Banking

I’m switching from the Amex Platinum to Business Platinum to save $100 in annual fees — but I’ll keep many of the same benefits anyway

This post contains links to products from our advertisers, and we may be compensated when you click on these links. Our recommendations and advice are ours alone, and have not been reviewed by any issuers listed. Terms apply to offers listed on this page.

I’ve been a huge fan of The Platinum Card® from American Express since I first opened it, and my love for the card and its benefits is well-documented (see here, here, and here). The card’s annual fee has always been high, but in my mind, the hundreds of dollars worth of credits it offered made it unquestionably worth the price.

Even so, last week’s announcement that the annual fee would jump to $695  (See Rates) from $550 gave me pause.

Amex added a slew of new credits to offset the fee, but they’re not credits I’m particularly interested in using — and so for the first time, I’m seriously considering switching over to The Business Platinum Card® from American Express instead.

Why I’m weighing a change from the Amex Platinum

Regular APR

See Pay Over Time APR

Featured Reward

100,000 Membership Rewards points after you spend $6,000 in your first 6 months of card membership, plus 10x points on eligible purchases on the Card at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first 6 months of card membership

Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details

  • Pros
    • Long list of travel benefits, including airport lounge access and complimentary elite status with Hilton and Marriott (enrollment required)
    • Annual statement credits with Saks and Uber
    Cons
    • Bonus categories leave something to be desired
    • One of the highest annual fees among premium travel cards
    • Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.
    • Plus, earn 10x points on eligible purchases on the Card at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first 6 months of Card Membership.
    • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
    • Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
    • $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®.
    • $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, and The New York Times. Enrollment required.
    • New! American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
    • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one qualifying airline.
    • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status available to Basic Card Member only.
    • $300 Equinox Credit: Get up to $25 back each month on select Equinox memberships. Enrollment required.
    • $179 CLEAR® Credit: Use your Card and get up to $179 back per year on your CLEAR® membership.
    • $695 Annual Fee.
    • Terms Apply.


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    While the Platinum Card may be packed with benefits, there’s no way around the fact that $695 is a big chunk of change to hand over all at once every time your cardmember anniversary rolls around. And of the new credits and discounts Amex is offering, none of them really jump out at me.

    Read more: Amex Platinum card review

    There’s up to $200 in hotel credit for prepaid bookings at Fine Hotels and Resorts or The Hotel Collection properties made through American Express Travel, but when I’m staying at fancy hotels, I prefer to do it completely for free using points. There’s also a $240 digital entertainment credit** that covers subscriptions to select media and streaming platforms, but I already get a subscription to the only one that interests me — The New York Times — through my job.

    Then, there’s up to $300 in annual statement credits on Equinox gym memberships or its on-demand fitness app**, but I’m still happily addicted to the Peloton I bought early in quarantine (and using statement credits from my Chase Sapphire Reserve® to cover much of that subscription fee).

    And the private jet membership discounts Amex added? Let’s just say I think I’ll be sticking to commercial aircraft, even with the reduced fee.

    Read more: Amex Platinum versus the Amex Business Platinum: Which premium card is right for you?

    There’s just one new credit I’m sure I could maximize, and that’s a $179 credit for CLEAR membership**.

    Why the Amex Business Platinum caught my eye

    Regular APR

    14.24 – 22.24 Variable

    Credit Score

    Good to Excellent

    Featured Reward

    100,000 Membership Rewards® points after you spend $15,000 on eligible purchases within your first 3 months of card membership

    Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details

  • Pros
    • More travel benefits than you’ll find on any other business credit card
    • Generous airport lounge access options, from American Express Centurion Lounges to Priority Pass (enrollment required)
    • Complimentary hotel elite status (enrollment required)
    • Access to Amex concierge services
    Cons
    • Very high annual fee
    • Limited opportunities to earn bonus points
    • Annual statement credits won’t be useful for everyone
    • Welcome Offer: Earn 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card within the first 3 months of Card Membership.
    • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.
    • Get 50% more Membership Rewards® points. That’s an extra half point per dollar, on each eligible purchase of $5,000 or more. You can get up to 1 million additional points per year.
    • 35% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 35% of the points back, up to 500,000 bonus points per calendar year when you book on amextravel.com.
    • Breeze through security with CLEAR® where available and get up to $179 back per year on your membership when you use your Card.
    • Enroll to get up to $200 in statement credits annually by getting up to $100 semi-annually for U.S. purchases with Dell. Terms apply.
    • Pay Over Time Option: A flexible payment option to help manage cash flow on purchases of $100 or more.
    • Terms Apply.


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    Here’s the thing: The Amex Business Platinum Card is getting the CLEAR membership credit, too, and without the $695 price tag.

    The business version of the card bears an annual fee of $595, which, while not exactly cheap, is a full $100 below the Platinum Card‘s yearly cost.

    Read more: American Express Business Platinum card review

    And the Amex Business Platinum Card features many of the same perks and benefits I love about the personal card — including Centurion Lounge access, the up to $200 airline incidental fee credit**, and the ability to earn 5x points per dollar on flights (though with Amex Business Platinum Card, they must be booked through Amex Travel to earn the multiple).

    It also has a few of its own nifty perks that its personal counterpart doesn’t. For instance, with the Amex Business Platinum Card, you’ll get a 35% points rebate when you redeem points for first- or business-class tickets — or for any fare class when you book with a preselected airline of your choice — through Amex Travel.

    The card also comes with up to $200 in annual Dell credits**, as well as the ability to earn 1.5x points per dollar on each eligible purchase of $5,000 or more.

    The potential game plan

    Regular APR

    See Pay Over Time APR

    Featured Reward

    60,000 points after you spend at least $4,000 in your first 6 months of account opening

    Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details

  • Pros
    • Great rewards for dining and for shopping at US supermarkets
    • Monthly statement credit for eligible dining purchases recoups some of the annual fee
    Cons
    • Underwhelming welcome bonus
    • Rose Gold is back. You can now choose between Gold or Rose Gold.
    • Earn 60,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 6 months.
    • Earn 4X Membership Rewards® Points at Restaurants, including takeout and delivery, and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
    • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
    • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
    • $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations. This can be an annual savings of up to $120. Enrollment required.
    • Get up to 12 complimentary months of an Uber Eats Pass subscription when you enroll with your Gold Card by 12/31/21.
    • No Foreign Transaction Fees.
    • Annual Fee is $250.
    • Terms Apply.


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    It’s not possible to product change from a personal card to a business card, but that’s fine by me since product changing doesn’t allow you to earn a welcome bonus with your new card. The Amex Business Platinum Card is currently offering 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases within your first 3 months of card membership, and that’s an opportunity I wouldn’t want to miss out on.

    But I’d still have to find something to do with my personal Platinum Card, and that’s where the American Express® Gold Card
    comes in. I don’t currently have the Amex Gold Card, which is a dining superstar, earning 4x points per dollar on both restaurant spending and on up to $25,000 spent at U.S. supermarkets each year (then 1x).

    Read more: American Express Gold Card review

    I’m also not eligible for the card’s bonus of 60,000 points after you spend at least $4,000 in your first 6 months of account opening since customers are limited to one bonus per lifetime, and I held the card and earned a bonus several years ago before I really understood how points and category bonuses worked.

    All in all, if I make these swaps instead of keeping my Platinum Card, I’ll increase my points-earning capacity on all things food-related, earn 100,000 Membership Rewards points, and shave $100 off my annual Platinum fee. Not bad, considering I’ll mainly just be forfeiting unwanted credits!

    Featured credit cards from our partners

    Featured Reward

    100,000 points

    Credit Needed

    Good to Excellent

    Featured Reward

    3 Free Nights (valued up to 50,000 points each) after spending $3,000 in the first 3 months, plus 10x total points per $1 spent on up to $2,500 in combined purchases in select categories within your first 6 months

    Credit Needed

    Good to Excellent

    Featured Reward

    $200 after spending $500 in the first three months from account opening

    Credit Needed

    Good to Excellent

    Most Related Links :
    Business News Governmental News Finance News

    Need Your Help Today. Your $1 can change life.

    [charitable_donation_form campaign_id=57167]

    Source link

    Back to top button