Business Platinum Card from American Express review

How the Business Platinum earns points

The Business Platinum Card from American Express earns a flat 1.25 Membership Rewards points per dollar on all purchases. There are no categories to track, so supplier payments, advertising, software and travel all earn the same rate.

That simplicity rewards volume. A business putting $10,000 a month on the card earns 12,500 points a month, or 150,000 points a year. Compared with a card that pays 1 point per dollar, that’s 30,000 more points a year on the same spending.

The welcome offer

New cardholders can earn up to 120,000 Membership Rewards points. The “up to” wording means the full amount depends on meeting the offer’s conditions, which aren’t detailed here, so check the spending required and the deadline on the American Express website.

For scale, 120,000 points is just under 10 months of regular earning for the example business above. For many businesses, the welcome offer is a large part of the card’s first-year value.

Travel credit, NEXUS rebate and lounge access

The card includes a $200 annual travel credit, a NEXUS rebate and airport lounge access. Used every year, the travel credit brings the effective cost of the card down from $799 to $599. The NEXUS rebate helps frequent cross-border travellers, and lounge access is most useful for owners and staff who fly often.

How each perk works, including eligible travel purchases for the credit and which lounges are included, is set out in the card’s terms. Check those before you count on any of them.

Fees, interest and the fine print

The $799 annual fee works out to about $66.58 a month, or about $49.92 a month after the $200 travel credit. That’s a significant fixed cost, so the card makes most sense when monthly spending is high and the travel perks get regular use.

Purchases in a foreign currency carry a 2.5% foreign transaction fee, so $1,000 paid to a US supplier adds about $25. Purchases are charged 20.99% interest and cash advances 22.99%. Paying the full balance each month avoids purchase interest, which would quickly outweigh the points earned.

Who it suits, and who should look elsewhere

The Business Platinum suits businesses that run large volumes through a card, want points they can use flexibly, and have people travelling often enough to use lounge access and the travel credit.

It’s a poor fit for a business with modest monthly spending, where a lower-fee card would cost far less, or one that pays many foreign suppliers, because of the 2.5% fee. Suppliers that don’t accept American Express will also need a backup card.

Because every purchase earns the same rate, there’s no need to decide which card to use for which expense, which keeps bookkeeping simple for owners who don’t want to manage several cards.

How it compares

The American Express Business Gold Rewards Card costs $199 a year and earns 1 point per dollar on all purchases. You earn fewer points per dollar, but the fee is $600 lower, which suits businesses that mainly want to collect points on everyday costs rather than pay for travel perks.

The American Express Aeroplan Business Reserve Card costs $599 and earns 3 points per dollar on travel and 1.25 points on everything else, with lounge access, a free checked bag and a companion pass. For a travel-heavy business, it earns more points per dollar on travel at a lower fee.

Before you apply

The recommended credit score is 720 or higher, and American Express makes the final decision using your full credit and business profile. Confirm the current welcome offer, fee and perks on the American Express website before you apply.

Before applying, add up your typical monthly card spending and multiply it by 1.25 to estimate your monthly points. If that number looks modest next to a $799 fee, the Business Gold Rewards Card or another lower-fee option may serve you better.