American Express has revamped its Business Platinum Card with more benefits for business users. The latest version of the card is available in the U.S. today, and existing cardholders will also receive the new features.
The added benefits increase the card’s value, but American Express is also increasing the annual fee. Beginning on Jan. 13, 2022, cardholders will pay a $695 annual fee for the card – $100 more than the current fee.
What Are Some of the New Benefits?
The Business Platinum Card from American Express will now earn 1.5 Membership Rewards points per dollar for spending on software, construction materials and hardware supplies, shipping, and more. You can earn at this rate on up to $2 million in purchases each calendar year. This is an expansion of the 1.5 points-per-dollar category, which previously only included purchases of $5,000 or more for up to 1 million extra points each calendar year.
The card is also adding hundreds of dollars’ worth of new statement credits to help cover business expenses. In total each year, the new statement credits offer $360 for eligible spending with hiring platform Indeed, $150 for select Adobe purchases and $120 for direct spending with a U.S. wireless phone provider. You can also get up to $400 for Dell Technologies purchases, a $200 increase from the previous annual maximum.
What Is the Card’s Welcome Offer?
Starting Oct. 14, users can earn 120,000 Membership Rewards points when they spend at least $15,000 in their first three months with the card. Previously, cardholders earned 100,000 points for meeting the same spending requirement. New cardholders will also be eligible for an introductory 0% annual percentage rate for 12 months, which wasn’t previously available.
Comparing Business Credit Cards
If your business spending involves frequent travel, note that the American Express Business Platinum Card offers five Membership Rewards points per dollar for flights and prepaid hotel reservations booked on AmexTravel.com. But if your travel spending is focused on a particular brand, you can also consider co-branded options such as the United Business Card and the Hilton Honors American Express Business Card.
Should You Get the American Express Business Platinum Card?
The American Express Business Platinum Card comes with a hefty annual fee, but business owners can earn more than enough in rewards to make up for it. Be sure to consider whether your business spending would allow you to unlock enough rewards to make the card worthwhile.
Also keep in mind other card perks, such as up to $200 in statement credits to cover airline fees each calendar year, up to $100 to cover a Global Entry or TSA PreCheck application fee, and access to events and restaurant reservations with Global Dining Access by Resy.