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The Business Platinum Card® from American Express: Luxury Benefits at a Cost

The Business Platinum Card® from American Express review
KEY TAKEAWAYS
  • The Business Platinum Card® from American Express offers a chance to earn 5x points on travel and rack up points on everyday business spending too.
  • What we think: The Business Platinum card’s $695 annual fee is difficult to stomach but its luxury benefits (like airport lounge access and a ton of statement credits) may make it worth it for the right business traveler.
  • Card members can benefit from more than $1,000 in statement credits every year.
  • This card does come with an annual fee of $695 (see rates and fees).
  • You can carry a balance for some charges with Amex’s Pay Over Time feature, but not for all.
SUMMARY

At first glance, The Business Platinum Card® from American Express comes with a high admission price — its annual fee is almost $700. However, when you dig into the benefits, you find out that it also comes with more than $1,000 in statement credits annually and ample opportunity for earning valuable points. That’s especially true if you book travel for yourself or your employees regularly.

Find out more about this card to decide if it’s right for you in our Amex Business Platinum card review.

We’ll take a look at:

  • How you can maximize rewards with this card
  • What types of statement credits you can get
  • Whether this is a charge card or credit card
  • How to apply for the Amex Business Platinum card
PROS & CONS

Pros

  • Excellent welcome offer
  • Easy to earn points
  • Great travel benefits

Cons

  • No intro APR offer
  • Hefty $695 annual fee
  • High spending requirement for welcome offer
The Business Platinum Card® from American Express
LEARN MORE
Key Information
Earn 5X Membership Rewards® points per dollar on flights and prepaid hotels through American Express Travel, 1.5 points per dollar on eligible business expenses and purchases of $5,000+ (up to $2 million yearly), and 1 point per dollar on other eligible purchases. $695 annual fee.

Is The Business Platinum Card® from American Express worth it?

The Business Platinum Card® from American Express may be worth it for business owners who travel frequently and can take advantage of its premium travel benefits, such as Amex lounge access worldwide. It also comes with high point earnings on select purchases, which makes it a great option for businesses that spend on more than just travel.

However, this American Express card does come with a substantial annual fee of $695. This makes it less appealing for small businesses that don’t usually spend much on travel. In these cases, you may prefer another business credit card better suited to your organization.

Not convinced? Alternatives to The Business Platinum Card®

Advertiser Disclosure

American Express® Business Gold Card

American Express® Business Gold Card
LEARN MORE Rates & Fees / Terms Apply on Bankrate's secure site
Key Information
Earn 4X Membership Rewards® points (on up to $150,000 per year, then 1X) on 2 categories where your business spends the most each billing cycle and 1X points on other eligible purchases. $375 annual fee.
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Capital One Venture X Business

Capital One Venture X Business
LEARN MORE on Bankrate's secure site
Key Information
Earn unlimited 10X miles on hotels and rental cars and 5X miles on flights booked through Capital One Travel, earn unlimited 2X miles on all other purchases. $395 annual fee
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Delta SkyMiles Reserve Business American Express Card®

Delta SkyMiles Reserve Business American Express Card®
LEARN MORE Rates & Fees / Terms Apply on Bankrate's secure site
Key Information
Earn 3X miles on all Delta purchases and 1X miles on everything else. If you spend $150,000 in a calendar year, you’ll earn 1.5X miles per dollar on non-Delta purchases for the rest of the year. $650 annual fee.
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The Business Platinum Card® from American Express: Rewards

Welcome offer

You can earn 150,000 Membership Rewards Points when you spend $20,000 in the first three months of holding this card. 

The value of rewards points depends on how and when you redeem them, but the average is around 1 cent per point. That means this welcome offer has a potential value of around $1,500.

Earning rewards

You can earn valuable rewards points outside of the welcome offer too, including:

Redeeming rewards

You can redeem Amex Platinum Business card rewards in a variety of ways, providing flexibility on how you use these perks. 

Some options include:

The Business Platinum Card®: Benefits

Travel benefits

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.

Statement credits

Shopping protections

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.

Fees, rates & limit

Fees

With Amex, huge perks and rewards usually come at a price, and that’s true with this card. The annual fee is $695. However, you can add up to 99 employee cards at no additional fee, and spending on those cards also earns rewards (see rates and fees).

Other fees you may pay with this credit card include:

You won’t pay foreign transaction fees if you make purchases outside of the United States.

Interest rates

With this card, Amex offers a Pay Over Time feature that lets you carry a balance over time at an APR of 19.49% to 28.49% variable, depending on your creditworthiness. This feature is only available on certain purchases and is limited by a Pay Over Time Limit, which works similarly to a credit limit. 

If you make late payments, you may be assessed a penalty APR of 29.99% variable for 12 billing cycles. The penalty APR applies if you make two or more late payments within 12 months, you have a returned payment or you fail to make a minimum payment at all within an entire statement cycle. 

Credit limit

This card doesn’t come with a preset spending limit. The amount you can spend at any one time depends on your credit history and your management of American Express credit card accounts, including this one. As you demonstrate responsible account management, you can typically increase your credit limit

Note that the Pay Over Time benefit does come with a limit. This limit might also change as you demonstrate a responsible payment history. You can call Amex to discuss your limits and how much you would like to be able to spend.

How The Business Platinum Card® from American Express compares

The Business Platinum Card® from American Express vs. American Express® Business Gold Card

For businesses that can’t maximize Platinum card perks, an American Express Business Gold Card might be a better option. The annual fee for this card is only $375 (see rates and fees), and you earn 4x points on two spending categories you select, 3x points on flights and hotels booked through American Express Travel and 1x points on other purchases. You can also get a welcome offer of 70,000 bonus points when you spend $10,000 in the first three months.

It’s worth noting that you can only earn 4x points in your selected categories on a total of $150,000 in spending annually. After that, spending in those categories earns 1x points. 

While the Business Gold card doesn’t offer quite the same level of perks and statement credits that the Platinum card does, you can still earn $155 in Walmart+ credit and $20 monthly credits for eligible business expenses. 

The Business Gold card also utilizes Pay Over Time features, and the rates and fee structures on this card are the same as they are for the Platinum card. 

Read our full Amex Business Gold card review

Is The Business Platinum Card® from American Express right for me?

The Amex Business Platinum card holds a lot of enticing benefits, but it’s best for businesses that have higher spending budgets. If you’re only spending a few thousand each month, you probably won’t maximize the rewards and perks on this card, making that $695 annual fee a financial albatross.

Explore these alternatives if you’re not convinced the Amex Business Platinum card if the right fit for you:

You can also check out Chase business cards or Capital One Spark business cards to learn more about your options with other card issuers.

How do I apply for The Business Platinum Card® from American Express?

You can learn more about the Amex Business Platinum card and apply online. The application typically only takes a few minutes and requires information such as your full name, Social Security or tax ID number, business name, address and contact information, and some basic information about your business revenue or finances. In some cases, Amex might ask for more information, and you may need to provide documents like tax paperwork or checking account statements.

This card requires good or excellent credit. People with credit scores of 700 or higher have the best chance of being approved for this card, but other factors, such as income and overall credit history, are factors in approval.

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FAQ: The Business Platinum Card® from American Express

What credit score do you need for The Business Platinum Card® from American Express?

You need good or excellent credit to get approved for this card, and a higher score improves your chances. Look to apply for this card if you have a score of 700 or higher. If your score is lower, you may want to consider other options.

How much does The Business Platinum Card® from American Express cost each year?

The annual fee on this card is $695. However, if you maximize statement credit and rewards opportunities, you can balance out that cost and end up earning with this card.

Can you carry a balance on The Business Platinum Card® from American Express?

Yes, you can carry some balances forward using the Pay Over Time feature. You must pay other balances off every statement cycle.

How do you redeem American Express points?

You can redeem American Express points earned with the Platinum card on travel, as statement credits or for various other purchases, including gift cards. Redeem points for travel via American Express Travel or by transferring the points to a hotel or airline loyalty rewards program that participates with Amex.

What type of business do I need to get The Business Platinum Card® from American Express?

Amex accepts applications from all types of business owners. You can apply as a sole proprietor even if you are the only employee of your business, for example. Whether you are approved has less to do with your business type and more to do with your credit history, business income and ability to make your statement payments.

What airport lounges do I have access to with The Business Platinum Card® from American Express?

Card members can access more than 1,400 airport lounges across the globe. That includes Aspire, Escape, Plaza Premium, Delta Sky Club and Priority Pass lounges. Some lounges require you to enroll in a program or be flying a certain airline that day.

American Express is more than just a credit card issuer

The first step in growing and maintaining consistent savings is to understand your personal finances through checking and savings accounts, credit cards, and more.

If you want to save and grow your money, consider the following Amex products:

Sarah Stasik
Sarah Stasik Personal Finance

Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.

With more than a dozen years of writing experience, Sarah has tackled niches that range from technical advances in fintech to personal budgeting challenges. She has covered topics such as insurance and the economics of private healthcare, small business management and accounting, and credit and savings. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful and relevant resources for readers.

* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.

All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.

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