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AmEx Business Platinum Card: Comfort and Credits Come at a Cost

Business owners enjoy a sweet suite of perks that will ease and enhance business trips. The catch? A jumbo annual fee and low rewards on spending.
By Kelsey Sheehy
Last updated on June 21, 2024
Edited byRyan Lane
Fact checked and reviewed

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Our Take

4.8

NerdWallet rating 

The bottom line:

Lounge access, elite status and a slew of available travel and business credits make this card quite valuable — if you’ll use all of those perks. If not, the annual fee isn’t worth it. Especially with other travel cards offering elevated benefits that are easier to obtain (and justify).
Full review

The Business Platinum Card® from American Express

Annual fee
$695
Regular APR
18.99%-27.99% Variable APR
Intro APR
N/A
Apply now

on American Express' website

More details from American Express

  • Welcome Offer: Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.
  • 5X Membership Rewards® points on flights and prepaid hotels on AmexTravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
  • Unlock over $1,000 in statement credits on select purchases, including tech, recruiting and wireless in the first year of membership with the Business Platinum Card®. Enrollment required. See how you can unlock over $1,000 annually in credits on select purchases with the Business Platinum Card®, here.
  • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to the Card.
  • $199 CLEAR® Plus Credit: Use your card and get up to $199 in statement credits per calendar year on your CLEAR® Plus Membership (subject to auto-renewal) when you use the Business Platinum Card®.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market as of 03/2023.
  • $695 Annual Fee.
  • Terms Apply.
  • View Rates & Fees

Pros & Cons

Pros

  • Lounge membership
  • Transfer partners
  • Bonus categories
  • Automatic elite status
  • Premium travel protections

Cons

  • High annual fee
  • Complicated rewards
  • Requires good/excellent credit

Compare to Other Cards

at American Express

at Chase

at American Express

Annual fee

$695

Annual fee

$95

Annual fee

$375

Regular APR

18.99%-27.99% Variable APR

Rates & Fees

Regular APR

20.74%-25.74% Variable APR

Regular APR

18.99%-27.99% Variable APR

Rates & Fees

Intro APR

N/A

Intro APR

N/A

Intro APR

0% intro APR on purchases for 6 months from the date of account opening

Recommended credit score

690-850good - excellent

Recommended credit score

690-850good - excellent

Recommended credit score

690-850good - excellent

Full Review

Business travelers aiming for luxury perks tend to gravitate to
The Business Platinum Card® from American Express
— and it’s no surprise why. The card delivers creature comforts like exclusive lounge access and travel credits. Plus, there’s automatic elite status with select hotel and rental car chains that promise upgrades, discounts and other enhancements.
Those elevated perks come with a lofty price tag, though. The Business Platinum Card’s
$695
annual fee (terms apply) is the highest of any card we rate. While you may be able to deduct that fee on your taxes, whether the cost is justified depends entirely on how many of the card’s benefits you’ll actually use. Not sure? The annual fee calculator below will do the math for you.
Even if the benefits outweigh the fee for your business, it’s still worth considering other business travel cards that offer higher rewards for your spending. The Business Platinum Card earns a measly 1 point per $1 on most spending. Yes, you get a higher rate for prepaid hotels and flights booked via AmEx. But many less expensive business cards match or beat that, including the
Capital One Venture X Business
and the
U.S. Bank Business Altitude™ Connect World Elite Mastercard®
.

The Business Platinum Card® from American Express is best for small-business owners who:

  • Regularly travel and use airport lounges.
  • Want to gain elite status with Hilton and Marriott.
  • Prioritize perks over spending rewards.
  • Will take advantage of the Business Platinum Card’s myriad statement credits.
Want to earn more travel points on your business spending? Consider the
Capital One Venture X Business
. You’ll earn twice as many points for a fraction of the cost: Earn 2x miles on all purchases (no limits), plus 10x miles on hotels and rental cars, and 5x miles on flights booked through Capital One Travel. The annual fee (
$395
) is mostly offset by a $300 annual travel credit for bookings through Capital One Travel. Other perks include extensive airport lounge access and a massive welcome offer:
Earn 150,000 bonus miles once you spend $30,000 in the first 3 months from account opening.
(See rates and fees.)
Want a lower-fee option? The
U.S. Bank Business Altitude™ Connect World Elite Mastercard®
is another worthy contender. The annual fee is low (
$0 intro for the first year, then $95
) and the welcome offer is easy to get:
Limited Time Offer: Earn 60,000 bonus points, worth $600 if you spend $6,000 on the Account Owner's card in the first 180 days from account opening.
The Business Altitude Connect lacks any real luxury perks, but you do get four free Priority Pass lounge visits per year and a monthly statement credit for taxi/rideshare trips. It also has high rewards rate:
Earn 5X points on prepaid hotels and car rentals booked directly in the Rewards Center. Earn 4X points on travel, gas and EV charging stations on the first $150,000 in combined annual spend. Earn 2X points on dining, takeout, restaurant delivery and cell service providers. Earn 1X points on all other eligible spend.

Key features of
The Business Platinum Card® from American Express

To view rates and fees of
The Business Platinum Card® from American Express
, see this page.
Annual fee:
$695
.
Welcome offer:
Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. Terms Apply.
Rewards:
  • 5 Membership Rewards points per dollar spent on flights and prepaid hotels booked through amextravel.com.
  • 1.5 points per dollar on certain business categories (such as electronics and software) and eligible purchases of $5,000 or more for up to $2 million spent per calendar year.
  • 1 point per dollar on all eligible purchases.
  • Terms apply.
Membership Rewards points are worth about 0.5 cents to 1 cent each depending on how you redeem them. Travel and gift card redemptions are generally the most valuable. Points are also transferable and can be worth even more if redeemed strategically after being transferred to other loyalty programs.
Interest rate: Purchases made with
The Business Platinum Card® from American Express
are classified as either "Pay Over Time" or "Pay In Full":
  • Pay Over Time: This is an optional feature that allows you to carry a balance from one month to the next, just like purchases on a regular credit card. If you have this option activated, purchases of $100 or more are automatically classified as Pay Over Time.
    The ongoing APR is 18.99%-27.99% Variable APR
    . Although
    The Business Platinum Card® from American Express
    does not have a preset spending limit, it does impose a limit on your Pay Over Time balance; any purchases above that limit become Pay In Full. Terms apply.
  • Pay In Full: These purchases must be paid off completely each month, so they do not incur interest. All purchases of less than $100 are Pay In Full, as are any purchases over your Pay Over Time balance limit. If you choose not to use Pay Over Time, then all purchases are Pay In Full. Terms apply.
Foreign transaction fees: None.

Why you'd want The Business Platinum Card® from American Express

Luxury perks and benefits

The value of most business travel credit cards lies in the points you earn for using them. But the value of
The Business Platinum Card® from American Express
is tightly tied to its benefits — almost like it’s a membership card that unlocks a wide range of perks to make your traveling life easier.
Some benefits mitigate direct costs, like up to $200 a year in statement credit for incidental fees on an airline you choose, as well as a fee credit for CLEAR Plus and TSA Precheck or Global Entry. And many business owners can find something they need from Dell. The card provides up to $400 in statement credit — $200 in the first half of the year and another $200 in the second half — for purchases directly from Dell.
Other perks are harder to put a dollar figure on, but are clearly valuable — from automatic hotel elite status to concierge service.

Lounge access

A welcome perk for road warriors, airport lounges can be a refuge from the loud, teeming gate areas and come with free refreshments.
The Business Platinum Card® from American Express
offers access to several types, including the highly respected American Express Centurion Lounges and the more ubiquitous Delta Sky Clubs when flying Delta. In addition, you get access to International American Express Lounges, Priority Pass lounges, and lounges in the Plaza Premium, Airspace and Escapes networks, when enrolled in each.
All told, that’s access to more than 1,400 lounges across 140 countries. AmEx claims that collection is the largest to be offered by a card, making
The Business Platinum Card® from American Express
tough to beat when it comes to business credit cards with airport lounge access.

Potential for big bonus

The new-cardholder bonus offers an impressive haul of points — but earning the full bonus requires spending big bucks soon after receiving the card. Full details:
Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. Terms Apply.
The Business Platinum Card® from American Express
isn't designed for the low-spending entrepreneur. If you won't spend enough to earn the bonus but still want a travel-friendly business credit card, try a different option, such as the
Ink Business Preferred® Credit Card
. This card delivers a massive welcome offer for a low annual fee:
Earn 90,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening.

Why you might want a different card

Low rewards rate for a premium card

The Business Platinum Card® from American Express
earns 1 point per $1 on most spending. You can get a better rewards rate (
1.5
points per $1 spent) from the
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
, which has no annual fee, but also no travel perks.
These business travel cards also offer excellent reward rates:
  • Ink Business Preferred® Credit Card
    : Earn 3 points per $1 on the first $150,000 spent in the following categories each year: travel, shipping, select advertising and internet, cable and phone services. You’ll get 1X points on all other purchases.
  • U.S. Bank Business Altitude™ Connect World Elite Mastercard®
    :
    Earn 5X points on prepaid hotels and car rentals booked directly in the Rewards Center. Earn 4X points on travel, gas and EV charging stations on the first $150,000 in combined annual spend. Earn 2X points on dining, takeout, restaurant delivery and cell service providers. Earn 1X points on all other eligible spend.

High annual fee

If you make full use of the perks offered by
The Business Platinum Card® from American Express
, the
$695
annual fee is worth it. Notably, fully using the annual $200 airline fee credit mitigates the fee substantially. And it helps that the annual fee can be a deductible business expense if you use the card solely for business.
But if like many people you're dead-set against paying that much, consider the less pricey
Capital One Venture X Business
. With an annual fee of
$395
, it offers a bigger, more versatile $300 annual travel credit and complimentary access to more than 1,300 airport lounges.
You'll also get the following rewards:
Earn unlimited 10X miles per dollar on hotels and rental cars and 5X miles per dollar on flights and vacation rentals booked through Capital One Travel, where you'll get the best prices on thousands of options. Earn unlimited 2X miles per dollar on every purchase, everywhere—with no limits or category restrictions.
(See rates and fees.)

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

Light-traveling, cost-conscious small-business owners will likely struggle to get their money's worth from this high-end card. But if you’re a hard-core road warrior seeking luxury, you should be able to extract enough value from this card to make its hefty fee worthwhile.
To view rates and fees of
The Business Platinum Card® from American Express
, see this page.
To view rates and fees of the
American Express® Business Gold Card
, see this page.
View rates and fees of
Capital One Venture X Business
.

Apply now

on American Express' website

Frequently Asked Questions

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American Express National Bank (Business)

American Express® Business Checking

NerdWallet Rating  
5.0
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