Verdict: The American Express Business Platinum card offers big benefits for big business spenders. Points accrue quickly and can be redeemed for many travel-related luxury rewards, from airline tickets to luxury getaways.

It’s unusual that I research a credit card and find myself virtually drooling over the perks and benefits. As a frequent traveler, this card makes me wish I ran a medium-to-large size business, just so I could have all the benefits of being an American Express Business Platinum Cardmember.

Overview:
As with most cards in the American Express family, the Business Platinum card accrues no interest, since balances are due at the end of each billing period. The perks for travelers are valued at approximately $3,000. If you or your employees travel even a few times a year, the $450 annual fee quickly pays for itself.

The card also offers Membership Rewards points similar to other American Express cards. You’ll earn 1 point for every dollar you spend, with opportunities to earn bonus points, as well.

How This Card Works:
The American Express Business Platinum Card has no pre-set spending limit. Although balances are due in full each month, some Cardmembers also have the option of paying for large purchases over time with the Extended Payment Option.

The card has several other features not offered on many credit cards that make it good for business owners. For instance, Express Management Tools permit Cardmembers to create customized reports based on spending data, then download the information to Quickbooks for easier budgeting.

The OPEN Savings plan offered by AMEX provides savings of 3 to 25% when you make purchases from companies like FedEx and Hyatt Hotels and Resorts. The 24-hour American Express OPEN customer service center provides more spending flexibility and can accommodate card replacement requests, credit line increases, extended payment options and more.

Additionally, this card makes it easier to run the financial aspects of your business. You can pay ongoing expenses monthly simply by charging them automatically to your account – and earn Reward points for doing so.

You can also check account information via e-mail, cell phone, smart phone or pager – a great benefit while you’re on the road. Pay bills easily online or by phone.

Rewards Program
Like most Amex Rewards cards at this level, the Rewards program is generous.

• Earn one point for every dollar spent
• Earn double points when you book with American Express Travel
• Earn 4X points when you shop at the Bonus Points MallPoints are earned based on how you use your Card.
• Points never expire

A widget on the card’s website lets you select your monthly spending and see how many Rewards points you would earn after one year. If you’re considering this card primarily for the Rewards, this lets you see, at a glance, if it would be worth your while. You’ll also see suggestions of ways to “Reward yourself” or “Reward employees,” which fall within your projected annual points balance.

Fees

• $450 annual fee
• Additional Business Platinum Card for employees: $300
• Late payment fee varies from state to state, from 0 to the greater of $35 or 2.99% of the delinquent balance

Travel and Shopping Benefits
In addition to earning Rewards points good for business and leisure travel, the American Express Business Platinum card offers a host of travel benefits whose retail value far exceeds the annual fee. Many of these benefits are tailored to make business owners more productive, in the office or on the road.

• Airport Club access at worldwide partner clubs (value: $950/year)
• Elite car rental membership at Avis, Hertz and National Car Rental
• 90-day Purchase protection up to $10,000 per purchase
• 24/7 on-call professional and personal concierge service (value: $1,000+)
• Walk-in access  to full-service business lounges worldwide
• Special upgrades and amenities at 600 exclusive hotels and resorts worldwide

These are in addition to standard AMEX Cardmember benefits such as Car Rental Loss & Damage Insurance, Identity Theft Assistance, Travel Accident Insurance and more.

Pros:

• Quality customer service
• The American Express reputation & prestige
• No finance charges
• Extended pay options
• No pre-set spending limit
• Generous Rewards program
• Rewards points don’t expire
• A myriad of benefits designed to help you manage your business and stay productive

Cons:

• Monthly spending must be relatively high to accrue Rewards points quickly for some of the better Rewards – best for large businesses
• Late payment fees can be high, depending on your balance
• $300 annual fee for each additional card

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