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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:
- Valuable welcome offer: You can earn 120,000 Membership Rewards® points after spending $15,000 on eligible purchases on the card in the first three months of card membership. Even at a modest one cent per point value, that is $1,200 in rewards that can be redeemed for travel, gift cards and other valuable items. You’ll often get much more value when transferring to travel partners like Delta, Air Canada Aeroplan and more.
- Spending credits at Dell Technologies (up to $400 per year), Indeed (up to $360 per year), Adobe (up to $150 per year), and for wireless cell phone service (up to $120 per year).
- Airport lounge access, including Amex Centurion lounges, Delta SkyClubs when flying Delta and Priority Pass lounges
- Amex concierge service
- Up to $200 in annual airline fee credits for incidental charges like checked bags, seat selection, in-flight food fees and more
- $179 credit to enroll in CLEAR
- Automatic hotel loyalty status with Hilton Honors and Marriott Bonvoy
- $100 credit to enroll in either TSA PreCheck or Global Entry
- Comprehensive travel insurance
- No foreign transaction fees (see rates and fees)
On the American Express secure site
Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com
Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership
$595 (10/14/2021 to 1/12/2022)
Balance transfer fee
Foreign transaction fee
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.
For rates and fees of the Business Platinum Card® from American Express, click here.
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.