The Business Platinum Card® from American Express Review

The Business Platinum Card® from American Express has long been a favorite among business professionals and frequent travelers. This card is particularly attractive for those who spend significantly on travel and wish to maximize their rewards. With a feature-rich offering that includes a substantial welcome bonus, elevated rewards rates for travel and business spending, and a host of premium travel perks, this card aims to deliver serious value to its cardholders.
In this comprehensive review, we’ll delve deeply into the various aspects of The Business Platinum Card® from American Express. We’ll explore its rewards structure, benefits, drawbacks, and whether this card is a good fit for your business needs.

The Business Platinum Card® from American Express Key Takeaways

Before diving into the detailed sections, here are some key takeaways about The Business Platinum Card® from American Express:
– Welcome Bonus: Earn 150,000 Membership Rewards® points after spending $15,000 on eligible purchases within the first 3 months.
– Rewards Structure:
– 5x points on flights and prepaid hotels booked through amextravel.com.
– 1.5x points on business categories and purchases of $5,000 or more, up to $2 million per calendar year.
– 1x points on all other eligible purchases.
– Annual Fee: $695 annually.
– APR: Variable APR of 19.49% – 27.49%.
– Credit Score Requirement: Good to Excellent (670-799).
– Perks: Includes a 35% airline bonus, access to the American Express Global Lounge Collection®, fee credits for Global Entry or TSA Pre✔, and hotel elite status upgrades.

The Business Platinum Card® from American Express Pros and Cons

Understanding the pros and cons of any credit card is crucial before making a decision. Here’s a balanced view of The Business Platinum Card® from American Express:

Pros:

1. Impressive Rewards:
– The card offers 5x points on flights and prepaid hotels booked through amextravel.com, which is a significant multiplier for frequent travelers.
– The 1.5x points on business categories and large purchases make it beneficial for high-spending businesses.
2. Generous Welcome Bonus:
– The welcome bonus of 150,000 points after spending $15,000 in the first 3 months is one of the highest in the industry.
3. 35% Airline Bonus:
– Cardholders can receive 35% of their points back when using Membership Rewards® Pay with Points for eligible fares, up to 500,000 points back per calendar year.
4. Lounge Access:
– Access to over 1,300 lounges worldwide through the American Express Global Lounge Collection® is a significant perk for frequent travelers.
5. No Foreign Transaction Fees:
– Ideal for international business travelers as there are no foreign transaction fees.

Cons:

1. High Annual Fee:
– The $695 annual fee may be prohibitive for some businesses, especially smaller ones or those with lower spending levels.
2. High Spending Requirement for Welcome Bonus:
– The $15,000 spending requirement within the first 3 months to earn the welcome bonus may be too steep for some businesses.
3. Requires Good to Excellent Credit:
– Not accessible for those with lower credit scores.
4. Balance Transfers and Cash Advances:
– The card does not offer balance transfers or cash advances, which could be a drawback for some businesses.

The Business Platinum Card® from American Express Benefits

One of the main attractions of The Business Platinum Card® from American Express is its extensive list of benefits. These benefits cater to frequent travelers and businesses that spend heavily on travel and large purchases.

Travel Benefits:

1. 5x Points on Flights and Prepaid Hotels:
– Cardholders earn 5x points on flights and prepaid hotels booked through amextravel.com, providing significant rewards for travel expenses.
2. 35% Airline Bonus:
– Use Membership Rewards® Pay with Points for eligible fares and get 35% of those points back, up to 500,000 points back per calendar year.
3. American Express Global Lounge Collection®:
– Access to over 1,300 lounges across 140 countries, offering more complimentary lounge options than any other card on the market.
4. Fee Credit for Global Entry or TSA Pre✔:
– Receive a statement credit for Global Entry ($100) or TSA Pre✔® (up to $85) application fees every 4-4.5 years.
5. Fine Hotels + Resorts® Program:
– Enjoy benefits such as room upgrades, daily breakfast for two, guaranteed 4pm late check-out, noon check-in, complimentary Wi-Fi, and experience credits valued at $100.
6. Hotel Elite Status:
– Upgrade to Marriott Bonvoy Gold Elite status and Hilton Honors Gold status without meeting stay requirements.
7. Business Platinum Travel Service:
– Access to Platinum travel counselors for customized itineraries and tailored travel recommendations.
8. Trip Delay and Cancellation Insurance:
– Coverage up to $500 per trip for delays over six hours and up to $10,000 per trip for cancellations due to covered reasons.
9. Car Rental Loss and Damage Insurance:
– Coverage for damage or theft of rental vehicles when the card is used to reserve and pay for the rental, excluding liability coverage.
10. Baggage Insurance Plan:
– Coverage for lost, damaged, or stolen baggage, with up to $2,000 for checked baggage and a combined maximum of $3,000 for checked and carry-on baggage.

Purchase and Protection Benefits:

1. Purchase Protection:
– Coverage for eligible purchases against damage or theft for up to 90 days from the date of purchase.
2. Extended Warranty Protection:
– Extends the original manufacturer’s warranty by an additional year on eligible purchases.
3. Fraud Protection:
– Zero liability for unauthorized charges, ensuring peace of mind for cardholders.

Additional Features:

1. Premium Global Assist® Hotline:
– 24/7 assistance for medical, legal, financial, or other emergencies when traveling more than 100 miles from home.
2. Premium Car Rental Privileges:
– Complimentary membership in premium car rental programs, including special upgrades and discounts.
3. Payment Flexibility:
– The ability to carry a balance with interest or pay in full each month.

Conclusion

The Business Platinum Card® from American Express is a powerhouse for businesses and frequent travelers who can leverage its extensive benefits and rewards. The card’s high annual fee is justified by the array of perks, including a substantial welcome bonus, elevated rewards rates, comprehensive travel insurance, and premium travel benefits.
This card is particularly well-suited for businesses with significant travel expenses and large purchases, as the rewards structure is designed to maximize points in these categories. Additionally, the access to lounges, hotel elite statuses, and travel credits add substantial value for frequent travelers.
However, the card may not be the best fit for smaller businesses or those with lower spending levels, given the high annual fee and steep spending requirement for the welcome bonus. Additionally, the need for a good to excellent credit score may limit accessibility for some applicants.
In summary, The Business Platinum Card® from American Express stands out as an excellent choice for businesses that can fully utilize its extensive benefits and rewards structure. If your business fits this profile, the card can provide significant value and enhance your travel experience.
For those considering applying, it’s essential to evaluate your business’s spending patterns, travel frequency, and overall financial health to determine if this card aligns with your needs and goals.