Disclaimer
This article only covers The Business Platinum Card® from American Express and The American Express® Business Gold Card. Our relationship with advertisers may impact how an offer is presented on our website. However, our selection of products is made independently of our relationship to advertisers.
The Business Platinum Card® from American Express recently launched the grandaddy of all intro rewards credit card offers. Earn 150,000 points if you spend $20,000 in the first three months, worth about $1,500 to $3,000 when redeemed.
Assessing the average value of American Express Membership Rewards® is tricky because there are many ways to redeem them. American Express values each point between 0.6 cents to a penny. Bankrate and The Points Guy value each point at up to two cents, assuming cardholders employ the best redemption strategies. This article assumes each point is worth between one and two cents. So, we estimate that 150,000 points are worth between $1,500 and $3,000.
The intro offer requirement of $20,000 spent in the first three months is steep. Before you apply, make sure your business will easily spend this amount on purchases that can be made on a credit card.
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Business Platinum Card Overview
The Fine Print
- Welcome Offer: Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.
- Rewards rates:
- Five Membership Rewards® points per dollar spent on flights and prepaid hotels on the American Express Travel® portal (AmexTravel.com).
- Earn 1.5 points per dollar on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year. That's up to 30,000 total points per year.
- One point for each dollar you spend on all other eligible purchases.
- Unlock over $1,000 in statement credits on select purchases: The card offers specific deals, including tech, recruiting and wireless in the first year of membership with the Business Platinum Card®. Enrollment required.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to the Card.
- CLEAR benefit: $189 CLEAR® Plus Credit: Use your card and get up to $189 in statement credits per calendar year on your CLEAR® Plus Membership (subject to auto-renewal) when you use the Business Platinum Card®.
- Lounge access. The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market as of 03/2023.
- Annual fee: $695.
- Interest rates: Variable APYs are 19.49% (Prime Rate + 10.99%) to 28.49% (Prime Rate + 19.99%), based on your creditworthiness as determined at the time of account opening. See Rates & Fees
- Terms Apply.
- If you want a cheaper card: Try the American Express® Business Gold Card, with an annual fee of $395. See Gold Card rates and fees.
Platinum Card FAQs
How may I redeem points?
You can redeem points on travel, trips, gift cards, or shop via the amextravel.com platform. But to get the best value, you should stick to travel or transit purchases and track the best redemption rates by category. If you redeem points at Amazon or other online retailers, for example, you will only get 0.7 cents per point, but buying a trip from a New York taxicab will get you the full one cent per point.
You may also transfer points to partner airlines or hotel chain rewards programs, typically for about one cent per point. The transfer partner airlines skew toward international carriers like AirFrance, but three domestic carriers participate, including Delta, JetBlue and Hawaiian Airlines.
What is the value of a point?
Assessing the average value of American Express Membership Rewards® is tricky because there are many ways to redeem them. American Express values each point between 0.6 cents to a penny. Bankrate and The Points Guy value each point at up to two cents, assuming cardholders employ the best redemption strategies. This article assumes each point is worth between one and two cents. So, we estimate that 150,000 points are worth between $1,500 and $3,000. The final value of the points will depend on how dedicated you are to getting the most value from your rewards credit cards.
What are the travel benefits?
This card offers excellent travel benefits. For example, a WalletHub study found that American Express cards provided some of the best rental car insurance benefits. In addition to standard coverage, American Express offers Premium Car Rental Protection for a small fee per rental period, not per day. Unlike many other plans, this benefit also extends to SUVs and luxury cars.*
Are American Express cards good?
Amex cardholders are generally happy with their cards. The personal Platinum Card from American Express was named outstanding for customer service in the 2024 Kiplinger Readers' Choice Awards. Last year, J.D. Power ranked American Express as the top credit card issuer.
How can I get discounts on a new car with my card?
If you are in the market for a new car, Amex cardholders can receive deep discounts on Mercedes Benz cars — up to $12,000 off MSRP. Under this promotion, Platinum cardholders may also charge up to $2,000 when buying a new car, racking up more points.
Other Business Cards
If the Business Platinum Card's $695 annual fee is too dear for your wallet, consider alternatives like the American Express® Business Gold Card or the Capital One Spark Miles for Business card.
Amex Gold Card
Capital One Spark Miles for Business
What to Consider Before Getting a Business Card
Before you apply for a business credit card, here are some potential things to keep in mind to determine whether it's the right move:
- Your credit score: Most of the top business credit cards require good or excellent credit, which means a FICO credit score of 670 or higher. If your score is lower than that, your options may be limited.
- Potential costs: Business credit cards often charge high interest rates, and some also assess an annual fee. You can avoid interest by paying your balance in full each month, but if you think you'll be carrying a balance, consider how potential interest charges could impact your bottom line. If you're thinking about getting a card with an annual fee, make sure you can get enough value from the rewards program and perks to make up for it.
- Whether you can take on another financial account: Managing multiple financial accounts can be challenging. If you already have multiple personal and business accounts to keep track of, adding another one could make things more complicated. In some cases, it can make sense to stick with what you already have, as long as you have enough accounts to keep personal and business expenses separate.
- Your reasons for wanting one: Business credit cards can help with everyday cash flow, but if you're looking to finance growth in your business beyond the initial stages, you may want to consider a small business loan instead. Also, don't think that using a business credit card will shield you from responsibility if your company goes under — business card issuers typically require a personal guarantee when you apply, so you'll still be personally liable for the debt.
- Security: Make sure you can keep the account secure, particularly from potential business partners and employees.
Related Content
- $2,775 Capital One Business Card Intro Offer
- Credit Cards That Cover Rental Car Insurance
- Best Travel Rewards Credit Cards
Disclaimer
As an independent publication dedicated to helping you make the most of your money, the article above is our view of the best deals and is not the opinion of any entity mentioned such as a card issuer, hotel, airline etc. Similarly, the content has not been reviewed or endorsed by any of those entities. *American Express Card disclaimer on insurance 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.
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