Amex Business Platinum Refresh
In a “wait, fix me, too” moment, Amex has updated the Business Platinum card. While I’m not as high on the changes made here as I am on the consumer Platinum version, Amex has made a few substantive tweaks in return for the hiked $895 annual fee. And certain businesses will probably benefit more from this card than others. So, after focusing on the consumer side yesterday, it’s time to give my thumbs another workout with the Amex Business Platinum refresh.
Thumbs Up
- $600 Hotel Credit ($300 biannually) at Fine Hotels and Resorts or The Hotel Collection bookings.
- $3,600 in Statement Credits for Flights and One AP Business Management Tool after spending $250k in a calendar year:
- $1,200 Flight Credit for the next calendar year on Amex Travel flight bookings.
- $2,400 One AP Statement Credit for the next calendar year on monthly fees for American Express One AP.
- $120 Wireless Credit ($10 monthly).
- $200 Airline Fee Credit annually.
- $200 Hilton Credit ($50 quarterly).
- 2x Membership Rewards points on purchases in certain business categories and any purchases of $5k or more.
- 2x Business Categories: US construction material and hardware suppliers, US electronic goods retailers and software & cloud system providers, and US shipping providers.
- 5x Membership Rewards points on flights and prepaid Amex Travel hotel bookings.
Quick Take
The Business Platinum refresh sprints out of the gate by adding a completely new $600 Hotel Credit identical to the consumer Platinum’s version. For years, I’ve had a blast using this benefit and applaud Amex for adding it on the business side. Importantly, Amex added this while maintaining the very-useful Wireless, Airline Fee, and Hilton Credits, plus 5x earning on flights and Amex Travel hotel bookings.
Things get a bit more nuanced from there, with cardholders spending a minimum of $250k in a calendar year picking up $1.2k Flight and $2.4k One AP credits. For many smaller businesses, definitely mine, spending that much on a Platinum card is a) not feasible, b) not rewarding enough, or c) both. Conversely, many midsize and larger businesses will have no problems hitting this threshold, and these new credits can be a clear winner. The same goes for the new 2x uncapped earning on certain business categories, plus the carryover of that same earning on any charge $5k or more.
Thumbs Sideways
- Leaders Club Sterling Status with The Leading Hotels of the World program.
- $360 Indeed Credit ($90 quarterly)
- $250 Adobe Credit
- $$209 CLEAR Plus Credit
Quick Take
The previous versions of the Indeed, Adobe, and CLEAR credits continue, in addition to the new Leaders Club Sterling Status perk. Nothing’s bad here, just a lot of meh for many.
Thumbs Down
- $1,150 Dell Technologies Credit – $150 annually, and an additional $1k after spending $5k in the calendar year.
- 35% Airline Bonus – Receive 35% points back when using Pay with Points for Amex Travel flight bookings with one of nine participating airlines, up to one million back per calendar year.
- 1x everywhere else.
- Same airport lounge benefits and limitations.
Quick Take
Amex has already phased in the new version of the Dell Technologies credit, so many are already acquainted with it. Similar to what cardholders think of Dell, I expect viewpoints on this credit are all over the map. Those who spend at least $5k there, or are game for doing so in the future, probably love it. I never have and certainly don’t plan on starting, so I preferred the previous $400 ($200 biannual) version. Certain other small business owners may agree.
The negative trends continue. As DDG has already warned, the Business Platinum’s 35% Airline Bonus tightened up on 18 September. Previously, all first or business class fares on any airline were eligible for this bonus. Now, only a cardholder’s previously-selected qualifying airline is eligible.
The Business Platinum still only earns 1x on all other purchases, and airline lounge benefits, including the sad state of Centurion Lounges, remain the same.
Amex Business Platinum Refresh – Conclusion
Whodathunkit – the bigger your business, the better your rewards and benefits will be with the Amex Business Platinum. What a development! That said, certain small business owners – myself included – may not be as keen on all changes. Indeed, for my situation, the consumer Platinum changes clearly outpace the Business ones. Still, many will do big things with this updated Business Platinum card, and we can’t discount the new addition of certain benefits. In my view, the race between the Amex Business Platinum and Sapphire Reserve Business cards is closer than on the personal side.
How do you feel about the Amex Business Platinum refresh?
