Amex Business Platinum card review: Big bonus and luxury benefits
Editor's note: This is a recurring post, regularly updated with new information and offers.
The Business Platinum Card® from American Express overview
The Business Platinum Card® from American Express is one of the best business rewards cards around, thanks to its large welcome bonus and the sheer number of value-added perks it offers cardmembers. While it requires some work to take full advantage of them, the effort can pay off with savings of hundreds or even thousands of dollars per year. Card rating*: ⭐⭐⭐⭐
* Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
With premium cards becoming the norm these days, many people are getting more comfortable paying annual fees of over $400. The Business Platinum Card® from American Express stands out above even that, though, with a $695 annual fee (see rates and fees) — although its annual statement credits and benefits go above and beyond to mitigate that yearly cost.
The card is also currently offering a lucrative introductory bonus of 120,000 Membership Rewards points after you spend $15,000 on eligible purchases in the first three months of card membership.
Between a high minimum spending requirement and a handful of business-focused perks, this card certainly won't be suitable for every small business — especially ones that don't log major travel expenses or ones with primary spending areas more in line with the bonus categories offered by other business cards. However, there are still plenty of great reasons to consider applying for the Amex Business Platinum.
Related: How to apply for a business credit card
Amex Business Platinum welcome offer
As noted previously, new applicants can earn 120,000 points after spending $15,000 in the first three months. Based on TPG's valuations, the Membership Rewards points this card earns are worth 2 cents apiece. So, if you can manage the $15,000 spending requirement, you'll earn points worth about $2,400 toward travel.
While $15,000 in three months might not be hard for businesses with a lot of cash flow, if your enterprise is smaller, you could consider prepaying as many expenses as you can afford during your first three months to help earn your welcome offer.
On the other hand, if this type of spending is out of your league, another business card with a lower bonus threshold, a smaller annual fee and more targeted earning categories might be a better fit for you in the long run.
Amex Business Platinum benefits
Amex's bevy of statement credits, easily totaling over $1,500 in annual benefits, can help cardmembers potentially offset the initial shock of that high annual fee. Here's a close look at all of them (enrollment is required for select benefits):
| Statement credit | Annual amount | How it works |
|---|---|---|
| Dell | Up to $400 | Annual statement credit on all U.S. Dell purchases, up to $200 semiannually |
| Indeed | Up to $360 | Annual statement credit on all Indeed hiring and recruiting products and services to post open positions and find talent, up to $90 per quarter |
| Adobe | Up to $150 | Annual statement credit on select purchases, including Adobe Creative Cloud and Acrobat Pro DC |
| Wireless telephone services | Up to $120 | Annual statement credits for purchases made directly from any U.S. wireless telephone provider, up to $10 per month |
| Clear | Up to $189 | Statement credit toward an annual Clear membership for expedited airport security |
| Airline fee | Up to $200 | Annual airline fee credit of up to $200 on charges by the airline you select per calendar year |
| Global Entry or TSA PreCheck | Up to $100 | Statement credits for Global Entry ($100) or TSA PreCheck ($85) every four years (4.5 years for PreCheck) |
Alongside the plethora of statement credits you may (or may not) be able to use, the Amex Business Platinum shines through with its other travel perks as well.
Aside from access to Amex's Centurion Lounges, your card will open the door to the extensive American Express Global Lounge Collection, which was crowned as the best credit card perk at both the 2021 and 2022 TPG Awards. It comprises more than 1,400 lounges worldwide, including Delta Sky Clubs that you can enter when you have a same-day flight on that airline, as well as Priority Pass lounge access (excluding restaurant locations), Escape Lounges, and Lufthansa Lounges when you have a same-day flight on that airline. However, it's worth noting that you'll be limited to six total Sky Club visits per year starting Feb. 1, 2025 — unless you spend $75,000 in a calendar year to unlock unlimited access.
Enrollment is required for select benefits.
As for benefits that come in handy once you reach your destination, this card allows you to register for complimentary Gold status with Hilton Honors and Gold Elite status with Marriott Bonvoy, both of which provide better earnings and benefits during stays with these two brands. TPG values Gold status with Hilton at $1,220 and Gold Elite status with Marriott at $805.
Cardmembers also enjoy complimentary elite car rental status, including Avis Preferred Plus, Hertz Gold Plus Rewards President's Circle and National Emerald Club Executive status. Enrollment is required for these benefits.
The Amex Business Platinum Card is also great for business purchases, as you might imagine. It features extended warranty protection* that prolongs eligible U.S. manufacturer warranties of five years or less by an additional year, saving business owners time and money if something happens to an item they buy.
Additionally, the card's purchase protection covers accidental damage or theft for up to 90 days after purchase, up to $10,000 per covered purchase and $50,000 per cardmember account per calendar year, so it's a great choice for expensive items.*
Aside from these two specific benefits, the card's other notable perks include:
- Cellphone protection, for a maximum of $800 per claim with a limit of two approved claims per 12-month period. Coverage for a stolen or damaged eligible cellphone is subject to the terms, conditions, exclusions and limits of liability of this benefit.**
- Access to the Cruise Privileges Program and the International Airline Program.
- A 35% rebate when you use Pay with Points to cover a first- or business-class ticket on any airline or an economy ticket on one airline of your choice (up to 1 million points back per calendar year).
*Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
**Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
Earning points on the Amex Business Platinum
Cardholders will earn 1.5 points per dollar on up to $2 million in eligible purchases in the U.S. per calendar year in the following categories:
- Electronic goods retailers.
- Software.
- Cloud service providers.
- Construction materials and hardware supplies.
- Shipping providers.
- Purchases of $5,000 or more.
Cardmembers also earn 5 points per dollar on airfare and prepaid hotel purchases with American Express Travel (including Amex Fine Hotels + Resorts).
All other purchases earn 1 point per dollar.
Related: Everything you need to know about Amex Membership Rewards
Redeeming points on the Amex Business Platinum
You can redeem the points you earn with this card for merchant gift cards or to cover charges on your bill. However, these options significantly devalue your rewards to 1 cent per point or less, so we don't recommend using your points this way.
Want the easiest redemption option that still offers decent value? Thanks to American Express Travel's Pay with Points feature, you'll receive a 35% rebate when you use points toward first- and business-class flights on any airline, as well as economy-class flights on your selected airline. This boosts your redemption value for these purchases from 1 cent per point to 1.54 cents per point.
Just note that the 35% rebate is capped at 1 million points back per calendar year, and you must have the full number of points for the standard redemption in your account at the time of booking. You'll then receive the rebate within one or two billing cycles.
Transferring points on the Amex Business Platinum
You have the potential to unlock even more value from your earnings by transferring your Membership Rewards points to any of Amex's 21 airline or hotel partners. Most transfers occur at a ratio of 1:1 and process instantly. Going this route may take a bit of sleuthing, but a little work can help increase the value of your points significantly above the TPG valuation.
You'll also want to watch for transfer bonuses, which Amex runs regularly and can further increase the value of Amex Membership Reward points.
Which cards compete with the Amex Business Platinum?
If you feel that your business might not be able to get the full value out of the Business Platinum Card, you might want to consider other options.
- If you want a lower annual fee but higher earning rates: The American Express® Business Gold Card offers similar redemption options to the Business Platinum but at a lower annual fee of $295 ($375 if the application is received on or after Feb. 1, 2024; see rates and fees). It underwent a recent overhaul, including the addition of new statement credits for new and existing cardholders. The Amex Business Gold Card also earns 4 points per dollar on the two categories you spend the most on each month (on up to $150,000 in combined purchases for these two categories per calendar year, then 1 point per dollar after that). For more information, please read our full review of the Amex Business Gold.
- If you don't want business-specific benefits: Consider the personal version, The Platinum Card® from American Express, if you're looking for perks less tailored to small businesses. You'll still earn valuable Membership Rewards points, receive up to $1,500 in annual statement credits (as long as you can take advantage of them) and gain access to the same extensive network of airport lounges worldwide. For more information, please read our full review of the Amex Platinum.
- If you want Ultimate Rewards points: The Chase Ink Business Preferred Credit Card is a TPG favorite. Although there are many business credit cards, the Ink Business Preferred has unique perks that make it attractive for business owners, including an earnings rate of 3 points per dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable and phone services, and advertising purchases made with social media sites and search engines. For more information, read our full review of the Ink Business Preferred.
For additional options, check out our full list of the best business credit cards.
Read more: Practicality vs. luxury: Chase Ink Business Preferred vs. Amex Business Platinum
Bottom line
The Amex Business Platinum Card is an excellent choice for business travelers with expenses in bonus categories and those that offer statement credits. While it might not be worth the money for all business owners, its travel perks are difficult, if not impossible, to beat. With a plethora of travel benefits the Amex Business Platinum is a must-have card for those looking to maximize their travel.
Official application link: The Amex Business Platinum card, with 120,000 Membership Rewards points after you spend $15,000 on eligible purchases in the first three months of card membership.
For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Business Gold, click here.
For rates and fees of the Amex Platinum, click here.