Small Business News
American Express Revamps Platinum Business Card, Hikes Annual Fee
Earlier this year, American Express updated its iconic Platinum Card, adding new benefits while also increasing the annual fee. Now, it’s the Business version of the card’s turn for a refresh. Recently, Amex announced a new slate of perks for Business Platinum, including new rewards categories, credits, and more.
The first update to the Business Platinum comes to its Membership Rewards earning potential. In addition to earning 1.5x points on purchases over $5,000, cardholders will now also earn 1.5x on purchases from electronic goods retailers, software and cloud system providers, construction material and hardware suppliers, and shipping providers. However, these elevated category earnings are capped at $2 million in purchases per calendar year. Meanwhile, the card also earns 5X points on flights and pre-paid hotels booked via Amex Travel as well as 1x points on all other purchases.
Turning to benefits and credits, the Dell credit will be doubled to $400 per year — up $200 semiannually. Cardholders can also earn up to $360 in statement credit annually (up to $90 per quarter) on all Indeed hiring purchases along and up to $150 in credits on select Adobe purchases. Finally, Business Platinum customers will earn up to $10 per month in statement credits for purchases made directly from any U.S. wireless telephone provider.
Following the lead of the consumer American Express Platinum Card, these new benefits accompany an increase to the annual fee. Now, the Business Platinum will come at a cost of $695 per year instead of the previous $595. However, while the new perks will begin right away, the new annual fee won’t apply to renewals or new card applications until January 13th, 2022.
Commenting on the updated Business Platinum, American Express Group President Anna Marrs said, “We are continuing to see strong demand and spending on our Business Card products as our Card Members invest in areas like technology, recruitment, and software to adapt and grow their businesses.” Marrs added, “Our new Business Platinum Card is built to help fuel their success with benefits across categories where they are engaging the most, in addition to the best-in-class rewards, travel benefits and premium servicing they enjoy.”
Considering what Amex did to the consumer Platinum card a few short months ago, it’s really no surprise that the Business Platinum would follow. That said, the delay in the annual fee hike is interesting as it gives cardholders extra incentive to hop on board before the new year. Additionally, although the credits can be hit or miss for some business owners, the new 1.5x rewards categories could come in handy. Of course, there are many other perks to the Business Platinum card as well, so interested business owners may want to take a close look before applying.
