The The Platinum Card from American Express has some of the same attributes as The Business Platinum Card from American Express, but it is designed for individuals rather than for businesses.
Both cards have a hefty annual fee; The Business Platinum Card from American Express has a $595 annual fee, while The Platinum Card from American Express has an annual fee of $695. Users must consider their spending habits to determine whether each card’s benefits would outweigh the annual fee.
The Business Platinum Card from American Express earns five points per dollar on flights and prepaid hotels on AmExTravel.com, 1.5 points on eligible purchases of $5,000 or more for up to 1 million additional points each calendar year and one point per dollar on other eligible purchases. The Platinum Card from American Express earns five points per dollar on flights booked directly with airlines or with American Express Travel, on up to $500,000 on these purchases annually; five points per dollar on prepaid hotels booked through AmExTravel.com; and one point per dollar on other purchases.
Because the The Business Platinum Card from American Express is for businesses, its benefits include employee cards, discounts for a private jet program membership, the ability to connect the card to QuickBooks for auto-expense categorization and up to $200 in statement credits annually for Dell Technologies purchases in the U.S. Since The Platinum Card from American Express is for individuals, its benefits include up to $200 in Uber Cash annually, up to $240 in digital entertainment credits annually when the card is used to pay for select subscriptions, lower fares on international flights when the cardholder books through the International Airline Program with American Express Travel and up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com.
The differences between these two business credit cards start with the annual fee; The Business Platinum Card from American Express has a $595 annual fee, while the Ink Business Preferred Credit Card’s annual fee is $95.
The Business Platinum Card from American Express earns 100,000 Membership Rewards points when cardholders spend $15,000 on purchases in the first 3 months from account opening. Ink Business Preferred Credit Card earns 100,000 bonus points when cardholders spend $15,000 on purchases in the first 3 months from account opening.
The Business Platinum Card from American Express earns five points per dollar on flights and prepaid hotels booked through AmExTravel.com; 1.5 points on eligible purchases of $5,000 or more, for up to 1 million additional points annually; and one point per dollar on other eligible purchases. Ink Business Preferred Credit Card earns three points per dollar on the first $150,000 spent each account anniversary year in combined purchases on shipping; travel; advertising purchases with search engines and social media sites; and internet, cable and phone services. Cardholders earn an unlimited one point per dollar on all other purchases.
The Business Platinum Card from American Express cardholders who use their Membership Rewards points to pay for all or part of a qualifying flight when booking through American Express Travel can earn 35% of those points back, for up to 500,000 points back per calendar year. Points earned with the Ink Business Preferred Credit Card are worth 25% more when they’re redeemed for travel with Chase Ultimate Rewards.
How to Earn Rewards With The Business Platinum Card from American Express
The Business Platinum Card from American Express earns five points per dollar when cardholders book with American Express Travel. Purchases of at least $5,000 earn 1.5 points per dollar, and all other purchases earn one point per dollar. Cardholders are capped at 1 million additional bonus points per calendar year.
Reward earnings can offset the card’s annual fee. Say you spend about $12,000 on travel each year and book it on American Express Travel: You can earn $600, which is enough to cover your annual fee.
How to Redeem Rewards With The Business Platinum Card from American Express
Cardholders have several options to redeem rewards, but not all of them provide the same value. You get 1 cent per point when you redeem points for gift cards or flights using American Express Travel, the issuer’s travel portal. You’ll also get back 35% of your points when you book a flight on the portal, for up to 500,000 bonus points per year.
Other choices offer less value. Your points will be redeemed at 0.7 cents if you opt for cash back or pay using points at checkout with select retailers. Points are worth 0.5 cents when you use them to shop in the American Express catalog.
If you transfer your points to a travel partner, you might get more value when you redeem them. Most American Express Membership Rewards travel partners transfer points at a 1-to-1 value, and some may redeem points at a higher rate. Check out What Are My Points Worth? to see what value you might be able to get with some of those partners.
What Is the The Business Platinum Card from American Express APR?
The card’s Pay Over Time option allows cardholders to carry a balance with interest on purchases of at least $100. The Pay Over Time APR is a variable 14.24% to 22.24%, based on creditworthiness.
What Are the Fees Associated With The Business Platinum Card from American Express?
- Annual fee: This card has a $595 annual fee. Nearly 70% of credit cards don’t charge an annual fee, according to a 2019 U.S. News study.
- Foreign transaction fee: The Business Platinum Card from American Express does not have a foreign transaction fee, putting it among the nearly 40% of credit cards that don’t charge this fee.
- Late payment fee: This card has a late payment fee of $39 or 2.99% of any past due pay in full amount, whichever is greater.
- Returned payment fee: The Business Platinum Card from American Express has a $39 returned payment fee.
Should You Get The Business Platinum Card from American Express?
- Can get enough value from the card to cover the annual fee.
- Spend a lot on travel or business expenses.
- Want premium travel benefits.
- Don’t plan to carry a card balance.
Questions About The Business Platinum Card from American Express
Q: Is The Business Platinum Card from American Express worth it?
A: This card isn’t always worth the price, but if your business requires frequent travel, it could be useful. Do the math, and consider your typical spending to find out if you can earn enough rewards to make up for the annual fee. It’s also a good idea to weigh the value of cardholder benefits, particularly if you travel often and can take advantage of them.
Q: How do you qualify for The Business Platinum Card from American Express?
A: The Business Platinum Card from American Express is a business card, which means it’s only for business owners. You’ll need to provide your business information, including your federal tax ID, to apply. Excellent credit is recommended.
Q: Is The Business Platinum Card from American Express metal?
A: Yes, the card is really metal, but it will cost you: The annual fee is $595.
Q: Is The Business Platinum Card from American Express a good card?
A: The The Business Platinum Card from American Express can be a good card for cardholders who can afford the steep annual fee, earn a substantial amount of points and take advantage of the card’s benefits.
For rates and fees of The Business Platinum Card from American Express, please click here.
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