Personal Finance

American Express Business Platinum: A $200 Annual Fee Increase Will Pay Off for Big Spenders

18 September 2025

In June, Chase launched its long-awaited Sapphire Reserve for Business℠. Shortly afterward, American Express promised big changes to its Business Platinum card.

Those updates are now here.

AmEx has added some perks and improved others. But the headline is that The Business Platinum Card® from American Express is once again the most expensive card on the market with a new annual fee of $895. While it’ll be hard for some business owners to justify that cost, luxury travel enthusiasts can probably get their money’s worth.

1. The annual fee is going up by $200

It now costs $895 per year to carry The American Express Business Platinum Card.

That’s up $200 from the previous fee of $695. It’s also $100 more than the new Sapphire Reserve for Business℠, making the Platinum card the most expensive mainstream business travel card on the market.

If you already have the Business Platinum, you might get a slight reprieve on paying more. The new annual fee will take effect on Dec. 2. You’ll pay $895 when renewing your card after that date. But the updated perks went into effect on Sept. 18.

2. The sign-up bonus is going up, too

AmEx offsets the shock of the annual fee with a new bonus: Elevated Welcome Offer: Earn 200,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Business Platinum Card® within the first 3 months of Card Membership. Terms apply.

That’s up from 150,000 points on the same amount of spending.

At a value of one cent per point, that’s $500 extra in your first year — and even more if you’re strategic. NerdWallet values AmEx points as high as 1.6 cents each when you redeem them with AmEx’s most valuable transfer partners.

For those keeping score at home, the Sapphire Reserve for Business℠ has this welcome offer: Earn 200,000 bonus points after you spend $30,000 on purchases in your first 6 months from account opening.

3. It rewards brand loyalty

I’m not usually a fan of the “coupon book” model — where you get cash or points back after spending money with a certain brand — for business owners. It’s a lot of work to keep track of the benefits. And if you don’t shop with those companies, the credits don’t help you.

The AmEx Business Platinum’s coupons are big enough to be worth the effort, though. Here’s a sampling.

What’s new:

Cardholders can get up to $300 semi-annually ($600 per year) in statement credits on prepaid stays at Fine Hotels & Resorts and The Hotel Collection properties.
Spend $250,000 or more on your card within the calendar year? You’ll get $1,200 in credits for flights booked via AmexTravel.com, plus $2,400 in statement credits to offset monthly fees for One AP®, AmEx’s accounts payable software, to use the next calendar year.
Terms apply.

Plus, what the card already offered:

A $200 annual credit at Hilton hotels.
A $209 credit for CLEAR+ membership.
Up to $150 in statement credits on U.S. purchases with Dell Technologies and an additional $1,000 statement credit after spending $5,000 or more on those purchases per calendar year.
A $250 credit at Adobe when you spend $600 or more.
Terms apply.

Add all that together and you’ll earn lots more than you spent on the annual fee.

4. Rewards have gotten marginally better

One drawback of The Business Platinum Card® from American Express has always been its 1X rewards rate on all spending that doesn’t fall into relatively narrow categories. That hasn’t changed.

However, AmEx did raise the rewards rate from 1.5X to 2X on up to $2 million in purchase with U.S. retailers per calendar year for its existing bonus categories:

That’s an additional $50 every time you spend $10,000 in those categories. You’ll get that elevated rewards rate on purchases of $5,000 or more, too. (The $2 million cap applies as well.)

This is a small improvement on paper. But again, for the right business owner, it might pay off.

Frequent fliers get the best deal here. Every year, you can get 35% points back after using Pay with Points for flights booked through Amex Travel with qualifying airlines. You can earn up to 1,000,000 points back per calendar year — worth somewhere around $1,000, depending on how you redeem it. Terms apply.

An American Express Business Platinum card against a backdrop of architectural drawings. — The new mirror card from American Express has a reflective surface. (Source: American Express)

5. For now, you can get the new “mirror card”

Cardholders can request a card with a mirrored surface and silver logo. But AmEx says the mirror cards will only be available for a limited time.

Credit card form factors, like material and weight, usually signify something about the cardholder and their status — think about the cultural dominance of the Black Card or the popularity of metal credit cards. The same applies here: AmEx is trying to say that the card literally shines.

Is the updated AmEx Business Platinum worth the annual fee?

For travelers who prefer the finer things, yes.

Here’s a simple way to offset the annual fee with statement credits:

$600: Twice a year, cardholders get a $300 credit on Fine Hotels & Resorts or The Hotel Collection rooms booked through AmEx Travel.
$200: Cardholders get a $200 credit each year on Hilton bookings.
$209: Once a year, you’ll get a credit for CLEAR+ membership.

You’ll have to spend more than $895 to earn those credits. But if you’re already a CLEAR+ member who spends at least a few nights a year at luxury properties, then this pricey card should pay off.

In fact, when you consider the sign-up bonus and points earned on travel bookings, you could earn quite a bit more in rewards than you spend on the annual fee.

But if you don’t use the “coupon book”-style credits, you’ll have to spend $17,900 on prepaid flights and hotels to earn back the annual fee — or far more on other kinds of purchases. If you’re in the market for a business card with airport lounge access or elite status, there are cheaper ways to get it.

Other business credit cards to consider

AmEx Business Platinum vs. Chase Sapphire Reserve for Business

In exchange, you’ll get higher rewards rates on certain travel categories: Earn 8x points on Chase Travel℠ for airline tickets, hotels, including The Edit℠, car rentals, cruises, activities and tours. Earn 5x total points on Lyft rides through 9/30/27. Earn 4x points on flights & hotels booked direct. Earn 3x points on social media & search engine advertising. Earn 1x points on all other purchases.Cardholders also get $300 per year in travel credit.

If you’re not loyal to particular airlines or hotel brands, the Sapphire Reserve for Business℠ may be a better fit.

Sapphire Reserve for Business	AmEx Business Platinum
$300 annual travel credit. $120 statement credit on TSA PreCheck®, Global Entry or Nexus (every four years). $500 credit for prepaid stays with The Edit by Chase Travel. $400 annual credit for ZipRecruiter purchases. $200 Google Workspace credit toward AI tools for business. $300 in annual DoorDash statement credits (doled out monthly), plus a free DashPass membership. $120 in annual Lyft in-app credits (up to $10 monthly). $100 Giftcards.com credit.	Up to $600 per year statement credit on stays at Fine Hotels & Resorts and The Hotel Collection properties. When you spend $250,000 or more on your card in a calendar year: Up to $1,200 in flight credits plus $2,400 in credits to use on subscription fees to One AP®, American Express’s accounts payable tool, for use in the next calendar year. Up to $200 statement credit annually for incidental fees on one airline (not including airfare or seat upgrades). Up to $209 statement credit annually toward the cost of a CLEAR Plus membership when you pay for it with your Business Platinum Card. Up to $120 statement credit on TSA PreCheck® or Global Entry application fee when it’s charged to the card. Up to $1,150 in Dell statement credits annually. Up to $200 Hilton statement credit each year (up to $50 per quarter). Up to $360 Indeed statement credit. Up to $250 Adobe Creative Solutions statement credit. Up to $120 statement credit for cell phone service paid for with your AmEx Business Platinum. Enrollment required. Terms and conditions apply.

Sapphire Reserve for Business

AmEx Business Platinum

$300 annual travel credit.
$120 statement credit on TSA PreCheck®, Global Entry or Nexus (every four years).
$500 credit for prepaid stays with The Edit by Chase Travel.
$400 annual credit for ZipRecruiter purchases.
$200 Google Workspace credit toward AI tools for business.
$300 in annual DoorDash statement credits (doled out monthly), plus a free DashPass membership.
$120 in annual Lyft in-app credits (up to $10 monthly).
$100 Giftcards.com credit.

Up to $600 per year statement credit on stays at Fine Hotels & Resorts and The Hotel Collection properties.
When you spend $250,000 or more on your card in a calendar year: Up to $1,200 in flight credits plus $2,400 in credits to use on subscription fees to One AP®, American Express’s accounts payable tool, for use in the next calendar year.
Up to $200 statement credit annually for incidental fees on one airline (not including airfare or seat upgrades).
Up to $209 statement credit annually toward the cost of a CLEAR Plus membership when you pay for it with your Business Platinum Card.
Up to $120 statement credit on TSA PreCheck® or Global Entry application fee when it’s charged to the card.
Up to $1,150 in Dell statement credits annually.
Up to $200 Hilton statement credit each year (up to $50 per quarter).
Up to $360 Indeed statement credit.
Up to $250 Adobe Creative Solutions statement credit.
Up to $120 statement credit for cell phone service paid for with your AmEx Business Platinum.
Enrollment required.
Terms and conditions apply.

AmEx Business Platinum vs. Capital One Venture X Business

That card offers a $300 credit for travel booked via Capital One’s travel portal, almost offsetting the annual fee. You’ll get 2X points on all purchases after that. Plus, it has a similar airport lounge network to the Business Platinum — although you can’t bring a guest.