Business Platinum Card from American Express Review 2022

Photo of author

by Enoch Omololu, MSc (Econ)

Updated

Advertiser Disclosure

If you’re a business owner looking for a credit card with travel perks, a high earn rate, and the chance to redeem points on travel and statement credits, the Business Platinum Card from American Express is one to consider.

For many business travellers, the benefits of this travel credit card outweigh the high annual fee. With an extensive welcome bonus and high earn rate, this is potentially one of American Express’s best business credit cards to date.

This Business Platinum Card from American Express review covers its benefits, fees, alternatives, and more.

Business Platinum Card from American Express – At a Glance

  • No pre-set spending limit
  • $499 annual fee
  • $199 annual fee for supplementary Business Platinum cards
  • $50 annual fee for supplementary Business Gold cards
  • Flexible payment options (19.99% interest rate)
  • Earn 1.25x the points on every $1 in card purchases
  • 55 interest-free days
  • Premium business benefits
  • Stainless steel and personally engraved
  • Get access to over 1,300 airport lounges across 140 countries

Business Platinum Card from American Express

Rewards: Earn 1.25x pts per $1 spent on all purchases.

Welcome offer: Get up to 80,000 bonus points in the first year.

Interest rates: 19.99%

Annual fee: $499

Business Platinum Card from American Express Benefits

New cardholders get a welcome bonus of 80,000 Membership Rewards points after spending $6,000 or more within their first 3 months.

Other Business Platinum Card from American Express benefits include:

Earn & Redeem Membership Rewards Points

On almost every purchase, earn 1.25 Membership Rewards points for every $1 spent. Supplementary cards earn virtually the same rate. There is no limit to how many points you can earn, and your points never expire.

Plus, refer a friend or family member, and you could earn a maximum bonus of 225,000 points.

All points can be redeemed on a wide range of dining, entertainment, retail, and travel rewards.

Here are just a few things you could redeem points for:

  • Air Canada flights anywhere in the world
  • Flights, car rentals, and hotels with American Express Travel
  • Transfer points to frequent flyer and hotel programs
  • Statement credits
  • Amazon.ca purchases
  • Merchandise and gift cards

Premium Business Benefits and Coverage

The Business Platinum Card from American Express in Canada includes a range of business benefits, including the following.

  • Get up to 55 interest-free days if you pay the balance in full the next month
  • No pre-set spending limit on purchases which grows over time
  • Access quarterly and annual paperless expense management reports
  • Get coverage of up to $100,000 in the event of employee card misuse

Travel and Purchase Insurance

This AMEX credit card offers a whole host of travel and purchase insurance, so you can be protected no matter what.

Out of Province/Country Emergency Medical Insurance – get emergency medical insurance with coverage up to $5,000,000 for the first 15 days of a trip (if you’re under 65).

Travel Emergency Assistance – get out-of-town emergency medical referrals and medical visits arranged by AXA.

Trip Cancellation Insurance – get covered for up to $1,500 per insured person (up to a maximum of $3,000) if your trip is cancelled for a covered reason.

Trip Interruption Insurance – get covered for up to $1,500 per insured person (up to a maximum of $6,000) if your trip is interrupted for a covered reason.

$500,000 Travel Accident Insurance – get up to $500,000 in coverage in the event of accidental death or dismemberment for you, your spouse, and dependent children.

Flight Delay Insurance – get covered for up to $1,000 for necessary purchases if your flight is delayed for over 4 hours and no alternate transportation is available.

Lost, Stolen, or Delayed Baggage Insurance – get up to $1,000 in coverage if your checked or carry-on baggage is stolen, lost, or delayed for more than 6 hours.

Hotel Burglary Insurance – get covered for up to $1,000 against the loss of personal items if your accommodation is broken into.

Car Rental Damage & Theft Insurance – get up to $85,000 in coverage for damage, theft, or loss of car rentals (48 days or less).

Buyer’s Assurance Protection Plan – automatically doubles the manufacturer’s original warranty (for up to one year).

Purchase Protection Plan – get insured for up to $1,000 in the event of accidental damage or theft of eligible items charged to your AMEX Business Platinum card.

Business Travel Benefits

As a Business Platinum Card from American Express cardholder, you get access to tons of benefits, including airport lounge programs, hotel programs, and more.

Airport lounge programs: You and one travel companion get complimentary access to Plaza Premium lounges, get Priority Pass, and access to the Delta Sky Club.

Hotel programs: Get exclusive deals at over 900 hotels and resorts and a premium hotel program membership with access to 29 hotel brands at over 6,700 locations.

AMEX Experiences and Exclusive Offers

The American Express Business Platinum card unlocks access to special platinum events, front-of-the-line access, and professional concierge service. You can also get over $1,000 in value every year with Amex Offers.

Downsides of the Business Platinum Card from American Express

With the Business Platinum Card from American Express, you can pay your balance in full or choose a flexible payment option. If you fail to pay your Due in Full balance each month, you’ll face a high interest rate of 30%.

Another downside is the Business Platinum Card from American Express’ annual fee of $499, plus $199 for each supplementary Business Platinum card.

If you decide to apply for this card, you need to ensure you’ll be able to pay the annual fee and pay off your balances in full. Otherwise, you’ll be faced with a 30% interest rate.

A credit card on a green background with the text "Business Platinum Card from American Express Review" underneath.

How To Apply for the Business Platinum Card from American Express

Click here to apply for the Business Platinum Card from American Express.

Application requirements:

  • You must be a Canadian resident with a Canadian credit file
  • You must be the age of majority in your province or territory

It’s recommended to have a credit score of at least 740 for the best chance of approval.

How To Redeem Membership Rewards Points

To view the offers available and redeem your Membership Rewards points, click here.

You can also make purchases on your card, then log in to your online account. Click “Use points for eligible purchases,” select the purchase you want to redeem points towards, and click submit.

Alternatives to the Business Platinum Card from American Express

For comparison, here are a few other similar AMEX business cards:

Business Platinum Card from American Express vs Marriott Bonvoy Business American Express Card

The Marriott Bonvoy Business American Express card has a 19.99% interest rate on purchases and $21.99% on cash advances. To get this card with all its perks, you’ll pay a $150 annual fee.

On almost all purchases, you earn Marriott Bonvoy points which can be redeemed on various travel bookings and perks.

The earning structure is as follows:

  • Earn 5 points for every $1 spent on Marriott Bonvoy purchases
  • Earn 3 points for every $1 spent on gas, travel, and dining purchases
  • Earn 1 point for $1 spent on everything else

With this card, you also get a range of travel and shopping insurance coverage.

Marriott Bonvoy Business American Express Card

Rewards: Earn 5 pts/$1 spent at Marriott Bonvoy; 3 pts/$1 on travel, gas, & dining; 2 pts/$1 everywhere else; 1 free night each year; Elite Night credits.

Welcome offer: Get up to 50,000 bonus points in the first year.

Interest rates: 19.99% on purchases and 21.99% on cash advances.

Annual fee: $150

Business Platinum Card from American Express vs American Express Business Edge Card

The American Express Business Edge card is one of the best business credit cards made for small business owners.

With a $99 annual fee, this credit card has an interest rate of 19.99% on purchases and 21.99% on funds advances.

You’ll earn Membership Rewards Points which you can redeem on travel, dining, entertainment, and retail purchases.

American Express Business Edge Card

Rewards: Earn 3x the points per $1 spent on office supplies, gas, food, & electronics; 1x points everywhere else.

Welcome offer: Get up to 67,000 bonus points in the first year.

Interest rates: 19.99% on purchases and 21.99% on cash advances.

Annual fee: $99

Business Platinum Card from American Express vs American Express Air Miles for Business Card

The American Express AIR MILES for Business Card has an annual fee of $180, with each supplementary card costing $50 yearly.

Earn 1x Air Miles for every $10 spent at eligible Air Miles partners and 1x Air Miles for $15 spent on everything else.

This card includes 55 interest-free days, a whole suite of business perks and coverage, travel insurance, purchase coverage, and more.

Is the Business Platinum Card from American Express For You?

If you own a business, make large purchases often, and travel, the Business Platinum Card from American Express might be for you.

With a suite of travel insurance and perks, this card is an excellent choice for travellers with large expenses, as you can earn 1.25x the points on almost every purchase.

It may not be worth the high annual fee of $499 for everyone, but the travel perks are hard to beat.

Best Credit Offers in September 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories; 0.5% elsewhere.

Get 15% bonus cash back in the first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Access to a portion of your paycheque three days early.

1.20% savings interest on every dollar balance.*

The Neo Card pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Earn up to 5% cash back at 7,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Shares
Share
Pin
Tweet
WhatsApp
Reddit