For a lot of business owners, a credit card with an $895 annual fee (see rates and fees) might sound like an automatic no-go. But before you run for the hills, it’s worth seeing what the The Business Platinum Card® from American Express has to offer.
It’s not built for all types of businesses — and it takes a bit of work to use its perks. But if you do, you can cover the annual fee more than seven times over in your first year.
Interested? Here’s what to know.
Amex Business Platinum Card: $4,000+ in yearly perks
American Express advertises more than $4,000 in annual value on the Amex Business Platinum Card. That covers everything from lavish statement credits to airport lounge access. Terms apply. A few highlights include:
- Up to $600 a year in hotel credits (The Hotel Collection requires a minimum two-night stay)
- Up to $360 a year in Indeed credits
- A $250 annual Adobe credit
- Up to $200 a year in Hilton credits
- Up to $150 a year in Dell credits, plus an additional $1,000 statement credit if you spend $5,000 or more at Dell in a calendar year
- Up to $120 a year in credits for wireless phone services
- A 35% points rebate when you book flights through Amex Travel using Membership Rewards points on a selected qualifying airline.
- Terms apply; enrollment may be required
Again, that’s a lot to keep track of. Not every cardholder will be able to use all those perks, or even come close. But if you use just a handful of them, you can cover the annual fee and then some.
The earning rates are solid, too: 5X points on flights and prepaid hotels booked on AmexTravel.com, plus 2X points on purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on each eligible purchase of $5,000 or more, up to $2 million of these purchases per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
You’ll also get 1X points on other eligible purchases. If you’re often making big purchases with your business card, the Amex Business Platinum Card can help you save on those, too.
Plus: A welcome bonus offer worth up to $3,000+ in travel
Right now, the Amex Business Platinum Card has one of the biggest welcome bonus offers I’ve seen on any credit card: Apply and find out if you are eligible for as high as 300,000 Membership Rewards® Points after spending $20,000 in eligible purchases on your new Card in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer. Terms apply.
As you can see, not everyone will qualify for the top-of-the-line 300,000-point offer. But even with a lower bonus, you’re looking at serious savings.
That’s because conservatively speaking, we estimate that Amex points are worth $0.01 apiece — and potentially even more if you transfer to one of Amex’s travel partners. That means a 300,000-point bonus is worth $3,000 or more (estimated by Motley Fool Money). Even a lower bonus amount translates to significant value at that rate. That single-handedly makes the Amex Business Platinum Card one of the best business travel cards out there.
It’s worth noting that you’re also looking at one of the biggest spend requirements on a card bonus. Spending $20,000 in the first 3 months is no joke. But if your business runs up those kinds of expenses, the Amex Business Platinum Card is one of the best ways to save in year one and beyond.
Adding it all up
Putting it all together, let’s assume that a new cardholder gets the max welcome bonus offer with an estimated value of $3,000 and is able to use all $4,000 worth of card perks and credits. You’d be looking at a total of $7,000 in card value in year one — enough to cover the card’s annual fee more than seven times over.
Want to compare all your options? Check out our full list of the best business cards available now and find the one right for your business.
