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American Express Business Platinum: Is the Annual Fee Worth It?

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American Express Business Platinum

The Enhanced Business Platinum® Card from American Express OPEN Editor's Rating: 3.2 / 5

The Enhanced Business Platinum® Card from American Express OPEN is iconic, but its annual fee is steeper than most. Even so, we don’t think you can write off The Enhanced Business Platinum® Card from American Express OPEN easily. It has a number of travel-related perks that make red-eye flights a bit more pleasant and a collection of other benefits, like return protection and warranty extensions on your purchases. Here’s what you need to know about the card, so you can decide if it’s the best option for you.

In this article:

The Enhanced Business Platinum® Card from American Express OPEN: The basics
How the perks make up for The Enhanced Business Platinum® Card from American Express OPEN’s annual fee
Where The Enhanced Business Platinum® Card from American Express OPEN shines
Where The Enhanced Business Platinum® Card from American Express OPEN falls short
Bottom line: Should I get The Enhanced Business Platinum® Card from American Express OPEN?

The Enhanced Business Platinum® Card from American Express OPEN: The basics

This card earns 2 points on every dollar you spend on travel booked through the American Express Travel website; 1.5 points per dollar on individual purchases of $5,000 or more; and 1 point per dollar spent on everything else. There’s also a great signup bonus: Earn 50,000 Membership Rewards points after you spend $5,000 and an extra 50,000 points after you spend an additional $10,000 all on qualifying purchases within your first 3 months of Card Membership. Terms Apply. Membership Rewards points are redeemable for a wide variety of rewards, like travel, merchandise, charitable donations, gift cards, Amazon.com purchases and more.

The Enhanced Business Platinum® Card from American Express OPEN

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Pros

  • No foreign transaction fee

Cons

  • Has annual fee

Bonus Offer

Earn 50,000 Membership Rewards points after you spend $5,000 and an extra 50,000 points after you spend an additional $10,000 all on qualifying purchases within your first 3 months of Card Membership. Terms Apply

Annual Fee

$450

Intro APR Promotions

N/A

APR

  • Purchase: N/A

Card Details

  • LIMITED TIME OFFER: Earn up to 100,000 Membership Rewards® points. Offer expires January 25, 2017.
  • Earn 50,000 Membership Rewards points after you spend $5,000 and an extra 50,000 points after you spend an additional $10,000 all on qualifying purchases within your first 3 months of Card Membership.
  • NEW: Get 50% more Membership Rewards® points. That’s 1.5 points per dollar, on each qualifying purchase of $5,000 or more. You can get up to 1 million additional points per year.
  • Plus, continue to get one point per dollar for qualifying purchases under $5,000.
  • NEW 50% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 50% of the points back.
  • NEW: You can also receive 50% points back on all First and Business class flights, with all airlines available through American Express Travel.
  • You can enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Terms & Restrictions Apply
  • View Rates and Fees

The Enhanced Business Platinum® Card from American Express OPEN has an annual fee of $450 and no foreign transaction fees. The card is a charge card, not a credit card, meaning that your limit adjusts over time and you don’t carry a balance from one month to the next. If you do carry a balance past the due date, you will incur a fee significantly higher than the typical interest rate of credit cards.

How the perks make up for The Enhanced Business Platinum® Card from American Express OPEN’s annual fee

While The Enhanced Business Platinum® Card from American Express OPEN may carry a bit of sticker shock, the travel perks help make up for it. Here are a few perks you’ll get with this card, quantified:

  • 50% airline bonus: Get 50% of your points back when you pay with points for all or part of your flight on an airline you designate, or for a first- or business-class fare on any airline.
  • Airline fee credit: You’ll receive up to $200 for incidentals on your eligible airline of choice.
  • Global Entry or TSA PreCheck fee credit: You’ll receive a credit of $100 or $85, respectively, every five years for the application fee for the program that best suits your travel needs.
  • Global Lounge Collection: You’ll have access to 900 airport lounges worldwide via the AmEx Global Lounge Collection.

These perks, alongside the card’s signup bonus and ongoing rewards, more than make up for the annual fee for the right cardholder.

Where The Enhanced Business Platinum® Card from American Express OPEN shines

The Enhanced Business Platinum® Card from American Express OPEN is a great card for many businesses. Here are some of our favorite benefits:

High signup bonus. The Enhanced Business Platinum® Card from American Express OPEN has a great offer for new cardholders. Earn 50,000 Membership Rewards points after you spend $5,000 and an extra 50,000 points after you spend an additional $10,000 all on qualifying purchases within your first 3 months of Card Membership. Terms Apply. Points can be used for a multitude of rewards, including travel and gift cards.

High value travel perks. As noted above, The Enhanced Business Platinum® Card from American Express OPEN boasts a pretty impressive set of travel-related perks. In addition to the airline incidentals and GlobalEntry/TSA PreCheck fee credits and the airport lounge access, you’ll also receive:

  • Companion ticket savings when you buy a qualifying business or first-class ticket for yourself
  • Car rental privileges, like complimentary upgrades and discounts
  • Gold Preferred Membership status in the Starwood Preferred Guest (SPG) program
  • Complimentary Wi-Fi at over 1 million Boingo hotspots worldwid

Shopping perks. The Enhanced Business Platinum® Card from American Express OPEN has purchase protection in case a new purchase gets lost, stolen or damaged within 90 days. It also has extended warranty protection, which adds up to one extra year to your manufacturer’s warranty.

No foreign transaction fees and EMV chip. While American Express isn’t as widely accepted overseas as other networks, it has great overseas travel perks if the merchants you’re frequenting take AmEx. There are no foreign transaction fees — compared with American Express cards’ typical 2.7% fee — and the card is chip-enabled for more secure transactions wherever EMV cards are accepted.

Flexible rewards redemption. The Enhanced Business Platinum® Card from American Express OPEN rewards cardholders with Membership Rewards points, which can be used for many different types of rewards. This includes travel, merchandise, gift cards, Amazon.com purchases, Uber and more. That said, we recommend you put them toward travel.

Bonus on airfare redemption. When you redeem Membership Rewards points for travel, you can receive 50% of your points back. You can use those points back on any of the rewards options, but if you put them toward another flight, you’ll get 50% of them back again. It’s a beautiful cycle.

Where The Enhanced Business Platinum® Card from American Express OPEN falls short

No matter how good a card’s perks are, not everyone is going to benefit from a high-annual-fee business card. Here are a couple of businesspeople who would be better off with another option.

Someone who doesn’t travel frequently for business

Chase Ink Cash Business Credit Card
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The majority of The Enhanced Business Platinum® Card from American Express OPEN’s perks are travel-related, so if you don’t travel often, this isn’t the card for you. Instead, you’d be better off with a cash rewards business credit card, like the Ink Cash® Business Credit Card. It offers extra rewards on certain popular business expenses:

  • 5% on office supplies and cable/telecom services, up to $25,000 spent annually
  • 2% on gas and restaurants, also up to $25,000 spent annually
  • Unlimited 1% on everything else

There’s a signup bonus as well: Earn $300 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.

The Ink Cash® Business Credit Card has a $0 annual fee and no foreign transaction fees. It also provides 0% on Purchases and Balance Transfers for 12 months, and then the ongoing APR of 13.49% - 19.49% Variable APR, which is ideal if you need a little time to pay off your business purchases.

Businesses that prefer cash rewards, want a 0% introductory offer, and/or spend less than $25,000 per year on office supplies and cable/telecom services will benefit most from the Ink Cash® Business Credit Card.

Someone whose business doesn’t have high enough expenses

Assuming a point value of 1 cent, it takes $45,000 in spending to outweigh The Enhanced Business Platinum® Card from American Express OPEN’s annual fee. To come out ahead with just rewards, you’d have to spend significantly more than this.

Bottom line: Should I get The Enhanced Business Platinum® Card from American Express OPEN?

If you’re a high spender who travels frequently for business and will take advantage of The Enhanced Business Platinum® Card from American Express OPEN’s travel perks, it’s a great credit card for your business. However, if you don’t travel frequently or your spending isn’t quite high enough to justify the high annual fee, you’re likely better off with another option.

Last updated October 7, 2016.