The Business Platinum Card® from American Express OPEN is a high-end business charge card with a high annual fee, but its VIP perks make it well worth the price of admission for the right businessperson. Cardmembers get $200 worth of travel expenses credited back each year. They earn American Express Membership Rewards points with every purchase. And they never pay foreign exchange fees. Plus they get access to the American Express 24/7 concierge service – which is like having a personal assistant on-call.
| Credit level recommended: | Excellent |
|---|---|
| APR on purchases: | N/A – this is a charge card that must be paid in full each month. |
| Annual fee: | $450 |
| Special offers: | Card members get a $200 annual credit toward incidental travel expenses like baggage check, in-flight meals, and ticket change fees on an airline of their choice. |
Earning rewards:
The points system on this card is pretty basic. Members get one Membership Reward point per dollar spent. They also get 60,000 reward points in advance, which means they can use those rewards before they even earn them. Members currently get a 20% rebate of points used when they book travel through Pay with Points on the AmEx Membership Rewards site.
* Annually just for business travel (and you can use them before you earn them!)
Redeeming rewards:
Points can be redeemed through the membership rewards page for travel, cash, merchandise, or gift cards. Travel offers the best redemption value. Points can be transferred between frequent flyer programs, allowing members to use them toward flights on nearly every airline and/or at hundreds of hotels around the world making the American Express Membership Rewards programs one of the most flexible programs available.
Benefits:
The benefits on this card far exceed the $450 annual fee if you fly frequently for business and appreciate top-flight treatment and a host of benefits. Cardholders get a Priority Pass, which gives them access to over 600 exclusive airport lounges around the world and normally costs $399 per year. They also get free room upgrades and VIP treatment at more than 700 hotels that are part of the AmEx partner network. There is also concierge service, no foreign transaction fees, and no pre-set spending limit. And for local travel, there is roadside assistance. Other benefits include extended warranties and purchase protection.
Considerations:
For business owners who travel a lot, spend a lot, and expect a lot, the Platinum Business Charge Card from American Express delivers high-value rewards and a long list of benefits. This card works best for business owners who travel frequently and plan to take full advantage of the travel benefits it offers. If you make frequent international trips, the no-foreign-exchange fees alone adds a lot of value. But if you are not a frequent traveler and/or don’t need the VIP perks this card offers, you might want to consider one of the Spark Business cards from Capital One instead. Their fee is much lower.
Also, remember that this is a charge card, not a credit card. There is no set spending limit, but the balance must be paid in full each month. Balances can’t be carried over each month the way they can with traditional credit cards. If you need that option, but still want to carry American Express, think of applying for the SimplyCash® Business Card from American Express, which has no annual fee.
