The American Express Platinum Business Card is a top choice for frequent travelling small business owners. It offers impressive travel perks and credit discounts for substantial value. However, the steep annual fee of $695 raises questions about its worth. This article explores the reasons to consider this card, its pros and cons, associated fees, and more. This article helps you determine if it aligns with your business needs.
Why Should I Get an American Express Platinum Business Card?
Exceptional Travel Benefits
The Amex Platinum Business Credit Card is tailored for business owners who prioritize travel. Cardholders enjoy access to over 1,400 airport lounges worldwide through the American Express Global Lounge Collection, making travel more comfortable and convenient.
Additionally, the card offers benefits such as complimentary upgrades at select hotels and access to the Fine Hotels & Resorts program, which can significantly enhance travel experiences.
Lucrative Rewards Program
With the potential to earn 150,000 Membership Rewards points after spending $20,000 on eligible purchases within the first three months, the card offers one of the most generous welcome bonuses in the market.
Cardholders earn 5X points on flights and prepaid hotels booked through AmexTravel.com, and 1.5X points on eligible purchases, allowing for substantial rewards accumulation.
Statement Credits and Discounts
The card provides various statement credits that can offset the annual fee, including credits for airline fees, Dell purchases, and even hiring services through Indeed. These credits can add up to over $1,000 in value during the first year, making the card more financially viable for frequent business expenses.
Comprehensive Insurance and Protections
Cardholders benefit from extensive travel insurance, including trip cancellation and interruption insurance, car rental loss and damage insurance, and baggage insurance. This level of protection is essential for business travellers who need peace of mind while on the road.
Pros and Cons of American Express Platinum Business Card
| Pros | Cons |
|---|---|
| Generous welcome bonus of 150,000 points | High annual fee of $695 |
| Extensive airport lounge access | No introductory APR |
| Valuable statement credits | – |
| Comprehensive travel insurance | – |
| Flexible rewards redemption options | – |
Fees and Interest Associated with American Express Platinum Business Credit Card
| Fee Type | Amount |
|---|---|
| Annual Fee | $695 |
| Foreign Transaction Fee | None |
| Late Payment Fee | Up to $40 |
| Cash Advance Fee | 3.5% |
| Interest Rate | 19.49% – 28.49% variable APR |
Eligibility Criteria & How to Apply for an American Express Platinum Business Card?
To apply for this card, follow these steps and ensure you meet the eligibility criteria.
Eligibility Requirements for a Amex Platinum Business Card
- Age: You must be at least 18 years old.
- Business Ownership: You should be a business owner or authorized to make financial decisions on behalf of a business.
- Creditworthiness: A good to excellent credit score is typically required.
- Business Information: You will need to provide details about your business, including its legal name, address, and revenue.
Application Process of American Express Platinum Business Card
- Visit the American Express Website: Go to the American Express site to find the Platinum Business Card application.
- Fill Out the Application Form: Provide necessary information, including:
- Personal details (name, address, Social Security number)
- Business details (legal business name, address, phone number, type of business)
- Financial information (annual revenue, number of employees)
- Submit the Application: After completing the form, submit it online. Alternatively, you can apply via phone by calling American Express customer service.
- Wait for Approval: Approval is usually quick, and you will be notified of your application status. If approved, you will receive your card in the mail.
- Activate Your Card: Once you receive your card, activate it to start using the benefits immediately.
The Final Words
The American Express Platinum Card is an excellent option for small business owners who travel frequently and can maximize its extensive benefits. While the annual fee is significant, the potential rewards and perks can outweigh the costs for those who utilize the card effectively. Consider your business needs and spending habits to determine if this premium card is the right fit for you.