Review of the American Express Platinum Business Card



The American Express Platinum Business Card was last reviewed on 21st January 2006

Summary - The Platinum Business Credit Card from American Express is designed for the small business owner who want a no annual fee business credit card with a generous line of credit, and yet wants to earn reward points. This credit card gives the small business owner the following benefits :

  • Up to $50,000 in credit lines
  • No annual fee
  • 0% apr on purchases for 12 months
  • Earn Membership Rewards Options points


Let's explore this card in greater detail.

Reward Formula - The American Express Platinum Business Card allows you to earn one reward point for every dollar you spend on the card. You can earn unlimited points which do not expire. The reward program is based on the Membership Rewards Options program.

Open Savings - Like every American Express business card, you can save money when you use the card with OPENSavings merchants and get savings. These merchants include AT&T;, Expensable, Fedex, Hertz, subscription to USA Today and 1800-Flowers.com.

Fees and APR - The American Express Platinum Business Card has no annual fee. There is also no additional card fee for up to two cards. You get an introductory 0% apr on purchases for 12 months. If you choose to transfer a balance, you will be charged a low apr of 4.99% for the life of the transfer. The apr ranges from prime rate plus 2.99%, 4.99%, 6.99% or 9.99%. The average daily balance method (including new purchases) is used to calculate monthly balances. Unlike most credit cards, you get 25 days of grace period if you no balance outstanding (versus 20 days of grace period for most other credit cards).

Credit Lines - Cardholders are given a credit line of up to $50,000.

Other Benefits - The American Express Platinum Business Card also gives cardholders the following benefits.

1. Purchase Protection Plan - under this plan, you can return any purchase you make if it is accidentically damaged within 90 days.

2. Travel Insurance - American Express provides accidental travel insurance for all cardholders.

3. Online Management - You can manage your account with Summary of Accounts and track charges with Expense Management Reports.

4. Online Business Community - Allows you to chat, pose questions, get insights from other small business owners, and attract new business.

5. Seek Business Advice - You can ask an expert a question, use an online tool, and read articles by other business owners.

Verdict - The Platinum Business Credit Card from American Express should be considered by the small business owner who

  • Is looking for a no annual fee reward card
  • Needs the 12 months 0% apr on purchases for start-up purchases
  • Needs a credit line


Aside from the reward program and the excellent 0% apr on purchases that you get for 12 months, you will also get the usual excellent customer service from American Express.

Positives
  • Earn unlimited reward points
  • Reward points do not expire
  • No annual fee
  • 0% apr on purchases for 12 months
  • No additional card for up to 2 cards.
  • 25 days of grace period



American Express Platinum Business Card
Reward Benefits
Point Accumulation Earn 1 point for every dollar you spend
Earn unlimited points which do not expire
Cost/Fees/Interest rates
Introductory rate 0% apr on purchases for 12 months
4.99% on balance transfer for life
Annual Fee No annual fee
Purchase APR Prime Rate plus 2.99%, 4.99%, 6.99% or 9.99%
Cash Advance APR Prime Rate plus 14.99%
Penalty/Default Rate APR Prime Rate plus 12.99% or 21.99%
Min Finance Charge $0.50
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee No balance transfer fee during introductory offer
Cash Advance fee 3%, min $5.00
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - less than $100
$29.00 - between $100.00 to $1000.00
$35.00 - greater than $1000.00



Apply for the American Express Platinum Business Card

If you already have the American Express Platinum Business card, we would appreciate if you can spend some time commenting on this card as this will help our readers in making better informed credit card decisions and choices. You can post your review here.





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