The American Express Platinum Business Card: A Comprehensive Review
The American Express Platinum Business Card is often considered the gold standard among business credit cards.
Designed for entrepreneurs and business owners who value premium perks, extensive rewards, and superior customer service, this card comes with a hefty annual fee but offers benefits that can far outweigh the cost for the right user.
This article delves into the various features, benefits, and potential drawbacks of the American Express Platinum Business Card, providing a detailed analysis to help you decide if it is the right choice for your business.
Key Features and Benefits
1. Rewards Program
The American Express Platinum Business Card offers a robust rewards program. Cardholders earn 5x Membership Rewards points on flights and prepaid hotels on amextravel.com.
Additionally, they earn 1.5x points on eligible purchases of $5,000 or more, up to a cap, and 1x points on all other purchases.
This rewards structure is particularly beneficial for businesses with significant travel expenses or large purchase needs.
2. Travel Benefits
One of the standout features of the Platinum Business Card is its travel benefits.
Cardholders enjoy access to over 1,300 airport lounges worldwide through the American Express Global Lounge Collection, which includes Centurion Lounges, Delta Sky Clubs, and Priority Pass lounges.
This can make travel significantly more comfortable and productive.
In addition, the card offers a $200 airline fee credit each calendar year for incidental fees at one selected airline. This can include charges such as checked baggage fees, in-flight refreshments, and more.
The card also provides complimentary benefits with an average total value of $550 with Fine Hotels + Resorts, which include room upgrades, daily breakfast for two, guaranteed 4 PM late check-out, and more.
3. Business Management Tools
The American Express Platinum Business Card comes with a suite of business management tools designed to help streamline operations and manage expenses effectively.
This includes the ability to issue employee cards with customizable spending limits and detailed expense tracking.
The card also integrates with QuickBooks, which simplifies the process of accounting and financial reporting.
4. Purchase and Travel Protections
Cardholders benefit from a variety of purchase and travel protections. Purchase protection covers eligible items against accidental damage or theft for up to 90 days from the date of purchase.
Extended warranty protection extends the manufacturer’s warranty by an additional year on eligible purchases.
Travel accident insurance, baggage insurance, and rental car loss and damage insurance provide peace of mind while traveling.
5. Exclusive Access and Concierge Services
The Platinum Business Card offers exclusive access to events, including pre-sale tickets and reserved seating at concerts, sporting events, and more.
Cardholders also have access to the American Express Concierge service, which can assist with various tasks, from booking travel and dining reservations to finding hard-to-get tickets for events.
→ CLICK HERE TO REQUEST YOUR CREDIT CARD
Costs and Fees
1. Annual Fee
The American Express Platinum Business Card comes with a substantial annual fee of $695 (as of 2024).
This fee is higher than many other business credit cards, which means that the card is best suited for businesses that can fully utilize its extensive benefits to offset this cost.
2. Foreign Transaction Fees
There are no foreign transaction fees with the Platinum Business Card, making it an excellent choice for businesses that operate internationally or frequently travel abroad.
3. Interest Rates and Penalties
The card is a charge card, meaning that the balance must be paid in full each month.
However, American Express offers a “Pay Over Time” feature for eligible charges, allowing cardholders to carry a balance with interest.
It’s important to be aware of the associated interest rates and potential penalties for late payments.
→ CLICK HERE TO REQUEST YOUR CREDIT CARD
Potential Drawbacks
1. High Annual Fee
The primary drawback of the American Express Platinum Business Card is its high annual fee.
Businesses that do not travel frequently or do not have significant expenses may find it difficult to justify this cost. It is essential to calculate whether the card’s benefits will provide enough value to offset the fee.
2. Limited Reward Categories
While the rewards program is strong, it is somewhat limited in terms of the categories that earn bonus points.
Businesses that spend heavily in categories not covered by the bonus points structure might find other cards with more diverse rewards programs to be a better fit.
3. Requires Excellent Credit
The American Express Platinum Business Card requires excellent credit for approval. Business owners with less-than-stellar credit scores may need to consider alternative options.
→ CLICK HERE TO REQUEST YOUR CREDIT CARD
Ideal Candidates for the Card
The American Express Platinum Business Card is best suited for business owners who:
- Travel frequently and can take full advantage of the card’s travel benefits, including lounge access and airline fee credits.
- Have significant expenses that can benefit from the rewards program, particularly in the categories that earn bonus points.
- Value premium perks and are willing to pay a high annual fee to access these benefits.
- Have excellent credit and can manage their finances to avoid carrying a balance and incurring interest charges.
Conclusion
The American Express Platinum Business Card offers an impressive array of benefits and features that cater to the needs of high-spending business owners who travel frequently.
The rewards program, extensive travel benefits, business management tools, and premium perks can provide substantial value.
However, the high annual fee and the requirement for excellent credit mean that this card is not for everyone.
Business owners should carefully consider their spending habits and financial needs to determine if the Platinum Business Card is the right fit for their business.
For those who can maximize its benefits, this card can be a powerful tool to enhance business travel and streamline expense management.
→ CLICK HERE TO REQUEST YOUR CREDIT CARD
Linda Carter is a writer and expert in finance and investments. With extensive experience helping individuals achieve financial stability and make informed decisions, Linda shares her knowledge on the Gazeta platform. Her goal is to provide readers with practical advice and effective strategies to manage their finances and make smart investment choices.
