damage with Purchase Protection.

• Extra travel benefits.

Get access to car and limousine services, special benefits at Toronto’s Pearson International Airport and access to discounted tickets, upgrades and more with the International Airline Program.

• Fraud protection guarantee.

If your card details are stolen, online or offline, you won’t be held responsible for the fraudulent charges. The American Express customer service team will assist you in remedying the situation.

• Exclusive American Express perks.

American Express offer a range of opportunities to cardholder-only experiences and preferred seating at select events. You can enjoy concert, theatre, film, dining, shopping and travel perks with American Express Invites.

What to watch out for

• The steep annual fee.

There is a $499 annual fee charged for the Business Platinum Card from American Express. However, this fee may be tax deductible and the value of the rewards and perks can often outweigh the hefty fee – if you use them.

• It’s a charge card.

Since the Business Platinum Card from American Express is a charge card, you’ll need to repay the entire balance each billing cycle. If you prefer to hold a balance from month-to-month on your card, a regular credit card may be better suited to your financial situation.

• Additional cards cost $199 annually.

If you’re looking to hand out cards to your employees, each additional card will cost you $199 annually. However, you can receive Business Gold Cards for $50 annually.

• Not as widely accepted overseas.

Compared to Visa and Mastercard, American Express is much less widely accepted in locations across Canada, the US and around the world. This might provide you with less opportunity to use the card, and therefore less opportunity to reap the rewards.

Consider other cards if …

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

With a big annual fee of $499, this card is only worth the value if you take advantage of the Membership Rewards program, the business solutions and the host of insurance coverage. If you don’t want to pay an annual fee or such a high annual fee, you may want to consider a different business credit card.

• You want cash back.

Although you can redeem your Membership Rewards points for statement credit, other rewards credit cards offer cash back. Some cards offer between 1-5% cash back, depending on the type of purchases you are making.

Compare other American Express credit cards

What should I know before I apply?

To apply for the Business Platinum Card from American Express, you will need to meet the following criteria:

• Be at least 18 years old, or the age of majority in your province or territory.

• Be a Canadian citizen or a permanent resident and have a valid Canadian credit file.

What credit score do I need?

When applying for a credit card, it’s beneficial to have a good to excellent credit score of 650 or higher. This will give you a better chance of your application being approved.

Other factors that might affect your odds of approval include:

• Having a high income. Having a relatively high annual income may be beneficial for approval. Some lenders also consider the combined annual income of the household, which can improve your odds of being approved for a variety of credit cards.
• Few hard inquiries on your credit report. Having several hard pulls listed on your credit history can indicate to lenders that you’re desperate for credit or have trouble managing your current debt. The provider may be less likely to approve your application if this is the case.
• Factors that tie into your credit score. Your credit utilization ratio can play a major factor in the approval of your application. Customers who have low balances relative to their credit limits are usually preferable to providers.

What do customers say about this credit card?

Customers say positive things about the Business Platinum Card from American Express, citing that it opens up a world of opportunity in terms of luxurious and premium travel experiences. Cardholders seem pleased with the airport lounge access as well as the comprehensive travel insurance coverage.

On the other hand, some negative reviews state that the company has inflexible policies. In addition, the annual fee for the card is very steep, however customers seem satisfied with the rewards and benefits of the card.

How to apply for the Business Platinum Card from American Express

1. Click Go to site on this page to be directed to the Business Platinum Card from American Express page, and click Apply Now Securely.
2. Complete the application with information including your full name, home address, finances and business details.
3. Review and submit your application.

I got the card. Now what?

• Make your repayments.
  Register for an account on the American Express website to pay your balance online and enroll in autopay. Since this card is a charge card, you will need to pay off the entire balance each month. Any balances not paid in full will have a 30% interest rate applied. To avoid interest charges, payments must be received and processed by the date of the next monthly statement.

• Avoid fees.
  Late and returned payments will incur fees, so be sure to pay on time. If you’re enrolled in autopay, be sure to have enough funds in your account to pay off your balance.

• Contact American Express.
  If you’re unable to find what you need on the American Express Canada website, call 1-877-891-0821 to speak with a specialist.

Bottom line

Designed for small business owners who can pay off the entire card balance each month, the Business Platinum Card from American Express is both a powerful travel companion and a handy card for everyday business expenses. With a high Membership Points to dollar spent earn ratio, you can rack up points in no time and use them toward flights, upgrades, hotel stays, merchandise and more.

While choosing a charge card may not be the right financial move for your business, compare a variety of different business credit cards before deciding what’s best for your business spending needs.

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Frequently asked questions about the Business Platinum Card from American Express

• How do Membership Rewards points work?

  You may enrol in the Membership Rewards Program for an annual fee of $50, plus applicable taxes. Once you’re a member, your points give you access to a variety of travel and entertainment experiences, merchandise, gift cards and more.

• If I don't pay off my balance in full, what rate will I be charged?

  Your balance will be charged at a rate of 30% APR.

• How do I check my points balance?

  Log in to your account on American Express and navigate to the “My Points” page. You will be able to see your points balance once on this page.

• Do any other credit card providers offer charge cards?

  In Canada, American Express is the only major provider that offers charge cards.

• Do other American Express cards come with welcome bonus offers?

  Yes, most cards offered by American Express do, however the offers differ as well as the annual fees of each card. Many other credit card providers offer welcome bonuses too with less steep annual fees.

Pictures: americanexpress.com/ca