Business

Why Small Businesses Should Consider Amex Business Platinum

Why Small Businesses Should Consider Amex Business Platinum

The Business Platinum Card® from American Express, also known as Amex Business Platinum, has long had a reputation for being extremely popular with businesses large and small. In recent years, the card has become even more useful for small business owners.

If you’ve ever wondered if getting the Amex Business Platinum Card is right for your small business, it’s worth knowing the benefits and perks that make this card ideal for small business owners. Essentially, the rewards structure is ideal for frequent business travelers and offers multiple benefits and credits ideal for small business owners.

Here’s what you need to know about this business credit card to help you decide if it might work for you.

What does the Business Platinum Card from American Express offer?

Quick Highlights

  • Reward rate: 5X Membership Rewards points on prepaid flights and hotels booked with AmexTravel.com; 2X points on prepaid rental cars booked through AmexTravel.com (up to $500,000); 1.5 X points per dollar spent (up to $2,000,000 per calendar year) on purchases of $5,000 or more and on certain purchase categories (electronics, retailers, software and cloud service providers; building materials and hardware supplies; shipping providers) and 1X points on all other purchases
  • Welcome offer: 120,000 Membership Rewards points after spending $15,000 on qualifying purchases within the first three months of card membership
  • Introductory purchase APR: 0% from date of account opening for 12 months (on eligible Pay Over Time purchases)
  • Regular APR: 14.24% to 22.24% (variable Pay Over Time APR)
  • Annual subscription: $695

welcome bonus

The Amex Business Platinum currently offers a very generous welcome bonus of 120,000 Membership Rewards points after spending $15,000 in qualifying purchases with your card within the first three months of account opening. You can get a bigger welcome bonus if you use a referral link from a friend or family member who already has an American Express credit card.

Using your points for airline tickets booked through American Express Travel means you’ll earn a 35% bonus for airline ticket purchases, effectively increasing the value of your welcome bonus by 1 cent per point at 1.35 cents per point. As a result, your 120,000 point bonus is worth up to $1,620 in airline ticket bookings.

Earn rewards

The first thing to note here is that rewards opportunities are very travel friendly, especially when booked through AmexTravel.com. So, if your business model relies heavily on travel, you can rack up plenty of rewards for your travel spend. Plus, you’ll also get better redemption ratios for your points when you redeem them for airline tickets through Amex.

You also need to consider the increase in revenue (1.5X) for purchases over $5,000, which can happen quite often for small business owners. Then you’ll earn 1.5x points on up to $2 million in purchases per year in select categories, including electronics, retailers, software and cloud service providers, building materials, hardware supplies and shipping providers.

Small business owners can also earn more points by referring friends and family members to open an American Express account. When this happens, you may earn a referral bonus, and the person who is approved for an Amex account could also receive a larger welcome bonus.

Redeem rewards

As always, you get the most out of your Amex Rewards when you redeem them for travel accommodations, including flights, hotels and cruises. You can book through American Express Travel or Amex travel transfer partners to get at least 1:1 value on your points. (And don’t forget that you get a 35% bonus for airfare purchases through Amex Travel).

Other redemption options include earning statement credits, paying with points at checkout at different retailers, gift cards and more. However, you might get less than the 1:1 redemption ratio when redeeming rewards in these ways.

Introductory purchase APR

If you have a big purchase on the horizon, Amex Business Platinum could help spread the payments over time. There is a 0% APR introductory period on eligible Pay Over Time purchases which lasts for 12 months. After that, there is a variable APR of 14.24% to 22.24% Pay Over Time.

Credits and refunds

If you can take advantage of all the credits offered by Amex Business Platinum, you can get up to $2,534 in card value each year. Here is a brief overview of the card credits:

  • Up to $550 in free statement credits or benefits when booking with a property in the Fine Hotels and Resorts program, including up to $250 in free night/property credits (per qualifying stay)
  • Up to $400 in statement credits for Dell purchases (up to $200 semi-annually)
  • Up to $360 in statement credits on Indeed hiring and recruiting products and services (up to $90 per quarter)
  • Up to $300 in onboard credits on participating cruise lines with select room bookings through the Cruise Privileges program (per new cruise booking)
  • Up to $250 in statement credits for qualifying stays at The Hotel Collection properties, including $150 free night/resort credit and $100 experience credit for qualifying hotel activities. property (per eligible stay)
  • Up to $200 in statement credits per year for eligible airfares, such as baggage fees, with a select airline
  • Up to $179 statement credit each year on the annual cost of a Clear airport security subscription when using your card
  • Up to $150 annual statement credit on select Adobe purchases, including Adobe Creative Cloud and Acrobat Pro DC
  • Up to $120 in statement credits for direct purchases from any US wireless carrier (up to $10 per month)
  • Up to $100 statement credit for Global Entry or TSA PreCheck application fees (every four years)

Make sure to read the fine print and understand exactly how you can take advantage of these credits, otherwise you’ll be leaving a ton of value on the table. Plus, not using them means you can’t justify the annual cost of owning the card, which is $695.

Benefits and benefits of the card

Of course, you can’t talk about the Amex Business Platinum without talking about the card’s additional benefits, like airport lounge access and travel and purchase protection.

Amex has strengthened its presence in the airport lounge area. As a result, the issuer now offers Amex Business Platinum cardholders access to more than 1,400 airport lounges in 140 countries at more than 500 airports with Priority Pass Select membership. Plus, you have access to Amex’s luxurious Centurion Lounges, Delta Sky Club Lounges (when flying with Delta), Escape Lounges, Airspace Lounges and more.

Travel protections include:

  • Trip cancellation and interruption insurance
  • Trip delay insurance
  • Baggage insurance
  • Car rental damage and loss insurance (secondary coverage)

Purchase protections include:

  • Extended warranty
  • Purchase Protection
  • Return guarantee
  • Mobile phone protection (conditions apply)

Should small businesses get American Express Business Platinum?

Businesses that regularly make purchases over $5,000 at a time or regularly purchase electronics, software and cloud services, building materials, hardware supplies, and use shipping services are on the verge of to get the most rewards from their Amex Business Platinum.

Annual credits are for business owners who are dependent on travel, but could benefit from a break on certain expenses such as Adobe software, Dell electronics, and cell phone service. The sizable sign-up bonus and zero rate offer on purchases aren’t bad either.

For the right business, Amex Business Platinum can provide recurring value in the form of rewards and credits. Ultimately, you will need to decide if your business expenses are a good match for the rewards and credits offered by Amex Business Platinum. If so, you’ll probably be very happy with your choice of a small business credit card.