American Express OPEN is the small business center for the American Express Brand. Over the years, they’ve launched a variety of different cards, attempting to wrangle in every type of small business owner. And while offers have changed, cards have changed, the Business Platinum Card from American Express continues to be the best small business credit card on the market today. Let me tell you why.
75,000 Membership Rewards Points Opportunity
What does it take to earn 75,000 Membership Rewards points?
- Earn 50,000 Membership Rewards points after spending $10,000 in the first three months of card ownership.
- Earn an additional 25,000 Membership Rewards points after spending an additional $10,000 in the first three months of card ownership.
Add it all up and if your small business can spend $20,000 in the first three months, the 7,000 Membership Rewards Points are yours. I think this sounds like a daunting task and depending on your business it may be out of range but for many businesses, $250,000 in a three month period isn’t all that difficult. When you consider travel, utilities, inventory and other everyday business needs, your business is likely to be able to reach that number.
Business Platinum Rewards Program
The Business Platinum Card from American Express is a travel rewards card by category and it’s rewards program is tailored toward frequent fliers. Membership Rewards points are earned in the following tiers:
- 5x Membership Rewards points on all flights and prepaid hotel purchases made through AMEXTravel.com
- 1x Membership Rewards points on all other purchases
- 50% increase in points on eligible purchases of $5,000 or more. This does not apply to the 5x category, but you can earn 1.5 points per dollar spent on everything else when meeting this marker
- 35% Airline and First Class Bonus. When you select a qualifying airline and use your points to pay for a flight (all or part), you can earn 35% of the points back, up to 500,000 points per year. You’ll also earn 35% of your points back when you book business or first class tickets through AMEXTravel.com
- Benefit Terms and Conditions Apply
In addition to the rewards program, new cardmembers of the Business Platinum Card from American Express can earn an annual $200 airline fee credit. To receive the fee credits to your account, simply select one airline and anytime you are charged a fee, American Express will refund you, up to $200 annually. You can change the airline you select once per calendar year so you’re not stuck having to fly a particular airline if your preferences change.
Incidental airline fees represent things like baggage fees, food costs and WiFi fees. Allow 2-4 weeks for American Express to provide the credit to your account after the charge has been posted.
Added American Express Perks
Perhaps the largest benefit to being an American Express OPEN cardmember is in the added perks you’re provided. American Express continues to lead all issuers in benefits and the Business Platinum Card from American Express doesn’t slouch. Some of the most notable perks you’ll receive are as follows:
- Global Lounge Collection – American Express has over 1,000 Global Airport Lounges worldwide and you’ll have access to all of them. That’s more lounge options than any other credit card issuer
- Global Entry or TSA Pre Check – Every four years, you’ll receive a statement credit of $85 or $100 for enrollment into Global Entry or TSA Pre Check. Global Entry is used more for international flights while TSA Pre Check is used for domestic ones. You can pick which program you’d like the fee to be refunded for, but not both.
- Starwood Preferred Guest Gold Status – Starwood Preferred is a leading hotel rewards program and you’ll automatically be provided Gold status without having to do anything.
- Hilton Honors Gold Status – Similarly, Hilton Honors is a great hotel platform where my wife and I stay most often. You’ll also be provided Gold Status immediately upon your Business Platinum Card from American Express approval.
- Extended Warranty – When you use the Business Platinum Card from American Express for purchases, one extra year of warranty protection can be added. This benefit applies to warranties of five years or less.
- Entertainment Access – American Express cardholders are frequently offered tickets to member-only events and receive member-only pricing. You’ll also receive premium seating to select events.
Pricing Details & $450 Annual Fee
The Business Platinum Card from American Express is a charge card so it has no interest rate. Every month, you’ll have a grace period to pay off all of the purchases you’ve made. There can be no rolling balance, there can be no interest charged. If you do not pay your balance off, American Express has the right to charge you penalties as well as close your account (which could mean forfeiture of your points). Make sure if you own this charge card, you have the funds necessary to never carry a balance.
Up until this point, the benefits and details of this card have been pretty much all positive. Big up front welcome offer, great rewards program and top of the line perks. But the cost to receive all of these things is $450. That’s heavy.
The annual fee is not waived for the first year and when you are approved for the card, it will show up on your first monthly statement. If you use this card frequently, especially for big dollar purchases, the annual fee is well worth the benefits. If you do not use this card frequently, the annual fee eats into just about any benefit you’re likely to receive beyond the intro welcome offer.
The Business Platinum Card from American Express has always been known to be one of if not the highest annual fee card in the game. $450 can be quite expensive for a business that does not take advantage of the benefits above often and American Express has a vast line of small business cards with no annual fees that may be a better suit for you.
For businesses that find themselves in the air often, the Business Platinum Card from American Express is the best small business card money can buy. A quick rundown of the big benefits your business stands to receive are as follows:
- 75,000 Membership Rewards points welcome offer
- 5x points on travel purchases through AMEX
- $200 annual airline fee credit
- $100 Global Entry fee credit every four years
- Global lounge access at airports
- Full purchase protection benefits from AMEX