Amex Business Platinum adds benefits, increases annual fee

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American Express continues to work on some of its most popular credit card products, now including The Business Platinum Card® from American Express.

On Oct. 14, 2021, the issuer announced new benefits for the Amex Business Platinum, including updated rewards, new statement credits and travel perks. The card is also getting an annual fee increase.

Some of the new perks are identical to those added to The Platinum Card® from American Express, which Amex has also continuously upgraded. Most recently, the issuer began offering Walmart+ statement credits.

Most of the new perks on the Business Platinum, however, aim to offer value to small business owners as their needs evolve.

“Business Platinum has long been the go-to premium business card with incredible travel benefits,” an Amex spokesperson said. “Over the past several years, B2B spending on the card has been growing steadily, and it has been particularly resilient during the pandemic as cardmembers invest in areas like technology, recruitment and software to grow their businesses.

“Now, the card is providing powerful business rewards, plus the travel benefits cardmembers know and love, to help fuel their continued success.”

New rewards on business spending

The Amex Business Platinum will retain its existing benefits but offers updated rewards and new statement credits for cardmembers to get more value across spending categories such as recruitment, wireless, technology and software.

Here are the Amex Business Platinum’s updated rewards and benefits:

• 1.5 points per dollar on purchases for up to $2 million per calendar year on electronics goods, retailers, software and cloud service providers, as well as construction materials, hardware supplies and shipping providers (in addition to 1.5 points per dollar on large purchases over $5,000 subject to the same $2 million cap)
• Up to $400 annual statement credit on all Dell purchases (up to $200 semi-annually) – a $200 increase from the existing Dell benefit
• Up to $360 annual statement credit on Indeed hiring and recruiting products and services (up to $90 per quarter)
• Up to $150 annual statement credit on select Adobe purchases, including Adobe Creative Cloud and Acrobat Pro DC with e-sign
• Up to $120 annual statement credits for purchases made directly from any US wireless telephone provider (up to $10 per month)
• Enrollment required for these statement credits

New premium travel and dining benefits

Besides new benefits for business spending, the Amex Business Platinum now also offers some of the travel and dining perks that have recently been added to the consumer Amex Platinum.

These benefits include:

• An annual $179 statement credit for a Clear membership
• Complimentary access to the recently expanded American Express Global Lounge Collection with more than 1,300 airport lounges in more than 500 airports and 140 countries
• 20% discount on Wheels Up Connect and a 40% discount on Wheels Up Core private jet program memberships, as well as a $500 or $2,000 credit to use toward an initial flight within the first year
• Global Dining Access by Resy, which offers exclusive reservations at some of the top restaurants, access to premium events, VIP status and more

Annual fee increase

After the Amex Platinum increased its annual fee from $550 to $695, it was only a matter of time before the business version of the card got an annual fee hike as well.

Sure enough, along with new benefits, the Amex Business Platinum has also received a $100 annual fee increase. The current annual fee is: $595 annual fee ($695 if application is received on or after 01/13/2022). The new $695 annual fee will kick in Jan. 13, 2022, for both existing and new cardmembers.

While this is a significant increase, it also seems reasonable, considering the new benefits can provide more than $1,000 in added value.

Is the revamped Amex Business Platinum worth it?

American Express has once again proven it listens to cardmembers and looks for new ways to adjust its offerings to match their needs.

A small business owner can get incredible value from this card, despite its high annual fee. From statement credits to cover business costs – such as electronic purchases and hiring products – to rewards on essential business expenses, the new benefits will be easy for many business cardmembers to take advantage of.

The list of new travel and dining perks may be less compelling. Still, a Clear membership is a convenient travel benefit, and the new annual credit to cover it can help small business owners save time at airports that have Clear.

Overall, the changes Amex has made to the Business Platinum are positive and great news for existing cardholders, as well as for people interested in applying for the card. We’re hoping to see Amex continue successfully updating its card lineup according to consumers’ evolving needs.