Amex Business Platinum 250K
Last year I wrote about and completed a 150K bonus on the American Express Business Platinum card. That offer gave 100K Membership Rewards points after $10K in spend during the first 3 months and an additional 50K points after another $10K in spend. I thought it was a great deal, but the spend was a bit steep.
Well, if 150K excited you, look at this offer that Matt Holland posted on Twitter:
— Matt Holland (@turnpike17) April 20, 2016
What Is The Catch?
Well that looks phenomenal. Actually, that looks better than anything I have seen before, but of course there is a catch. Here is the STEEP spending requirement to get the full 250K bonus:
— Matt Holland (@turnpike17) April 21, 2016
So here is the way it works. You earn 50,000 Membership Rewards points for $5,000 in spend. Pretty typical. Then, you earn an additional 20,000 bonus points for each additional $5,000 in spend up to 200,000 additional points. If we add that all up, it equates to 250K after $55K in spend. Wow!
Another Way to Look At It
Update: As others have pointed out, you only earn the additional 20K chunks for each $5K purchase and not a cumulative amount of purchases. That makes this even tougher.
Now let’s compare this offer to the 150K offer I met on the Business Platinum card last year. That card had an initial bonus of 100K after $10K in spend. That is the same ratio as this offer. (50K after $5K.) It then had an additional 50K after $10K in spend. That is slightly better than this offer, but the cap is lower.
Basically after you meet the minimum spend of $5K to get the 50K bonus, you are earning 5X everywhere on the additional $50K in spend. (1X normal earning plus the bonus.) Is 5X very very good? Yes it is, but it isn’t the best earning rate for a sign-up bonus and having to meet that much spend within 6 months could be tough. Since you can only get one sign-up bonus per lifetime on each Amex product, this will be a tempting offer, but one hard to complete for most.
I absolutely think this offer is very good for someone who can easily meet the $55K requirement to scoop up all of the points. I suspect many people wouldn’t be able to do that. Of course this offer is targeted and most of us won’t ever get a chance to apply for it anyway. With that said, is the spend requirement too much? Would you do it or pass? Let us know in the comments!