The Business Platinum Card® from American Express is one of the very popular travel business cards in the market and amongst the more popular American Express credit cards. The benefits that this card offers are very extensive but at the same time managing this credit card is expensive.
To start with, you can earn a welcome bonus of 150,000 points after you spend $20,000 within the first 3 months of opening this account. You can also earn 5X points on your purchases for flights and prepaid hotels through amextravel.com. You can also earn up to 1.5X points on your purchases in some key business areas or on purchases worth more than $5,000 capped at $2 million per year. All other purchases fetch 1X points for every dollar.
Some of the other benefits that come with this credit card are: Up to $400 of statement credit for US purchases with Dell Technologies through 12/31/2024 and up to $90 in statement credits quarterly for purchases with Indeed through 12/31/24. (Enrollment Required). It offers many other such benefits on top of the Global lounge access and many other hotel programs.
All this is great and there is no preset limit on the card. But there is a price to pay. This credit card comes with an annual fee of $695, which most would consider expensive. It also comes with a variable Purchase APR in the range of 18.49% - 27.49% (Rates and Fees). Therefore, if you plan to carry a balance month – to – month, then the interest along with the annual fee would make it expensive and may offset many of the benefits value.
So, who is it good for?
If you have very good credit scores and expect fairly high expenses that you would put on this credit card.
If you don’t plan to carry any balance or very low balance on the card month – to – month.
If your business requires you to travel a lot, then you can utilize amextravel.com to maximize your benefits.
Who is it not good for?
If you carry balances on your credit cards, then this might not be the best option as the cost of debt may outweigh the rewards you earn through purchases.
If you have an immediate non- travel related large purchase which you plan to payoff over time with minimum payments.
If the overall spending requirement is relatively low annually.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.