American Express Business Platinum Card Review

GOBankingRates Score

4.4
Quick Take: The American Express Business Platinum Card offers new Card Members 120,000 bonus points when they spend $15,000 or more on qualifying purchases within the first three months of account opening. This card also lets Card Members earn 5 points per dollar on travel purchases booked through American Express Travel, 1.5 points per dollar spent on business purchases and purchases over $5,000, and 1 point per dollar spent on all other purchases. American Express Business Platinum Card Members also enjoy perks like $1,030 worth of statement credits, access to the American Express Global Lounge Collection, and bonus points on rewards redeemed through American Express Travel.
  • Earning Rewards
    5.0
  • Redeeming Rewards
    4.6
  • Introductory Interest Rate
    4.5
  • Rates and Fees
    3.5
How did we calculate this?

Pros

  • Earn 5 points per dollar spent via American Express Travel
  • Enjoy more than $1,000 in statement credits
  • Access to the American Express Global Lounge Collection
  • 0% introductory APR for 12 months
  • Increased point purchasing power when redeemed through American Express Travel

Cons

  • $695 annual fee
  • High spending requirements to access the welcome bonus

American Express Business Platinum Card Overview

American Express Business Platinum Card Members earn rewards quickly, especially when they book flights and make hotel reservations through American Express Travel. Offering a 0% introductory APR for the first 12 months and a competitive fee schedule, this card’s meant for small business owners who use credit cards often to cover business expenses, as it offers 1.5 points per dollar on up to $2 million in business purchases every year.

While some may find the $695 annual fee a bit steep, Card Members can receive more than $1,000 in statement credits, offsetting that yearly payment.

Key Features of the American Express Business Platinum Card

Here’s a closer look at some of the key features the American Express Business Platinum Card offers.

Earning Rewards

All American Express Business Platinum Card Members earn 5 points per dollar on all travel bookings made through American Express Travel. This is a big benefit for entrepreneurs who have to travel often to attend conferences or other business-related events.

Card Members can also earn 1.5 points per dollar spent on up to $2 million in business purchases annually and 1 point per dollar on all other purchases. Earned points never expire, which suits the busy business owner who may only have time to take advantage of their rewards every so often. 

Redeeming Rewards

Card Members can redeem rewards for statement credits to cover qualifying purchases or use their rewards to get gift cards. To get the most out of their rewards, they can also:

  • Book flights and make hotel reservations through American Express Travel. Card Members receive 35% points back for eligible flights booked through American Express Travel, earning up to a million points back per year.
  • Transfer points. American Express partners with several loyalty programs and allows Card Members to transfer points to those programs. Someone who’s enrolled in the Delta SkyMiles program, for example, can transfer their American Express points to the airline, boosting the number of miles they have. In some cases, points are worth more through other rewards programs, so Card Members should keep an eye out for these opportunities.

Introductory Interest Rate

The American Express Business Platinum credit card comes with a 0% introductory interest rate for 12 months from the date the account is opened. However, the promotional interest rate only applies to purchases that are eligible for Pay Over Time.

Rates and Fees

Although it has a hefty $695 annual fee, the American Express Business Platinum Card has reasonably competitive interest rates. Here’s a complete list of rates and fees.

Rate or Fee Amount
Introductory APR 0% for the first 12 months from the date of account opening
Standard Interest Rate Variable, between 14.99% and 22.99%
Penalty APR 29.99%
Annual Fee $695
Foreign Transaction Fee None
Late Payment Fee $39 or 2.99% of the late payment, whichever is greater
Returned Payment Fee $39

Other Features of the American Express Business Platinum Card

Card Members who use the American Express Business Platinum Card have access to other features, too, including:

Statement Credits

Card Members have access to four statement credits that amount to more than $1,000 in savings, including:

  • A $400 statement credit toward Dell Technologies purchases
  • A $360 statement credit toward purchases on Indeed.com
  • A $150 statement credit toward Adobe Creative Solutions purchases
  • An annual $120 statement credit toward wireless phone services

They’ll also be able to cash in on two travel-related statement credits, adding $379 in value. Those credits include:

  • Up to $200 per year in airline fee statement credits to cover fees involving checked bags and in-flight refreshments
  • A $179 statement credit to cover the cost of enrolling in CLEAR, a system that assigns a touchless ID based on biometrics allowing members to move faster through security at select U.S. airports and stadiums

Expense Management Features

The American Express Business Platinum Card helps entrepreneurs manage expenses by giving them access to employee cards. Card Members can set up unique credit cards for their employees, giving them the ability to track their spending and cancel cards as needed. 

The account also seamlessly connects with QuickBooks, offers alerts and includes a year-end summary that categorizes expenses for better business budgeting.

Travel and Purchase Perks

Here are a few other benefits included with the American Express Business Platinum Card:

  • Access to the American Express Global Lounge Collection. American Express Business Platinum Card Members have unlimited access to more than 1,400 private airport lounges in more than 140 countries around the world.
  • Widespread domestic acceptance. Around 99% of U.S. merchants accept American Express.
  • Added perks when flights and hotels are booked through the American Express Travel portal. When Card Members book their travel reservations through American Express Travel, they’ll enjoy additional perks like daily breakfast for two, room upgrades upon arrival and late checkout. These perks have an average total value of $550 per stay.
  • No preset spending limit. Card Members have the ultimate in spending flexibility because the American Express Business Platinum Card doesn’t have a preset spending limit. The amount a Card Member can spend using the American Express Business Platinum Card adapts based on their purchase, payment and credit history.

Comparable Business Rewards Credit Card Options

The American Express Business Platinum Card is a great option for many, but it’s not perfect for everyone. Those who aren’t interested in this American Express offering but still want a business rewards credit card should consider the following options.

American Express Blue Business Cash Card

The American Express Blue Business Cash Card doesn’t charge an annual fee. New Card Members get a 0% introductory APR for the first 12 months of their account. They can also earn a $250 statement credit when they spend $3,000 during their first three months of account membership. 

This card also offers 2% cash back on the first $50,000 in purchases per year and 1% cash back thereafter. Following the introductory period, a variable APR ranging from 13.99% to 21.99% kicks in.

Chase Ink Business Unlimited Credit Card

The Chase Ink Business Unlimited credit card offers a $750 welcome bonus when cardholders spend $7,500 or more during the first three months of account membership. They’ll also enjoy 0% interest for the first 12 months of the account. Once that period ends, a variable APR ranging from 13.49% to 19.49% kicks in.

Cardholders earn 1.5% cash back on all purchases with no caps, limits or categories to track. While this card doesn’t have an annual fee attached, cardholders do have to pay a 3% foreign transaction fee if they use it while traveling abroad or to make purchases from international vendors.

Bank of America Business Advantage Travel Rewards World Mastercard

The Bank of America Business Advantage Travel Rewards World Mastercard offers a 30,000-point welcome bonus to new cardholders who spend $3,000 within the first 90 days of account opening, which can be redeemed for a $300 statement credit that covers dining- or travel-related purchases. New cardholders also get a 0% introductory APR for the first nine billing cycles.

This card has no limits, caps or expiration dates on rewards. Cardholders typically earn 3 points for every dollar spent on travel through the Bank of America Travel Center and 1.5 points per dollar on all other purchases.

After the introductory period ends, a variable APR ranging from 12.49% to 22.49% kicks in. Bank of America’s Business Advantage Travel Rewards World Mastercard doesn’t charge an annual fee or foreign transaction fee, making it a perfect option for business travelers. 

The American Express Business Platinum Card: A Great Choice for Frequent Travelers

The American Express Business Platinum Card best suits business owners who travel often, as travel purchases lead to the highest rewards. Card Members don’t just enjoy rewards and savings but also have access to exclusive in-airport lounges in more than 140 countries around the world.

Those who don’t travel frequently and don’t expect to spend thousands of dollars monthly using this card will likely find better options elsewhere, as they aren’t likely to take advantage of the travel perks or earn enough rewards to outpace the $695 annual fee.

Those who become American Express Business Platinum Card Members should have a strong sense of self-control and impressive budgeting skills. The rewards on the card are only as valuable as the annual fee when used for expensive purchases or at high volumes. Those who aren’t careful can easily fall into a debt trap with this kind of credit card.

Good To Know

American Express Business Platinum Card Members can access special perks at hotels and resorts around the world, increasing the value of membership for those who travel often.

Information is accurate as of May 6, 2022.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express.

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