Last chance: Final day to apply for the Amex Business Platinum before its annual fee goes up

Jan 12, 2022

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Back in October, the popular The Business Platinum Card® from American Express underwent a major revamp.

At the time, Amex raised the welcome bonus by 20,000 points compared to the previous public offer and unveiled new and improved perks — but also announced an annual fee hike to $695 per year (see rates and fees).

Well, that fee hike is about to go into effect both for those who apply for the card on or after Jan. 13, 2022, as well as for existing cardmembers whose renewal is beyond that date. If you have been thinking about applying for the card, today is the last day to lock in the lower annual fee of just $595 for the first year before it jumps to the higher amount. There are plenty of reasons to do so beyond simply saving $100, though.

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New cardholders can take advantage of an improved welcome offer of 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first three months of card membership, as well as several calendar year-based statement credits before the end of 2022, all of which make it worth applying for right now. Here’s what else you need to know.

Official application link: The Business Platinum Card from American Express

In This Post

Current welcome offer: Worth up to $2,400

(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 spending and the new statement credits (which we’ll chat about below), this card is really targeted at 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

Here’s a snapshot of all the new perks the Amex Business Platinum received back in October:

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 semiannually. 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 U.S. 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 the 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 on Jan. 13, 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. But you’ve got to get your application in before then.

The card’s new $695 annual fee is the same as The Platinum Card® from American Express personal card, which was bumped from $550 earlier this year (see rates and fees).

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

Use your Amex Fine Hotels + Resorts perk to book a one-bedroom pool villa at the Four Seasons Resort Mauritius at Anahita. (Photo courtesy of the Four Seasons Resort Mauritius at Anahita)

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 is 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 has an array of new credits and benefits, but its annual fee will go up tomorrow by $100 — to $695. If you apply today though, you’ll lock in the lower $595 fee for the first year before being subject to the higher one, so there’s not much time to hesitate. Now is an excellent time to apply anyway thanks to the card’s incredible 120,000-point introductory bonus, not to mention its new, value-added benefits.

Here’s the official link to apply for the refreshed Business Platinum Card from American Express with a 120,000-point welcome offer.

Additional reporting by Eric Rosen, 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 photo by Wyatt Smith/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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