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Amex Business Platinum review: Luxury travel benefits for business owners
The Business Platinum Card® from American Express is a great rewards card for luxury travel.
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Business owners who frequently travel for work can benefit greatly by having a luxury travel business card in their wallet. The Business Platinum Card® from American Express offers a long list of premium perks that can make travel for business owners and their employees simpler and more comfortable, with perks such as access to more than 1,400 airport lounges in 140 countries, private jet discounts, *rental car insurance and airline fee credits, just to name a few.
Even when you aren't traveling for work, The Business Platinum Card provides lucrative points-earning opportunities, convenient concierge services and spending credits for business tools that assist with work-related needs. Keep in mind that small business cards such as this also provide budgeting and spending management tools, making it easier than ever to track employee travel expenses.
Below, Select breaks down the rewards, benefits and fees associated with The Business Platinum Card to help you decide if it's the right choice for all your business needs.
Amex Business Platinum Card review
Once you're approved for The Business Platinum Card® from American Express, you'll be able to earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first three months of card membership. New cardholders can also take advantage of an introductory 0% APR offer for 12 months starting on the day you open your account (after that, it's a 17.24% - 25.24% variable APR; see rates and fees) for any purchases eligible for the card's Pay Over Time feature.
After meeting the minimum-spending threshold, you'll end up with at least 135,000 Membership Rewards® points. These points can be transferred to several different airline and hotel partners making them quite valuable. Many travel rewards experts actually value Amex points at two cents each, giving your welcome bonus offer and associated spending a potential value of $2,700. However, since the $15,000 spending threshold is quite high, make sure you and your budget will be able to meet that requirement before you apply for the card.
Benefits and perks
The Business Platinum Card® offers a long list of cardholder benefits and chances are, you won't be able to use them all — just make sure you'll utilize enough of them to justify paying the card's steep $695 annual fee (see rates and fees). Here's a look at the perks cardholders can expect to receive.
Earning points when spending on the Business Platinum Card®:
- Earn 5X points per dollar for flights and pre-paid hotels booked directly through AmexTravel.com.
- Earn 1.5X points per dollar for up to $2 million in purchases per calendar year in eligible purchases made with electronics retailers, software and cloud service providers, construction materials, hardware suppliers and U.S. shipping services and providers, as well as any eligible business-related purchases over $5,000 anywhere else
- Earn 1X points per dollar for all other eligible purchases
- $400 annual statement credit (up to $200 semi-annually) for Dell purchases. Enrollment required.
- $360 each year, up to $90 per quarter, for all Indeed products and services
- Up to $150 for select Adobe prepaid annual plans for teams with Creative Cloud and Acrobat Pro DC. Enrollment required.
- $120 each year (up to $10 per month) for purchases made directly with any U.S. wireless telephone provider. Enrollment required.
- $189 annually for a CLEAR® membership
- A $200 airline fee credit per calendar year to reimburse you for incidental fees charged by your selected qualifying airline
Up to $100 for Global Entry or TSA PreCheck application fees (in a 4 to 4.5-year period, depending on which one you choose)
Additional cardmember benefits
- Complimentary access to the American Express Global Lounge Collection®, with entry to 1,400 airport lounges in 140 countries.
- A 20% discount on Wheels Up Connect and a 40% discount on Wheels Up Core memberships, plus a credit of $500 or $2,000 to put toward your first flight
- Earn 35% of your points back (up to one million points per calendar year, broken out as 3.5 extra points per 10-point redemption) when they're used to purchase a first or business class flight as part of the card's Pay with Points feature (you must redeem at least 5,000 points to use this benefit)
- Cell phone protection to help cover repair or replacement costs after damage or theft occurs, up to $800 per claim with a limit of two approved claims per year — note that each claim will also incur a $50 deductible charge
- Payment flexibility via the Pay Over Time feature, which gives business owners the option to either maintain a balance with interest on eligible purchases of $100 or more or simply pay the full balance off each month
- Access to American Express Preferred Seating for sporting, entertainment and cultural events
- Specialized American Express concierge services
- Global Dining Access by Resy
- Access to the prestigious Fine Hotels + Resorts program, including benefits such as room upgrades, late check-out, early check-in, complimentary breakfast for two and a $100 hotel credit (based on availability)
- Complimentary Gold status for Hilton Honors and Marriott Bonvoy members
- *Comprehensive travel insurance, including trip cancellation and interruption coverage, trip delay and baggage insurance and car rental loss and damage insurance
- Complimentary car rental loyalty program status, upgrades and discounts (details vary depending on whether you go with Avis, Hertz or National)
- Purchase protection and extended warranty coverage
- No foreign transaction fees (see rates and fees)
How to earn and redeem Membership Rewards® points
The more you spend with The Business Platinum Card®, the more Membership Rewards® points you'll earn. Unlike other travel rewards credit cards, which tend to earn rewards that are tied to one airline or hotel, these are transferable rewards points, which can be transferred to American Express' various airline and hotel loyalty program partners at a 1:1 ratio, except where noted otherwise:
- Aer Lingus
- AeroMexico (points transferred at a 1:1.6 ratio)
- Air Canada
- Asia Miles
- Avianca Life
- British Airways
- Delta Air Lines
- Hawaiian Airlines
- JetBlue (points transferred at a 1.25:1 ratio)
- Singapore Airlines
- Virgin Atlantic
- Choice Hotels
- Hilton Honors (points transferred at a 1:2 ratio)
- Marriott Bonvoy
The Business Platinum Card isn't the only American Express card that earns Membership Rewards® points either — a few others that do include the American Express® Gold Card, American Express® Green Card and The Platinum Card® from American Express.
Keep in mind that you are allowed to have more than one American Express card that earns Membership Rewards® points. If you're a business owner, consider applying for a small business credit card such as The Blue Business® Plus Credit Card from American Express in order to continue earning even more of them. You can earn the welcome bonus as well as bonus points for spending in certain categories that your card may not cover.
Once you have racked up a significant amount of points, you can start thinking about transferring them to any of the American Express transfer partners mentioned above. While each airline or hotel will have different processing times and points-transfer ratios (noted above), sending points to your preferred airline or hotel loyalty program is relatively simple. Be aware that you may need to pay an excise tax to do so (depending on the partner), and your points may take up to two days to transfer over.
Rates and fees
The Business Platinum Card® has a hefty $695 *annual fee. It does not have any foreign transaction fees (see rates and fees).
As part of the card's Pay Over Time feature, cardholders can take advantage of a 0% introductory APR on eligible purchases for up to 12 months starting the date you open the account. After that, the APR will be 17.24% - 25.24% variable based on your credit worthiness and other factors determined at the time of card membership.
There are *no balance transfers available with this card and late payment fees are $39 or 2.99% of any past due amount, whichever is greater.
*See rates and fees.
The Business Platinum Card vs. The Platinum Card
While both Amex Platinum Cards seem similar in terms of looks and features, The Platinum Card® from American Express does stand out from the business version.
With The Platinum Card®, you'll be able to earn 80,000 Membership Rewards® points after spending $6,000 within 6 months of of card membership.
Note that the spending categories are a little different than those of The Business Platinum Card® and you'll be able to earn:
- 5X points for flights booked directly with the airline or through American Express Travel (up to $500,000 per calendar year)
- 5X points per dollar for prepaid hotels booked via American Express Travel
- 1X points per dollar for all other purchases
While there is some amount of crossover when it comes to benefits — both cards offer the same airport lounge access, travel insurance protections, hotel elite status benefits and luxury concierge services, Global Dining access and statement credits for airline fees and CLEAR® membership — The Platinum Card® is more of an upscale lifestyle card, offering additional perks such as:
- Up to $200 annual statement credit for prepaid hotel bookings made through American Express Travel
- Up to $200 in Uber Cash ($15 per month, with a $20 bonus in December) to use toward ridesharing services or Uber Eats
- Up to $300 credit each year for Equinox+ digital fitness app or club memberships
- Up to $240 digital entertainment credit ($20 credit each month) for streaming services such as Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM and The New York Times. Enrollment required.
- Up to $155 credit to put toward a monthly Walmart+ membership. Plus Ups are excluded.
- Up to $100 in statement credits for purchases at Saks Fifth Avenue or saks.com
Both Platinum cards also have the same hefty $695 annual fee, so when it's time to decide between the two cards, be realistic about how often you'll use the unique spending credits and benefits of each card. (See rates and fees; See rates and fees)
If you're a small business owner, however, leaning toward The Business Platinum Card® for its larger welcome bonus offer, widespread spending categories and business-related spending credits would likely be more fruitful than signing up for the consumer version of the card.
The Business Platinum Card® vs. Chase Sapphire Reserve®
The Chase Sapphire Reserve® is another consumer premium travel rewards card loaded with benefits. Cardholders can earn Chase Ultimate Rewards® points, which, similar to Amex Membership Rewards®, are transferable among its 14 travel partners at a 1:1 ratio, including the following airline and hotel loyalty programs:
- Aer Lingus AerClub
- Air Canada Aeroplan
- British Airways Executive Club
- Emirates Skywards
- Flying Blue (KLM and Air France)
- Iberia Plus
- JetBlue TrueBlue
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United Airlines MileagePlus
- Virgin Atlantic Flying Club
- IHG Rewards Club
- Marriott Bonvoy
- World of Hyatt
With the Chase Sapphire Reserve®, new cardholders can earn 50,000 bonus Ultimate Rewards® points after spending $4,000 within the first three months of card membership, which translates to a value of $750 toward travel when you redeem them directly through Chase Ultimate Rewards®. You'll also be able to earn:
- 10X points per dollar on hotels and car rentals booked with Chase Ultimate Rewards® after spending $300 on travel (per year)
- 10X points per dollar when you make prepaid reservations, order takeout, participate in virtual cooking classes and make Chase Dining purchases through Chase Ultimate Rewards®
- 5X points per dollar for flights booked through Chase Ultimate Rewards® after spending $300 on travel (per year)
- 3X points per dollar on travel-related purchases worldwide after spending $300 on travel (per year)
- 3X points per dollar when you dine at restaurants (including takeout) or use certain delivery services
- 1X point per dollar for all other purchases
While The Business Platinum Card® from American Express has a seemingly unending list of benefits, the Chase Sapphire Reserve® offers a more concise list, including a $300 annual travel credit, comprehensive travel insurance coverage, Priority Pass Select membership — providing access to more than 1,300 airport lounges around the world — a $100 statement credit toward Global Entry or TSA PreCheck every four years, spending credits and discounts with partners like GrubHub and Peloton and no foreign transaction fees.
The Chase Sapphire Reserve® has a $550 annual fee, which is slightly lower than that of The Business Platinum Card®. If you're trying to decide between the two, the better choice in the first year is The Business Platinum Card®. For an extra $145, you'll be getting a much more valuable welcome bonus and a significantly larger list of benefits. After the first year of card membership, it's a little more complicated, but if you find value in the spending credits and benefits of The Business Platinum Card®, that may be the better choice for your situation.
The Business Platinum will win if you want more widespread airport lounge access, as you'll get access to Amex Centurion Lounges and Delta SkyClubs when flying Delta Air Lines.
Who The Business Platinum Card is best for
The Business Platinum Card is best for small business owners who need spending flexibility, as well as anyone who can realize the value of its long list of cardholder benefits. If you are someone who travels regularly, whether for business or pleasure, and can make use of its many travel benefits, such as airport lounge access and airline fee statement credits, this card can be a great match.
That said, truly maximizing the value of this card will require a bit of organization. Keep in mind that the hefty $695 annual fee is meant to offset the card's benefits package. Before you apply, take a few minutes to list out each of the benefits and make sure you are realistically able to use as many of them as possible each year. If so, this card will very likely be a smart and enjoyable tool for your business.
The Business Platinum Card® from American Express is a standout card for business owners who want to take advantage of premium travel benefits. With more than $1,000 in annual statement credits, exclusive airport lounge access and automatic Gold status in the Marriott Bonvoy and Hilton Honors loyalty programs, among other perks, you should be able to get enough value from this card to justify the stiff $695 annual fee.
Paying a high annual fee isn't for everyone, however, and if you don't plan on taking full advantage of all the card's perks, it might be worth considering a low or no annual fee business card, such as the Blue Business® Plus Credit Card from American Express. With this card, there is no annual fee and you'll be able to earn 2X Membership Rewards® points on everyday business purchases on the first $50,000 in purchases each year, then 1X point per dollar (see rates and fees).
Chase also offers three business cards with annual fees ranging from $0 to $95 that still offer competitive rewards and cardholder benefits, such as the Ink Business Unlimited® Credit Card ($0 annual fee), Ink Business Cash® Credit Card ($0 annual fee) and Ink Business Preferred® Credit Card ($95 annual fee).
Information about the American Express Green Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
For rates and fees of The Business Platinum® Card from American Express, click here.
For rates and fees of The Platinum Card® from American Express, click here.
For rates and fees of Blue Business® Plus Credit Card from American Express, click here.
For rates and fees of American Express® Gold Card, click here.
For rates and fees of American Express® Green Card, click here.