1. Credit Cards
2. Insights
3. The Business Platinum Card® from American Express

Image: image_e5346f

10

reviews

3

Rating: 3 out of 5.

Great for maximizing business perks

Annual Fee: $695

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their The Business Platinum Card® from American Express or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $7,341, with $1,000 being the most common.

Here’s the average credit score of members who matched their The Business Platinum Card® from American Express or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 664, with 742 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

31.4%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$92,812

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

Image: yes

Earn 150,000 Membership Rewards points after spending $20,000 on purchases within the first 3 months after account opening

Image: yes

You’ll earn 5 Membership Rewards® points per $1 spent on flights and prepaid hotels on amextravel.com

Image: yes

You’ll get 50% more points on purchases of $5,000 or more (1.5 points per $1 spent), up to $2 million per card account per calendar year

Image: Con

You’ll need to spend a lot to get the welcome offer

Image: Con

You’ll be expected to pay your statement balance each month

Image: Con

The card charges an annual fee of $695

You don’t need to be wealthy to travel in style — you just need The Business Platinum Card® from American Express.

Yes, the card charges a $695 annual fee. But depending on how you take advantage of its perks throughout the year, you could get far more value out of it than what you pay to keep it.

Cardholders receive a healthy welcome offer of Membership Rewards® points, and earn bonus rewards on certain travel and large purchases. You also may be able to get extra perks when you travel.

The rundown: Everything we like about The Business Platinum Card® from American Express

Given its high annual fee, The Business Platinum Card® from American Express may not be the first choice for many business owners. But depending on how often you use the card and your travel habits, you could get enough value out of the card to make up for its cost.

The welcome offer plus the five points you earn per $1 on flights and prepaid hotels booked on amextravel.com can add up. And when it comes to redeeming your rewards, you’ll get 35% of them back — up to 1 million points per calendar year — if you use them to book on your selected airline through American Express Travel.

Alternatively, you can transfer your points to one of American Express’ airline or hotel transfer partners.

Even if you don’t spend a lot on travel, you can still get a lot of value out of The Business Platinum Card® from American Express, with perks like …

• Annual airline fee credit of up to $200 at one qualifying airline you select
• Credit every four years for up to $100 for your application fee for Global Entry or TSA PreCheck
• Elite status with some hotel rewards programs, such as Marriott Bonvoy
• Complimentary membership in premium rental car programs

Heads up: What you should consider before applying for The Business Platinum Card® from American Express

Unless you spend a lot on travel, The Business Platinum Card® from American Express isn’t a rewards powerhouse. The card offers just one point per $1 on most purchases.

Also, the card’s airline fee credit is valid only for one airline you select each calendar year. So, unless you’re an airline loyalist, it can be difficult to get the full credit amount annually.

Last, the card doesn’t have a traditional purchase APR structure, and you’ll be expected to pay your statement balance in full each month. However, American Express does allow cardholders to carry payments over for certain purchases, with interest, each month.

Do the math: How to get the most out of The Business Platinum Card® from American Express

The main thing you’ll want to know before you apply for this card is whether it’s worth the annual fee. It’s not easy to know exactly what the card’s perks are worth in dollars and cents, but it’s still worth trying to find out how much they’re worth to you.

Start by calculating the card’s benefits that have a dollar amount attached. For example, using a $200 airline fee credit in full could effectively drop the annual cost by $200.

Then look at the card’s other benefits that aren’t so easily quantifiable and determine how much value you get out of them. Elite hotel status, for instance, could help you get room upgrades and better Wi-Fi — the same goes for your premium rental car program membership.

As you consider each of the card’s benefits and how often you’d use them, it will be easier to determine whether it’s worth the fee to you.

Bottom line: Is The Business Platinum Card® from American Express right for you?

The Business Platinum Card® from American Express is a complex card with a high annual fee. While the card offers a suite of premium perks, it’s probably not worth it for business owners who don’t travel often enough to maximize the card’s value.

However, if you spend a lot on travel for your business or want to take advantage of the card’s travel perks, it may be right up your alley. Compare it with business credit card offers on Credit Karma to make sure you get the best one for your company.