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American Express Platinum Business goes metal, gets a fee increase and gains new benefits

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American Express has announced some major changes to the American Express Platinum Business card.  These have gone into effect already, so it is no longer possible to apply for the old package.

You can apply for the card, and find out more details, here.

Here is a quick summary:

GOOD NEWS:  the hotel status benefits now match the personal Platinum card, you now get a free digital subscription to The Times and The Sunday Times; you get £150 cashback on any onefinestay home rental

BAD NEWS:  the fee increases to £595; the fee for additional supplementary cards (after the first free one) goes up to £295

AMBIVALENT NEWS:  the card is now metal

Amex Business Platinum review

The sign-up bonus remains 40,000 Membership Rewards points for a £6000 spend within three months.

Remember that it is substantially easier to qualify for the sign-up bonus on the Platinum Business card than the personal Platinum card.  To get the 40,000 Membership Rewards points on signing up, you only need to have gone SIX MONTHS without any American Express card which earns Membership Rewards points.  The personal Platinum card now requires you to wait 24 months.

Remember …. having Platinum Business does NOT stop you getting the bonus on personal Platinum later.  The rule on the personal Platinum card is that you can’t have had any PERSONAL card earning Membership Rewards points in the last 24 months.  Amex does not look at Business cards.  The Platinum Business card is a good way to fill the gap if you are waiting 24 months before you can reapply for personal Platinum.

The fee increase for existing cardmembers will apply to renewals from 16th September.  If your renewal date is before this it will renew at the existing rate of £450.

Now let’s look at all this in more detail …..

The card facts

American Express Platinum Business is a charge card, not a credit card.  You must clear your full balance at the end of each month.

The card is metal.

The sign-up bonus is 40,000 Membership Rewards points which requires you to spend £6,000 within your first three months of membership.  You qualify for the bonus as long as “[you do not] currently hold or have held any Membership Rewards enrolled American Express Card in the past six months.”

You receive 18,000 Membership Rewards points if you refer a friend for an American Express card.  The annual cap is 90,000 points.

You earn 1 Membership Rewards points on virtually every £1 spent on the card.  These convert 1:1 into Avios, Virgin Flying Club miles and lots of other airline and hotel programmes, plus Eurostar points (15:1).  You can also redeem for various shopping vouchers.  You can see the redemption options on the Membership Rewards website.

The annual fee is now £595 (was £450).  Additional Platinum supplementary cards after the first free one are now £295 – these cards receive all of the benefits below.  You can have 98 free Gold supplementary cards but these do not come with any benefits.

What are the criteria for applying for Amex Platinum Business?

There is no income requirement and no trading requirement.  You can apply even if you have just set up your business, as long as:

The business has a current UK Bank or Building Society account
You/The business have/has no County Court Judgements for non-payment of debt
You are aged 18 or over
You have a permanent UK home address

It is no longer a requirement that you have been in business for at least one year.

What is the Amex Platinum Business benefits package?

Let’s look at what you get for £595.  For comparison, the annual fee on the personal Platinum card is now £575.

The following benefits are unchanged:

You will receive a free Priority Pass card.  Priority Pass is a network of 1200 airport lounges across the world, including eight in London Heathrow.  This includes the Aspire lounge in BA’s Heathrow Terminal 5.  Your Priority Pass allows an unlimited number of free visits to their lounges.  You can also bring in a guest for free.

You can also give a Priority Pass card to a second person by allocating your one free supplementary Platinum Business card to them.  If this is your partner or spouse, you would both be able to get into the lounge for free and each bring in a free guest so a family of four is covered.  Additional guests would be charged at £20 each.

You will receive access to the Plaza Premium Lounge in Heathrow Terminal 5.  This is not a Priority Pass lounge but American Express Platinum Business cardholders can get access, with a guest, by showing their Platinum card at the front desk.  You can also access American Express Centurion lounges with a guest, including the upcoming one in Heathrow Terminal 3.

You will receive comprehensive travel insurance.  This is a very valuable benefit because of the high level of coverage available – you can take a look at the policy document here (PDF).  This is a substantially stronger insurance package than you get with the personal version of Platinum.  There is NO EXCESS to pay at any time, there is no requirement to use the Platinum Card to pay for anything and you are covered up to the age of 80.

You will receive Gold status in the Marriott Bonvoy hotel loyalty scheme.  This will give added benefits at Marriott, Renaissance, Sheraton, Westin, W, aloft, St Regis, The Ritz-Carlton, The Luxury Collection etc properties – almost 30 brands in total.

You will receive Gold status in the Radisson Rewards hotel loyalty scheme.  This will give added benefits at Radisson Blu / RED, Park Plaza and Park Inn hotels.

You can access the Amex Fine Hotels & Resorts Programme.  This offers genuine added value benefits at a large number of luxury hotels across the world.  These include a GUARANTEED 4pm check-out, free breakfast, an upgrade if available at check-in and typically a $100 credit towards on-property spending.

There are also benefits with Avis Preferred and Hertz Gold Plus Rewards but these are, in all honesty, no better than deals that are generally available.

It is not clear if you can access Eurostar lounge with Platinum Business, which is a benefit of personal Platinum. (EDIT: a comment below suggests it does not.)

The following benefits are new:

You will receive Gold status in the Hilton Honors hotel loyalty scheme.  This is the best mid-tier hotel status to have, because you get free breakfast with it.  You will get benefits at Hilton, Waldorf Astoria, Hampton, Curio etc.  The personal Platinum card has had this benefit for many years but it was not part of Platinum Business.

You will receive Gold status in the MeliaRewards hotel loyalty scheme.  You will get benefits at Melia and INNSiDE hotels, with benefits including three 20% discount vouchers each year and ‘2 for 1’ breakfast.  The personal Platinum card has had this benefit for many years but it was not part of Platinum Business.

You will receive Jade status in the Shangri-La Golden Circle hotel loyalty scheme.  Due to a reciprocal partnership, you can match this to Gold status in Taj Inner Circle.  The personal Platinum card has had this benefit for many years but it was not part of Platinum Business.

You receive £150 or equivalent cashback when you book a onefinestay home rental.  This benefits was also introduced to the personal Platinum card last month.  You can use this benefit an unlimited number of times.  There are no ‘cheap’ properties with onefinestay, however, and combined with a minimum stay requirement it is virtually impossible to spend less than £600.

You receive a free digital subscription to The Times and The Sunday Times.  This is worth over £300, and if you currently pay for this it is a huge incentive to take out the card.

There are also some admin changes – the Global Dining Collections (special restaurant deals) can now be booked via the app.  You can also now message American Express via the app.

Conclusion

Whilst the recent changes to The Platinum Card (personal version) were – for most people – negative if you couldn’t use the £120 per year of Addison Lee taxi credit, the changes to Platinum Business are more neutral.

You are gaining Hilton Honors Gold, MeliaRewards Gold and Shangri-La Golden Circle Gold status, as well as a digital subscription to The Times and The Sunday Times.  The trade off is a £145 increase in the annual fee which, as the fee is tax deductible, means that the net cost to you would be around £75 – £115 depending on your tax rate.  This is probably a fair trade off for most people.

Platinum Business is no longer an inferior product to The Platinum Card (personal version).   I will do a comparison article soon, but the key trade off – apart from the initial sign-up bonus which is higher on Platinum Business – is whether you prefer the £10 monthly Addison Lee credit on the Personal card to the digital Times subscription on the Business card.  You also need to decide whether the enhanced travel insurance on the Business card matters to you.

For many people, the key driver to applying will be the ability to get the sign-up bonus.  It is far easier to get the bonus on Platinum Business because it only requires you to have gone six months without a card earning Membership Rewards points.  The personal version requires to have gone 24 months without a personal card earning Membership Rewards poitns.

You can find out more about American Express Platinum Business, and apply, on the American Express website here.

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Category

American Express Platinum card

Comments (123)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Susan says:
    26 Jun26 June 05:39

    If the Amex Plat personal card offer were a choice of Times sub (interesting) or Addison Lee credit (utterly useless) it would make keeping the card much more attractive.

    • qwertyknowsbest says:
      26 Jun26 June 06:03

      You can obtain a Times digital subscription for £60 p.a. with use of an overseas address.

    • BJ says:
      26 Jun26 June 06:08

      I think it needs a more fundamental review than just that. For me the need to get back to basics on both cards and less gimmicks:
      1. Medical cover needs to cover preexisting conditions, even if at additional costs, like other insurers.
      2. Earning rate needs to improve.
      3. A choice of top tier status with one hotel as opposed to lower levels with several.
      4. Car hire insurance
      5. No FX fees
      6. Priority Pass

      Give me these and dump the rest including amex offers and it would be a keeper for me. At the moment I will not even consider it due to medical insurance.

      • qwertyknowsbest says:
        26 Jun26 June 06:44

        +1

      • Quark999 says:
        26 Jun26 June 07:03

        “Medical cover needs to cover preexisting conditions, even if at additional costs, like other insurers.”
        Which insurers/card products is that? All I ever find excludes preexisting conditions. 🙁

        • BJ says:
          26 Jun26 June 07:16

          Not exactly, they screen them and following screening will either cover them at no additional cost or for an extra fee. They will then provide a revised policy schedule explicitly stating that these conditions have been notified and are covered. This is the case with my current Nationwide cover and my previous LV cover.

          • RichW says:
            26 Jun26 June 07:54

            A shame but had to check out this week if covered and they are not able to cover anything pre existing.
            This includes a knee injury over 20 years ago and fine now, if have further injury to knee will not be covered and no ability to add on an extra fee!
            Unfortunately now going to be cancelling plat card and arranging insurance elsewhere declaring all past issues, a wake up call to many who would think they are covered for something treated and fine now!

          • Shoestring says:
            26 Jun26 June 07:55

            AQuark999 – yep – you detail the condition/s when you apply, the insurance co reverts to their underwriters who assess the risk & come back with a refusal to cover or an additional cost. The following conditions should be declared but would often/ sometimes not preclude insurance cover:
            High blood pressure
            Asthma
            Cancer
            Diabetes
            Epilepsy
            Heart condition
            Stroke
            Arthritis
            HIV

          • jc says:
            26 Jun26 June 08:21

            The Australian Amex Platinum policy even lists several conditions (similar to Shoestring’s list) that are automatically covered and excluded from the definition of “pre-existing medical conditions”.

            The UK one should definitely do the same or let you declare conditions on top like other packaged insurance does.

            What’s interesting, and not noted in the article, is that (I think?) the Business Platinum defines pre-existing conditions differently: it only applies where you changed meds in the last 3 months, vs the Personal where it applies if you’re on meds at all? Am I reading that right?

        • Quark999 says:
          26 Jun26 June 08:22

          I didn’t realise that Amex doesn’t cover at EXTRA COST at all! I’m aware of the fact that you can usually pay extra, I had just hoped that there was a “medical conditions disregarded” option somewhere, but I guess that only exists for group policies.

          • BJ says:
            26 Jun26 June 08:51

            Some years ago Direct Travel Insurance was great, you just needed to pay an enhanced premium to cover all preexisting conditions. Must have been a problem though as they subsequently started screening. The big issue I see with amex and others is high blood pressure, this is a get out of jail free clause for them as many will have high blood pressure notes in their records they are unaware of, especially if they have ever been admitted to hospital. Loads of stuff they could refuse to cover due to high blood pressure. Despite all this most insurers seem to be reasonable and apply common sense to most claims. When considering the total number of claims the horror stories we hear about seem to be few and far between.

      • Susan says:
        26 Jun26 June 07:11

        +1 for a card which would be useful to me – throw in some mid-tier airline status and it would be a guaranteed keeper.

      • Tim W says:
        26 Jun26 June 08:35

        Car hire insurance is already included.

  • Waddle says:
    26 Jun26 June 07:16

    I wonder if Amex are able to convert an existing personal Platinum account into a business one? I’d struggle to hit the sign-up bonus if I cancelled now and applied in six months.

  • Christian says:
    26 Jun26 June 07:16

    This is the most useful card in my wallet. The travel and car hire insurance saves me in different ways every year. Always pays out. Never quibbles and last time it even paid in excess of the stated benefit cap when I got delayed by snow in Chicago. I’d keep it going at almost any price.

  • John says:
    26 Jun26 June 07:36

    Does the uk current account have to be a business one?

    • Rob says:
      26 Jun26 June 08:16

      You would assume so. How easily this is checkable I don’t know. HFP was 4 years old before we got a business bank account.

      • Tim W says:
        26 Jun26 June 08:34

        I had to send them a copy of my business bank account statement.

    • The Savage Squirrel says:
      26 Jun26 June 09:30

      As per Rob, there’s no requirement for a sole trader to have a separate business account (although it’s generally sensible unless you’re a true micro-business). So would seem quite reasonable to just tick yes to business account and enter your personal one – assuming that’s a true and honest reflection of how you trade.

    • the_real_a says:
      26 Jun26 June 18:06

      Starling Bank (app) offer free business bank accounts with Debit card.

  • Roger* says:
    26 Jun26 June 07:54

    If a newspaper sub is important, some digital newspapers (but not The Times/Sunday Times), can be obtained for £0.

    Some BA and other pax may be familiar with the PressReader app, apparently available to passengers for a few days before or after a flight. Better, it is available to library members in many areas. (Mine is the London Borough of Barnet.)

    I can download daily and Sunday versions of the Telegraph, Guardian, Independent, Mail, Express and several redtops. I initially used the app in a BA lounge and subsequently searched the PressReader hotspots. I just needed my library card number..

    • Roger* says:
      26 Jun26 June 07:57

      More info. my newspapers are downloaded every day in the early hours. I just need to tick ‘automatic delivery’.

      • Polly says:
        26 Jun26 June 08:50

        Yes excellent library service.
        But the paid for Ipad edition is worth the extra bit added onto the paper subs which my oh loves. Wish we could go completely digital really.
        Don’t qualufy for biz plat sadly..

    • Yorkieflyer says:
      26 Jun26 June 08:47

      Great but you need to create an account?

      • Shoestring says:
        26 Jun26 June 08:55

        no just input the barcode, nothing more needed

        • Curio says:
          26 Jun26 June 09:23

          no sign of The Times (UK) – do others see it?

        • Shoestring says:
          26 Jun26 June 09:31

          missing, along with FT

          to get Daily Telegraph Business, search UK—>The Daily Telegraph and various sections pop up, same with The Sunday Telegraph

  • Speedbird676 says:
    26 Jun26 June 08:14

    Eurostar denied access to the lounge at St Pancras, citing the benefit did not include Amex Platinum Business cardholders.

    • Rob says:
      26 Jun26 June 08:24

      Thanks

    • Pierre says:
      26 Jun26 June 09:18

      They are also now comparing names on the Plat card with the boarding pass, at the Eurostar lounges

      • Splashback says:
        26 Jun26 June 09:47

        Do they swipe the card?

        • Rob says:
          26 Jun26 June 10:11

          No. They don’t take money in the lounge so no need for a card machine. Even bothering to glance at the name on the front is a radical innovation, you used to just wave it vaguely in their direction.

          They will be checking the expiry date next 🙂

          • James says:
            26 Jun26 June 14:36

            If I ever use Eurostar I’ll remember to pack my old card then, which has an expiry date in 2023. 😀

      • John says:
        26 Jun26 June 14:39

        Has Eurostar ever checked the name on your ticket?

  • AndyGWP says:
    26 Jun26 June 08:24

    Still waiting for my metal card (Personal Account) that I applied for on the 11th June :/

  • Craig says:
    26 Jun26 June 08:43

    Just as a data point, Green – Plat upgrade for personal cards. 5k awarded for first supp card applied for after upgrade, 20k points awarded with qualifying transaction, this was the old £1k spend requirement. I’ll report back on the fee when the statement hits,

    • Polly says:
      26 Jun26 June 08:51

      Amex told me it’s unchanged in new platinum applications too. Which is one good thing. Most insistent.

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