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Who’s never had the small business version of the Amex Platinum Card? *raises hand*
This card doesn’t count against your Chase 5/24 status. But I didn’t include it on my list of 7 best cards if you’re over 5/24 because:
- It will only appeal to a small segment of people
- The minimum spending requirement to earn the welcome offer is $25,000 (!) in the first 3 months of account opening
But there are several huge reasons to get this card, namely 100,000 Amex Membership Rewards points as a welcome bonus. Plus it comes with a long list of benefits – and the annual fee is only $450, a full $100 less than the personal versions! To get the deal, you must apply by August 8th, 2018 (about a month away!).
The annual fee is NOT waived the 1st year. But man, if you make good use of the lounge access and annual statement credits… it’s a total GOAT.
In This Post
Amex Platinum business 100K card offer
- Link: Amex Platinum small business card – learn more here!
Elephant in the room comes first. You get so much with this card. But to unlock the full sign-up bonus, you need to spend $25,000 on purchases within the first 3 months of account opening. It breaks down to:
- Earn 50,000 Amex Membership Rewards points after you spend $10,000 AND
- Earn an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership
Again, this offer ends on August 8th, 2018, so you have roughly a month to think it over. I know I will.
While the spending requirement sounds huge, it breaks down to ~$8,333 per month to earn the full 100,000 Amex Membership Rewards points. Plus, you’ll end up with at least 125,000 points when you factor in the spending (and even more if you spend in bonus categories).
When you transfer your points to partners, you can get:
- Business Class flights to Europe, Asia, South Africa, or New Zealand (depends on how far and where)
- Dozens of short-haul flights around the world – 27, to be exact @ 4,500 British Airways Avios points for flights under 651 miles outside the US
- 3 round-trip coach flights to Hawaii on United via Singapore Airlines (at 35,000 Singapore miles each)
- Round-the-world in Business Class via ANA
My friend Spencer has an excellent overview of these rewards. Any of them could be worth $1,000s of dollars on their own, which already makes it worth paying the annual fee the 1st year.
So. Many. Bennies.
I’ll do a cross-section. This card comes with:
- $200 in airline fee credits per calendar year (so you can get it in 2018 and again in 2019 – $400 total)
- 10 Gogo passes to use in-flight per calendar year (10 in 2018 and 10 in 2019 – worth $320 total)
That’s $700+ in credits right there – without counting the Global Entry credit for $100, which would add even more if you need/want to use it.
Of course, these credits are only valuable if you’ll use them! I used my airline credits for $400 in Southwest gift cards.
All fun extras to have.
You also get:
- Access to unlimited Boingo Wireless
- Gold elite status with Hilton and Starwood
- Access to Fine Hotels & Resorts
Plus, you can access Amex Centurion Lounges. I go to the one at DFW all the time (the best one!). For me, this alone is easily worth the price of admission. Not only that, but you can use the card to enter Delta SkyClubs and Priority Pass lounges.
I knowwww… every premium card comes with a Priority Pass these days. But the Centurion Lounges are really a special treat – and you can only access them with an Amex Platinum (or Black 🤪) card.
As for the Gogo passes – I value those at $16 each if you use them. That’s $160 a year (you get 10 per year, and you can use it in 2018 and 2019 before the annual fee is due again – a savings/value of $320).
Read more about the other benefits of this card here.
Earning and redeeming
This card earns 5X Amex Membership Rewards points on flights booked directly, and travel booked through Amex. And 1.5X points for purchases over $5,000.
When you select an airline and redeem your points for flights, you get 35% of your points back for coach flights on the airline you select. And 35% of points back for all Business and First Class flights, regardless of airline.
It’s NOT a good card for everyday spending as it only earns 1X point per $1 everywhere else. But when you’re meeting the minimum spending requirement, it’s worth it to earn a nice 125K haul of points. 🧐
By the numbers
Quick n dirty math time.
Assuming you keep this card for a year and meet the full spending requirements, you’d get:
- 125,000 Amex Membership Rewards points – I’m valuing this for $2,000 – and that’s a lowball estimate
- $200 in airline fee credits in 2018 and $200 in 2019 – $400 total
- $160 in Gogo passes in 2018 and another $160 in 2019 – $320 total
- $50 a month for lounge access – 50 X 12 = $600 total
This comes to $3,120 in value for paying a $450 annual fee. I have NOT tossed in the value of elite hotel status, Fine Hotels & Resorts credits, AMEX OFFERS, or booking flights at 5X per $1. And of course, these are my personal valuations. Yours will differ based on when and how you’ll use your points, how often you’ll use the lounges, if you use Gogo passes, and many other factors.
It’s a card with lots of broad benefits. But the point is: most small businesses can do well with this card. Especially if you’re spending $8,000+ a month and can earn the full welcome bonus to get at least 125,000 Amex Membership Rewards points.
Plus, this card is $450 a year – the personal versions are all $550. So this card is worth keeping instead of those for that savings, too.
Are there drawbacks?
Not really. The biggest one is this is a charge card (NOT a credit card), meaning you have to pay it in full at the end of each month (which you should already be doing anyway).
Other quirks to note:
- It takes like 2 months for your points to post because Amex delays points on a 2-cycle period, which sucks
- Some peeps don’t find the transfer partners to be “the best” (that honor would go to Chase), though they certainly have their uses
- You have to activate many of the bennies, like selecting an airline or adding Gogo passes or Amex Offers to your account – they are NOT automatic
That’s really about it – nothing major or unusual. All-in-all, this is a solid card to keep long-term, especially if you value the lounge access like I do.
- Link: Amex Platinum small business card – learn more here!
When I saw the minimum spending requirement for this card, I was like… oof. But when I broke it down, it’s ~$8,333 per month. That’s certainly still high. But many small businesses easily spend that to keep business flowing.
Plus, when you consider the value of the 125,000 Amex Membership Rewards points you’ll earn, lounge access, over $700 in annual credits, and all the other numerous benefits, it looks better and better as you parse it out.
The small business version of the card has an annual fee of $450. That’s a lot, but it’s actually $100 cheaper than the fee on the personal cards. I’m debating whether or not to jump on this offer, which expires August 8th, 2018. So we all have around a month to chew it over.
The more I think about it, the better it sounds. How about you? Will you take part or sit this one out?
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