October 2, 2023

Amex Business Platinum Credit Card Annual Fee Increases on Jan. 13

Select’s editorial team works independently to review financial products and write articles we think our…

Amex Business Platinum Credit Card Annual Fee Increases on Jan. 13

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

The Business Platinum Card® from American Express is a premium business card with a long list of benefits for small business owners.

The list of perks seems to go on forever between travel credits, airline lounge access and more to help you save money and run your business. But to have access to these benefits, you’ll have to pay a hefty $595 annual fee. However, the card’s annual fee will increase to $695 as of Jan. 13. (see rates and fees)

But, if you apply for the card before then, you can lock in the discounted annual fee for an entire year.

Select analyzes the details of the higher annual fee and what you need to know when thinking about applying for a premium credit card.

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Amex Business Platinum annual fee increasing

For all applications received on or after Jan. 13, the annual fee of the Business Platinum card will be $695. However, if you apply before then, your annual fee will be $595 for the first year of card membership. After the first year, it will increase to $695.

Regardless of which fee you pay, this premium card is one of the most expensive on the market. But as a small business owner, you may find the benefits of the card outweigh the cost of the annual fee.

Some of the notable benefits of the Amex Business Platinum are:

The Business Platinum Card® from American Express

On the American Express secure site

  • Rewards

    Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com

  • Welcome bonus

    Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership

  • Annual fee

    $595 (10/14/2021 to 1/12/2022)

  • Intro APR

  • Regular APR

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed


  • Enroll to receive up to $400 in annual statement credits on Dell purchases (up to $200 semi-annually), up to $360 with Indeed, up to $150 with Adobe and up to $120 on wireless telephone purchases
  • Get 35% points back when you use points to purchase all or part of an airline fare, up to 500,000 bonus points back per calendar year
  • American Express Global Lounge Collection
  • Breeze through security with CLEAR® where available and get up to $179 back per year on your membership when you use your card
  • Up to $200 in statement credits per calendar year toward baggage fees and more at one qualifying airline


  • $595 annual fee ($695 if application is received on or after 1/13/2022)
  • No introductory 0% financing offers for balance transfers

What to consider with a premium credit card

In the case of a business credit card, you’re usually able to write off the annual fee when you file your taxes for your business. However, just because you can deduct it doesn’t mean you shouldn’t be cautious about signing up for a premium credit card. With annual fees in the hundreds, premium credit cards take a bit more effort to ensure you’re earning the value back from your card.

Here’s a few things to consider if you’re interested in a premium credit card:

  • Your business plan and budget

Premium credit cards are great for their benefits and perks, but does the card align with your business needs and budget? If the perks will largely go unused or the annual fee will make your budget uncomfortably tight, you may want to consider a low or no annual fee business card instead.

  • Be forward looking with the card

In the case of the Amex Business Platinum Card, there are tons of benefits to use. But before you apply, consider the future of your business and which benefits can align. For example, if you need a new laptop, consider the $400 Dell credit. If you’ll be traveling regularly, you can take advantage of several different travel related benefits like the hotel loyalty status, airline lounge access and airline fee credits.

Using your cards benefits is the way to justify a large annual fee. But if you have perks that’ll largely go unused, it may be wasteful to pay for a premium credit card.

As you’re spending on the card, you’ll earn rewards based on where you make your purchases. The Amex Business Platinum card currently has three spending categories: 5X points per dollar spent on flights and prepaid hotels when booked on AmexTravel.com, 1.5X points per dollar on purchases of $5,000 or more (up to $2 million per year) and 1X point per dollar spent on all other eligible purchases.

For example, if you’re running an Etsy shop from home, these spending categories may not suit your monthly expenses . So when you’re shopping for a business credit card, try to select one that has spending bonuses for categories you’ll be spending in.

Bottom line

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.