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Update: This offer for The Business Platinum® Card from American Express OPEN is expired. Learn more about the best available offer here.
Yesterday American Express announced an incredible increased sign-up bonus of up to 100,000 points on The Enhanced Business Platinum Card® from American Express OPEN. This is the biggest publicly available sign-up bonus I ever recall seeing on the card.
Tiffany wrote about this great offer yesterday, as I was flying all day without wifi. While she did a great job covering the details of the card, I wanted to chime in with my overall thoughts on the value proposition of the card.
The Amex Business Platinum Card is offering the following welcome bonus:
- 50,000 Membership Rewards points after you spend $5,000 on qualifying purchases within your first three months
- An extra 50,000 Membership Rewards points after you spend an additional $10,000 on qualifying purchases within your first three months
In other words, that’s potentially 100,000 Membership Rewards points after spending $15,000 within three months.
Keep in mind that the sign-up bonus isn’t available to those who have or have had this card in the past. However, you are eligible for this card if you have or have had The Platinum Card® from American Express or The Business Gold Rewards Card from American Express OPEN, since those are considered different products.
The killer new perk this card offers
Not only are we seeing a huge sign-up bonus, but also as of yesterday there are some new perks on this card. Specifically:
- Earn 1.5x Membership Rewards points on purchases of at least $5,000, up to one million additional points per year
- Receive 35% of points back when using Membership Rewards Pay with Points to book a flight with your selected airline, or when booking a flight in first or business class on any airline; this is an opportunity to redeem your Membership Rewards points for 1.35 cents each towards the cost of airfare
That last point is really the most incredible, as having this card will increase the value you get out of your Membership Rewards points significantly. Typically Membership Rewards points can be redeemed for roughly one cent each towards the cost of an airline ticket, so with a 35% refund on points you’re essentially getting 1.54 cents of value out of each point. That’s just about the highest good-as-cash value you can get out of any transferable points currency.
The best part is that since you can pool Amex points, all your Amex points can be redeemed at that rate. My go to card for a lot of everyday spend is the Amex EveryDay® Preferred Credit Card, so suddenly I’m able to get more value out of those points as well.
That means the 100,000 point sign-up bonus you earn on the Amex Business Platinum Card is potentially worth $2,000 in airfare.
Offsetting the card’s annual fee
The card has a $450 annual fee, though I tend to think the perks more than justify the annual fee:
- $200 annual airline fee credit
- Access to Boingo hotspots
- 10 Gogo passes
- Access to American Express Fine Hotels & Resorts
- Access to Delta SkyClubs
- Priority Pass Select membership
- Access to the American Express Centurion Lounges in Dallas, Houston, Las Vegas, Miami, New York, San Francisco, Seattle, etc.
- A Global Entry fee credit
- Gold elite status in both Hilton HHonors and Starwood Preferred Guest
On the most basic level you get a $200 annual airline fee credit, which I value at close to face value. So by my mental accounting, the real “out of pocket” on this card is $250 per year. Also keep in mind that the airline fee credit is issued on the basis of calendar years, so before your second year’s annual fee is due, you’ll have receive two $200 credits.
Using my valuation of ~$250 per year “out of pocket” on the card (and really only $50 the first year), you’re getting access to Amex lounges, Delta SkyClubs, Gogo wifi passes, Hilton Gold status, Starwood Gold status (and by connection Marriott Gold status), and much more.
The sign-up bonus on the Amex Business Platinum Card is the biggest publicly available bonus I’ve ever seen. The sign-up bonus alone makes this worthwhile, though now I especially consider this to be a card that’s worth holding onto long term, since it nicely increases the value of all the Amex Membership Rewards points you earn.
Also keep in mind that Amex is usually pretty generous about approving people for this card, especially since it’s a charge card and not a credit card, meaning you can’t finance charges over time. For more information on getting approved for an Amex small business card as a new business, see this post.
I know the minimum spend is big, but even the 50,000 point bonus after spending $5,000 is bigger than usual. Also keep in mind that if you have a big tax bill you can typically pay that by credit card, and you’d even earn a 50% bonus on transactions of over $5,000. That could be a good way to meet the minimum spend.
Anyone picking up the Amex Business Platinum Card with this incredible sign-up offer?
Non-Affiliate Product Disclaimer: The information for the AmEx Everyday Preferred has been collected independently by One Mile At A Time. The card details on this page have not been reviewed or provided by the card issuer.