American Express Platinum Business Card | Reviewed

American Express Platinum Business Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
American Express Platinum Business Card
Apply by 29 apr 19
7 reviews
American Express Platinum Business Card
Receive 120,000 points when you apply before 29th April 2019, are approved and spend $5,000 within your first 2 months of Card Membership. (Conditions Apply)
Earn up to 2 Membership Rewards points per $1 spent.
Platinum benefits including a metal card right out of the envelope.
Add to comparison
Membership Rewards Ascent
Membership Rewards Ascent
2 pts
per $1 spent
120,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive 120,000 points when you apply before 29th April 2019, are approved and spend $5,000 within your first 2 months of Card Membership. (Conditions Apply)
Complimentary access for you and a guest to over 1,200 lounges across 130 countries. (Conditions Apply)
Platinum benefits including a metal card right out of the envelope.
Earn up to 2 Membership Rewards points for every $1 spent until 14 April 2019, after which you will earn up to 2.25 points.
From 15 April 2019, you will earn 2.25 points for every $1 spent, except government where you will earn 1 point for every $1 spent.
Platinum Business Concierge gives you 24/7 access to premium services.
Platinum’s by invitation only program gives you access to exceptional events and experiences that are not open to the general public.
Fine Dining privileges offer you assistance in securing your reservations at world-class restaurants around the globe.
Complimentary Platinum Travel Insurances.
Large $1,750 p.a. annual fee.
Points earning threshold of 375,000 points after which the earn rate drops to a maximum of 1 point per $1 spent.

Point redemption rates will change as of 15 April 2019. Please go to bit.ly/rwd415 for more details.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the American Express Platinum Business CardReviewed by Yvonne Taylor

Take a deep breath and swallow the news about the $1,750 annual fee on the American Express Platinum Business Card before you do anything else. After this, the news is all good, and the card will introduce you to an elite corporate lifestyle that most people can only dream about. The pinnacle of travel, entertainment, dining, blue-ribbon insurance cover and rewards points will be yours, all in the name of business.

Up to 99 supplementary cardholders, free of charge

Once you’ve paid the $1,750 primary card fee, there is no further cost for up to 99 supplementary cards. So you can choose to have just one for your spouse, or a couple of extra ones for trusted employees, or make the fee a very economical prospect indeed by issuing cards to all employees who have purchasing authority. Amex says that “The Business, the Basic Card Member and each Supplementary Card Member are jointly and severally liable for all Supplementary Card spending”, which means that the liability is shared with your employees to some extent.

120,000 bonus points to get you started

Spend just $5,000 in the first two months – not too difficult for most businesses – and Amex will get you off to a flying start by crediting you with a massive 120,000 Membership Rewards Ascent Premium points. (Read more about the Membership Rewards Ascent Premium program below).

If in the previous 18 months you haven’t held any other American Express card, you are eligible for this bonus points offer.

What are 120,000 Membership Rewards points worth?

What could you do with 120,000 points? You could convert them into Qantas Frequent Flyer points at a 1:1 exchange rate. 120,000 QFF points is enough for a return business class flight flight from Sydney to Hong Kong, for example, worth at least $4,500.

Take note, however, that Membership Rewards redemption rates will change in April 2019. See below for more details.

Elite lifestyle

Who knew that a charge card could package so many services designed to ease the stresses and challenges of a fast-paced corporate life? Here’s what Amex will give you with this card:

  • Complimentary access to more than 1,200 airport lounges in over 130 countries for each cardholder and in some cases up to two guests. This is the American Express Global Lounge Collection, and it includes Centurion, American Express and Priority Pass lounges, as well as Virgin Australia lounges when flying with Virgin.
  • International Airlines Program membership, giving access to savings of up to 20 percent on First and Business Class fares when booking through the Platinum Travel Service.
  • The premium services of Platinum Business Concierge. This service includes not just the usual accommodation, dining and entertainment advice and reservations, but also legal or medical assistance if required, so that interruption to business (or leisure) is minimised.
  • Membership of Amex Platinum’s ‘By Invitation Only’ program, providing invitations to unparalleled experiences that money alone cannot buy. Previous offerings include An Evening with Heston Blumenthal, Dinner with Bill Bryson, and a private Archibald Prize viewing.
  • Fast-track membership in the elite tier of four luxury hotel guest programs: Radisson, Shangri-La, Starwood and Hilton.
  • Accor Plus hotel membership, including a complimentary night’s accommodation each year, 50 percent dining discount, and more, worth $395 according to Amex.
  • Fine Hotels & Resorts complimentary membership, including free breakfast, late checkout, early check-in, room upgrades and more, at over 1,000 5-star hotels worldwide – Amex estimated value is $700.
  • 24/7 access to the American Express Platinum Travel Service, to save you time and help you find the best options for both business and your precious free time.
  • Complimentary membership of the elite Preferred Golf Club: 85 celebrated golf resorts and hotels overseas.
  • A free, multi-device digital news subscription to the Australian Financial Review, valued at $628 p.a..

First class complimentary insurance cover

Most premium cards – and even some lesser ones – come with international travel insurance, but the travel insurance accompanying this card is particularly comprehensive and is designed to make business travel easier. There is also a suite of policies to cover goods purchased for both business and personal use, and typical emergency situations. The long list of policies includes:

  • Travel insurance (both international and domestic) for the primary and all supplementary cardholders, and their accompanying spouses and children. Unlike the vast majority of cards, there is no requirement to purchase trip fares, or meet a certain level of trip expenditure with the card, in order to activate the policy. Just holding the card is enough. Items and situations covered go far beyond a standard travel policy. They include:
    • Emergency medical expenses while overseas
    • Lost, stolen or delayed luggage, money and documents
    • Delayed, cancelled or missed flights
    • Cost of non-refundable expenses when a trip is unavoidably cancelled
    • Rental vehicle insurance excess waiver
    • Cost of resumption of journey interrupted by cardholder’s serious illness or a close relative’s serious illness or death
    • Loss of income as a result of serious illness or accident during a trip
    • Travel and accommodation costs for close relatives in the event of the cardholder being the victim of a hijack or kidnap
  • Transport accident cover. Cash compensation of up to $400,000 is paid for loss of life or limb sustained as a result of an accident while travelling as a passenger on public transport or a commercial airline.
  • Card account balance waiver. Clears any amount owing (up to $25,000) on the card if you make a successful transport accident claim.
  • Business trip completion cover. Pays for another employee to complete a business trip on behalf of a cardholder whose trip is interrupted by serious illness or death (including the serious illness or death of a close relative).
  • Purchase protection cover. Items bought with the card are protected against loss, theft or accidental damage for 90 days. (Many cards limit cover to personal items only, but since this is a business card, business purchases are included.)
  • Refund protection cover. If a retailer refuses to let you return an unused item you bought with the card up to 90 days previously, Amex will refund the purchase price.
  • Extended warranty/Buyer’s advantage. This doubles the manufacturer’s Australian warranty on items bought with the card, up to a maximum of 12 extra months.
  • Rental vehicle insurance excess waiver in Australia, where the rental begins more than 150 kilometres from your normal residence.
  • Monthly business expenses cover. This reimburses the monthly business expenses of self-employed primary cardholders if they are temporarily disabled and lose their income for 30 days or more. (Maximum benefit $3,000 per month, $12,000 per event.)
  • Overseas legal assistance provides referrals to legal practitioners and advance of emergency legal fees and bail bond.
  • Roadside assistance in Australia, including towing and a temporary replacement vehicle, in the event of vehicle accident or breakdown.
  • Home assistance in Australia in emergency situations such as storms, including tradesmen emergency callout, referrals and expenses.

It’s clear that this is head and shoulders above the average credit or charge card complimentary insurance, and there’s a definite slant towards business needs.

All this, and rewards points too

Although the rewards points are appearing way down the list here, they may feature in a higher position in your personal assessment of a card’s value. If that’s the case, you aren’t going to be disappointed. Choose this card and you’ll earn up to 2.0 American Express Membership Rewards points per dollar, not just in the standard Ascent program but at the Ascent Premium level.

The main significance of the Ascent Premium program is that Qantas is added to the list of airline frequent flyer programs to which you can transfer your points. The ten airlines are Qantas, Virgin Australia, Air New Zealand, Singapore Airlines, Emirates, Etihad, Cathay Pacific, Thai Airways, Virgin Atlantic and Malaysian Airlines.

Points earning rate now

The points earning rate will be particularly attractive for cardholders conducting a business, since they can earn points at a high level for many business expenses. Here are the details:

  • 2.0 points per dollar for spending with restaurants and airlines and on accommodation, advertising, couriers and computer equipment. Every one of these categories is high on the list of most business expenditure.
  • 0.5 points per dollar spent on utilities and insurance (except American Express insurance) and with government bodies. So you can even earn points on your tax payments if you use ATO EasyPay.
  • 1.0 points per dollar spent on all other purchases.

The 2.0 points per dollar earning rate has a threshold of 375,000 points per year, after which it drops to 1.0 points per dollar. But this is a very high threshold which shouldn’t trouble most small to medium businesses.

Points earning rate from April 2019

It’s all good news for this card when Amex points earning rates change on 15th April 2019.

From that date, earning rates will increase for this card. Cardholders will earn 2.25 points per dollar spent, except for government purchases, where the rate will also increase, to 1.0 points per dollar spent. The 375,000-point threshold will also be removed, so the 2.25 points rate will apply no matter how much you spend in a year.

Redemption of points is easy, with lots of options

Although transferring your membership rewards points to a frequent flyer program is one of the most cost effective ways to use them, there are lots of other things you can do, to keep business costs down, reward your staff, or just please yourself:

  • Shop online at davidjones.com.au
  • Buy gift cards to use at major Australian retailers
  • Purchase tickets for movies or other entertainment
  • Book travel through American Express Travel, Hello World and Webjet
  • Buy foreign currency through American Express
  • Transfer your points to frequent guest programs: Hilton Honors or Starwood Preferred Guest
  • Exchange points for a credit on your card account

Points redemption rates will change in April 2019

Once again, there will be changes coming into effect on 15th April 2019. Most significantly, the exchange rates for Membership Rewards points to frequent flyer points, currently 1:1, will change to 2:1 (i.e. 2.0 Membership Rewards points in exchange for 1.0 frequent flyer points). Retail gift cards and account credit will also require more points to be exchanged for each dollar of gift card or credit value.

But remember that the points earning rate will also increase at the same time and that the value of Amex Membership Rewards per dollar spent will remain very competitive when compared with similar rewards cards.

Let’s not forget that it’s all about business

If there was any chance of forgetting that this is a business card, not a personal card, it will reinforce its business credentials every month when the account statement comes, with the following features:

  • It’s a charge card, not a credit card: the balance has to be paid in full on the due date, with no option to carry over any of the balance and pay interest charges. But you’ll still get up to 55 interest-free days each month to help you manage your business cash flow.
  • The monthly account statement presents an itemised list of expenses for each cardholder (up to 99 at no extra charge), plus a consolidated version, with GST shown separately. This provides maximum tax return, BAS and business expense control readiness.
  • All these statement details can be downloaded to Quicken, MYOB and Excel, to be assimilated into your accounting system.
  • Online account management is available 24/7, with up to six months of historical transactions accessible. Paper statements can be switched off for greater convenience.
  • SMS and email alerts are available, to advise payment due dates, payment confirmation and account balances.
  • Businesses can apply to use American Express Access Line, an intermediary system to pay suppliers who do not accept American Express cards.
  • You’ll have access to a dedicated account manager for business charge cards.
  • Transactions under $100 are contactless, for speed and efficiency.
  • Apple Pay, Samsung Pay and Google Pay apps can transform your smartphone or other mobile device into a digital wallet.
  • There’s an online fraud protection guarantee and 48-hour emergency card replacement, wherever you are in the world.

Other business-ready cards to keep in mind

American Express has a wide range of business credit and charge cards, and if $1,750 a year seems too big a hurdle, the American Express Gold Business Card or even the straightforward American Express Business Card might be more appropriate for your needs. Remember though, that these are more down-to-earth cards which don’t cater to the aspirational lifestyle you may be aiming for.

The Citi Prestige Card, although not specifically designed for business purposes, also offers a tempting range of built-in benefits and rewards points, for a lower price.

The ANZ Business Black Credit Card allows cardholders to earn ANZ Rewards points and comes with complimentary travel insurance.

The NAB Rewards Business Signature Card and NAB Qantas Business Signature Card also come with points earning and travel privileges, but no travel insurance.

If the best is what you want, this is probably it

Measured in terms of the dollar value of built-in benefits, this is probably one of the best cards available in Australia, if not the best. The Citi Prestige Card runs a close second, but it doesn’t have the business orientation offered by the American Express Platinum Business Card.

So if you are confident about the future of your business and want to help guarantee your success with superior insurance cover and the opportunity to travel and entertain in style and comfort while earning rewards, don’t be put off by the price tag. You should be able to recover the cost several times over, each and every year.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

4.6 out of 5.0 based on 7 reviews100% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Unmatched level of service

Reviewed and recommended by Raymond on 09 May 2017

The advantage of American Express is, if you have an issue with a purchase they take it off your account and they deal with it. The other banks don’t give this service. I never have to take breath to see if a charge goes through. It always works. Thank you AmEx.

Rewards heavily geared towards travel

Reviewed and recommended by Quang on 20 Sep 2016

The Platinum Business Card’s rewards are heavily geared towards travel, so if you don’t travel a lot for work, you’ll want to look at other cards.

This business card is also difficult to get. Companies must have excellent credit and a clear, well-established credit history. However, if your business meets the requirements and involves extensive travel, then the Platinum Business Card may be an option.

Great for travelling

Reviewed and recommended by Joe on 16 Sep 2016

The card provides the best points that can be used for travel, and It provides good travel Insurance. It is recognised all over the world.

The annual fee is expensive, however.

If the card deteriorates and needs to be replaced before the scheduled renewal, a new card with a different number will be issued. This is a hassle because all scheduled payments have to be changed.

Very pleased

Reviewed and recommended by Shahin on 04 Jul 2016

I like this card because it is very easy to use. It has a low interest rate and I receive my statement in due time. The card also reminds me when I am due for payment. It has a good and easy reward program. I can easily increase my daily limit if I need to.

Very satisfied with the card

Reviewed and recommended by Abhijit on 04 Sep 2014

The card has lots of cashback offers for household appliances. You can get rewards points if you spend a specific amount in the 1st transaction. Many online offers in the US but very less offers in the Asia Pacific region. Wish we had more offers in the Asia Pacific region

Love my platinum AmEx

Reviewed and recommended by Mary on 31 Mar 2014

I have had a Gold AmEx for 20 years which is great and last year added a Platinum which I use more. I enjoy it and use it for most business and personal expenses and the only downfall is that I cannot use in Aldi and some restaurants and retail outlets.

Very good reward scheme when I can use it

Reviewed and recommended by Charles Wells on 27 Oct 2013

The card has an excellent reward scheme, but it is frustrating that so many organisations do not offer its use, or put a heavy surcharge on its use. The statements are clear and provide separate purchases for each card holder attached to your account which is good. The website is easy to use, and comprehensive in its coverage.

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
American Express
Card use
Business
Credit rating
No bad credit history
Gambling transactions allowed
N/A
Joint application
N/A
Minimum age
18 years old
Minimum income
$75,000
Minimum income for pensioners
Same as standard
Pensioners
N/A
Rewards program
Membership Rewards Ascent
Temporary residents
N/A

Cardholders

Additional cardholders
99
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
N/A
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
100%

Rates & fees

Ongoing interest rates

MonthlyAnnually
Cash advances N/A N/A
Purchases N/A N/A

Fees

Annual fee
$1,750 p.a.
Cash advance fee
N/A
Dishonour fee
N/A
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$30
Over limit fee
$0
Overseas ATM balance fee
N/A
Overseas ATM withdrawal fee
N/A
Overseas emergency card replacement fee
N/A
Transaction verification fee
$0

Rewards & points

Rewards program basics

First purchase bonus
120,000 points
Reward points expiry
No expiry as long as you keep your account active
Rewards program
Membership Rewards Ascent
Spend required for bonus points
$5,000 in 2 months

Earning points with this card

Frequent flyer points
2 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
N/A
Points earned on ATO payments
0.5 pts per $1 spent
Reward points
2 pts per $1 spent

Additional benefits

Airport lounge access
Yes, 2 passes per year
Complimentary flight voucher
No
Concierge service
Yes

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $75,000 per year
Have no history of bad credit
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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