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On the heels of revamping its personal Platinum card in July, American Express on Thursday released a refreshed version of its premium business card, The Business Platinum Card® from American Express, with new perks that include several new bonus categories, multiple new annual credits and an improvement in an existing card credit.
The changes differ from those made to the issuer’s personal version of the Platinum card, though the Business Platinum will now come with a matching higher $695 annual fee for both new and existing card members renewing their card on or after Jan. 13, 2022.
However, the new perks come into effect immediately for both new and existing Business Platinum card members, and include:
- 1.5 points for every dollar spent on electronics goods, retailers, software, cloud service providers, construction materials, hardware supplies and shipping providers, up to $2 million in spending each year (then 1x).
- Up to $360 in annual statement credits on all Indeed hiring and recruiting products and services, split into credits of up to $90 each quarter.
- Up to $120 in annual statement credits for purcahases made directly with any U.S. wireless telephone provider, split into credits of up to $10 per month.
- Up to $400 in annual statement credits on all U.S. Dell purchases, split into credits of up to $200 in each half of the year. This is a $200 yearly increase of the card’s current Dell credit.
- A $150 annual Adobe credit on annual prepaid subscriptions for eligible Creative Cloud and Acrobat Pro DC software packages.
- An annual $179 statement credit for a Clear membership, which offers expedited security screening at select airports and stadiums across the country.
- A 20% discount on Wheels Up Connect private jet membership and a 40% discount on a Wheels Up Core membership, plus a $500 or $2,000 credit added to your Wheels Up account to use toward an initial flight within the first year, depending on the selected Wheels Up membership.
- Access to the Global Dining Access by Resy, which provides exclusive reservations at some of the world’s top restaurants, access to premium events, and other perks like priority notify and VIP status.
While the last three benefits on the list match those added to the personal Platinum card, the other new perks are designed for small business owners who may be likely to take advantage of hiring and technology services.
All of the existing benefits of the Business Platinum card remain unchanged, including access to the Amex Centurion Lounge network, Delta Sky Clubs (when flying Delta), up to $200 in annual airline fee credits, 5 points per dollar on flights and prepaid hotels booked through Amex Travel, a 35% points rebate for flights booked on your selected airline — or any airline in first or business class — using points at Amex Travel, up to $100 in Global Entry or TSA PreCheck credits and cell phone protection.
Are the new Business Platinum benefits worth the increased annual fee?
While the changes made to the personal Amex Platinum card in July were somewhat controversial given the accompanying $145 annual fee increase, these new Business Platinum perks are more accessible and business-focused. Also, since the Business Platinum card already carries a $595 annual fee (see rates and fees), the increase slated to take effect in January is relatively smaller as well.
In particular, the card’s new wireless credits should be relatively easy for most small business owners to utilize. Setting up a Business Platinum card to automatically pay your monthly wireless cell phone bill will effortlessly result in $120 in new annual credits. That easily offsets the card’s $100 annual fee increase.
The doubling of the annual Dell credits also add value to the card, since the online computer retailer often carries popular electronics from major brands, such as headphones from Bose, Ring video doorbells, Samsung Galaxy Buds and more, in addition to its own desktop and laptop machines.
Overall, if the benefits of the Business Platinum card were worth the cost for your small business before, the card is likely still worth the increased cost now. In some cases, the card could make sense for businesses that couldn’t justify the cost before thanks to these new credits.
If you’re a small business owner who’s considering getting the Business Platinum card, right now new card members can earn 120,000 bonus points after spending $15,000 on eligible purchases with the card within the first three months after opening the account. While that’s a large spending requirement, it should be accessible for businesses who have significantly monthly expenses that can be paid with a credit card.
Read CNN Underscored’s guide to the best American Express credit cards for cash back and travel rewards.