In July, American Express revamped its consumer Platinum Card, and now it is small business owners' turn. Beginning Oct. 13, Amex Business Platinum Card users will be eligible for hundreds of dollars annually in new perks and an increased rewards rate on certain expenses. The card's annual fee will also go up, but cardholders who can maximize the new benefits should get more than enough value to make up for it.

Key Takeaways

  • American Express has made significant changes to its Business Platinum Card just a few months after doing a similar revamp to the consumer version of the card.
  • While the new benefits won't work for all small business owners, it's possible to get more value from the card's perks alone than the cost of the annual fee.
  • The annual fee will be increasing to $695.
  • Cardholders will still get all the same premium travel perks that the card has offered up until now.

The New Business Platinum Card Expands Its Suite of Perks to Appeal to More Business Owners

The American Express Business Platinum Card has long been a premium travel credit card for small business owners. But in recent years, the card issuer has added more business-specific perks. In 2018, for instance, it added an annual credit on Dell purchases and Platinum Global Access with WeWork for a year. It also increased the annual fee from $450 to $595.

Now, Amex has added even more perks tailored to specific business needs, and it's increasing the annual fee again, this time to $695.

Here's what new and existing Business Platinum cardholders will now get, along with the annual fee hike:

  • 1.5 points per dollar on up to $2 million in purchases each calendar year on electronics goods retailers, software, and cloud service providers, construction materials and hardware supplies, and shipping providers.
  • Up to $400 in annual statement credits on all Dell purchases, up to $200 semiannually. This is a $200 increase from the existing Dell benefit on the card.
  • Up to $360 in annual statement credits on all Indeed hiring and recruiting products and services, up to $90 per quarter.
  • A $150 annual statement credit on select purchases, including Adobe Creative Cloud and Acrobat Pro DC with e-sign.
  • Up to $120 in annual statement credits for purchases made directly from any U.S. wireless telephone provider, up to $10 per month.
  • An annual $179 statement credit toward a Clear membership for expedited airport security screening.
  • A 20% discount on Wheels Up Connect and a 40% discount on Wheels Up Core memberships. 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 which Wheels Up membership you choose.
  • Membership in the new Global Dining Access program by Resy, which gives cardholders exclusive reservations at some of the world's top restaurants, access to premium events, and other perks like priority notify and VIP status.

The new annual fee will be effective on Jan. 13, 2022, for both new and existing cardholders. Depending on how you use the card, you could easily make up for the increased annual fee. But as with any credit card, it's important to consider your spending habits and whether you would actually take advantage of the benefits to determine if it's right for you.