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120,000 point bonus: The Amex Business Platinum card with refreshed perks and a higher annual fee

The Points Guy logo The Points Guy 11/24/2021 The Points Guy
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Editor’s note: This story is regularly updated with the latest information and offers.

Earlier this year, Amex made a significant revamp to one of the most premium travel cards on the market: The Platinum Card® from American Express.

But in October, Amex got down to business (pun intended). The Business Platinum Card® from American Express received some major updates of its own with refreshed perks, an annual fee that will jump by $100 to $695 per year (see rates and fees) and a welcome bonus that is a full 20,000 points more than the previous public offer.

The card’s new annual fee of $695, which will match that of the personal Amex Platinum (see rates and fees), kicks in for both new and existing Business Platinum cardholders on Jan. 13, 2022. That means if you apply before Jan. 13, 2022, you can take advantage of several new perks the card is adding while still paying the lower $595 rate for another year before your next renewal.

As for new cardholders, the card’s welcome offer jumped up to 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first three months of card membership, which makes it worth applying for right now.

Official application link: The Business Platinum Card from American Express

With exceptional travel perks and premium benefits, the Amex Business Platinum has been one of the best business cards on the market. After its benefits update in October, though, should you still add it to your wallet (or keep it there)?

Let’s take a closer look at the changes and this latest offer.

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In This Post

Current welcome offer: Worth up to $2,400

a hand holding up a mountain in the background: (Photo by Ryan Patterson for The Points Guy) © The Points Guy (Photo by Ryan Patterson for The Points Guy)

For new Business Platinum members, the card’s welcome offer is now 120,000 points after you spend $15,000 on eligible purchases within the first three months of card membership.

Based on TPG’s most recent valuations, 120,000 Membership Rewards points are worth a whopping $2,400 in travel. However, you may be able to get even more value if you redeem your Amex Membership Rewards points for high-value redemptions. For example, here are some of the best ways to use Amex Membership Rewards points.

To get the full 120,000-point bonus, your business will have to put a large amount of spending on the card in a pretty short period. Therefore, with the card’s hefty initial required spend and the new statement credits (which we’ll chat about below), this card is really targeted for businesses with multiple employees and fairly significant expenses.

Related: Things to do when you get the American Express Business Platinum card

Refreshed card benefits and annual fee

In October, at the same time Amex announced that the card’s annual fee would increase starting in January, the Business Platinum also added and updated some perks, including several statement credits.

There’s some method to the madness of how Amex decided on these credits specifically. Amex says that from July 2020 through June 2021, almost 90% of existing Business Platinum cardholders used their card to spend on key business services such as wireless, technology, software, shipping and recruitment.

And that’s what Amex honed in on with this latest update in October.

Full list of Business Platinum credits

Video: American Express CEO on consumers, business travel and payments competition (CNBC)

Credit  Annual amount   New or existing How it works
Dell Up to $400 Existing, but up from $200 as of October 2021 Annual statement credit on all U.S. Dell purchases, up to $200 semi-annually. This is a $200 increase from the existing Dell benefit.
Indeed Up to $360 New as of October 2021 Annual statement credit on all Indeed hiring and recruiting products and services to post open positions and find talent, up to $90 per quarter.
Adobe Up to $150 New as of October 2021 Annual statement credit on select purchases, including Adobe Creative Cloud and Acrobat Pro DC.
Wireless telephone services Up to $120 New as of October 2021 Annual statement credits for purchases made directly from any US wireless telephone provider, up to $10 per month.
Clear Up to $179 New as of July 2021 Statement credits toward an annual Clear membership for expedited airport security.
Airline fee Up to $200 Existing Annual airline fee credit of up to $200 on charges by the airline you select per calendar year.
Global Entry or TSA PreCheck Up to $100 Existing Statement credits for Global Entry ($100) or TSA PreCheck ($85) every four years (4.5 years for PreCheck).

In total, the Business Platinum now offers over $1,400 in statement credits that you could potentially maximize, with over $800 in added credits through this October refresh. Enrollment is required for select benefits. However, it’s clear from the specific nature of several of these credits — and their respective restrictions — that some cardholders will not be able to fully utilize them all.

Annual fee increase

Amex will soon have parity across its premium card products, at least when it comes to the annual fee. The Amex Business Platinum is raising its annual fee by $100 to $695 per year starting in January 2022. That means new cardholders and existing ones with a renewal before Jan. 13, 2022, will be charged the $595 rate until the changeover date.

That $695 annual fee is the same as the personal Amex Platinum, which was bumped from $550 earlier this year.

Related: Card showdown: Amex Platinum vs. Amex Business Platinum

New bonus categories

The Business Platinum has also gotten new bonus categories. Cardholders will now earn 1.5 points per dollar on up to $2 million in eligible purchases in the U.S. per calendar year with:

  • Electronic goods retailers.
  • Software.
  • Cloud service providers.
  • Construction materials and hardware supplies.
  • Shipping providers.
  • Purchases of $5,000 or more.

A list of providers in each specific category can be found on the Amex site here. This new bonus is in addition to the existing categories that were already on the card, which include:

  • 5 points per dollar spent on flights booked through Amex Travel.
  • 5 points per dollar on prepaid hotels booked through Amex Travel.
  • 1 point per dollar on other eligible purchases.

Who is eligible for the Amex Business Platinum welcome offer?

This Amex Business Platinum welcome offer carries Amex’s standard language regarding welcome offer eligibility:

“Welcome offer not available to applicants who have or have had this Card. We may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.”

The personal and business versions of the Amex Platinum are considered different products. So, even if you currently have the Amex Platinum, the issuer’s one-bonus-per-card-per-lifetime rule won’t prevent you from earning the business card’s bonus.

Likewise, you may be eligible to earn a welcome offer on the Amex Business Platinum even if you already have another Amex business card, such as the American Express® Business Gold Card.

However, Amex may not give you a welcome offer based on the number of American Express cards you have opened and closed as well as other factors. So, look out for any messages or pop-ups while you apply. Amex’s welcome bonus qualification tool will notify you if you aren’t eligible for the welcome bonus and allow you to withdraw your application.

Related: What credit score do you need for the Amex Business Platinum Card?

Additional Business Platinum benefits

a room filled with furniture and a large window: Use your Amex Fine Hotels + Resorts perk to book a one-bedroom pool villa at the Four Seasons Resort Mauritius Anahita. (Photo courtesy of the hotel) © The Points Guy Use your Amex Fine Hotels + Resorts perk to book a one-bedroom pool villa at the Four Seasons Resort Mauritius Anahita. (Photo courtesy of the hotel)

The welcome offer and statement credits are only one part of the Amex Business Platinum‘s appeal. After all, the Business Platinum also confers many other excellent, ongoing perks, including:

*Enrollment required for select benefits, terms apply.

See the full review of the Business Platinum Card from American Express for more details.

Bottom line

The Business Platinum Card from American Express will soon have a new $695 annual fee and an array of new credits and benefits. If you can maximize several of them, such as the existing up to $200 airline fee statement credit, the up to $179 Clear membership statement credit and an updated up to $400 Dell credit for U.S. purchases, you’ll effectively come out ahead.

Once you factor in the extensive lounge network the card can get you into and other perks, the Amex Business Platinum could easily be worth it. And of course, earning a 120,000-point welcome bonus makes it extra enticing.

After all, there is no other business card on the market with as many travel benefits as this one. Remember, if you apply before Jan. 13, 2022, you’ll be locked in to the current $595 annual fee for a full year (then $695 per year after that).

Official application link: The Business Platinum Card from American Express to get 120,000 points.

Additional reporting by Stella Shon and Katie Genter. 

For rates and fees of the Amex Business Platinum Card, click here.

For rates and fees of the Amex Platinum Card, click here.

Featured image by Ryan Patterson for The Points Guy.

Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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