The Amex Business Platinum card just got a makeover with a whopper 120,000-point bonus and new benefits – but the annual fee is increasing, too

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The Business Platinum Card® from American Express just got a major refresh with a new bonus and benefits.
It’s added statement credits for wireless, Indeed, and Adobe purchases and new 1.5x categories.
The card’s annual fee will increase to $695 on January 13, 2022 The Business Platinum Card® from American Express – Rates & Fees.
Read Insider’s guide to the best small-business credit cards.

Amex Business Platinum cardholders are getting new credits for Indeed, Adobe, and wireless purchases, and improved credits for Dell.

Amex has been on a roll of late with numerous updates (and an annual fee increase) on The Platinum Card® from American Express – including the most recent addition of Walmart+ and SoulCycle benefits to the card.

Now it’s The Business Platinum Card® from American Express’ turn for a remodel. Starting today, October 14, 2021, cardholders can take advantage of new 1.5x earning categories and statement credits for wireless, Indeed, and Adobe purchases, in addition to a higher statement credit for Dell.

There’s also an elevated bonus to consider if you don’t have the The Business Platinum Card® from American Express yet. New cardholders can now earn 120,000 Membership Rewards points after spending $15,000 in the first three months of card membership – an increase of 20,000 points over the previous offer.

In addition, new cardholders receive a 0% APR for the first 12 months from account opening on purchases eligible for Pay Over Time, then a The Business Platinum Card® from American Express APR.

Amex Membership Rewards points are worth, on average, 1.8 cents each based on Insider’s points and miles valuations – so you can expect to get around $2,160 in value from this welcome bonus.

But, as with most refreshes, it’s not all good news. Effective January 13, 2022, the annual fee on the The Business Platinum Card® from American Express will increase from The Business Platinum Card® from American Express to $695. That matches the new annual fee on the personal version of the card – and it’s among the highest on any premium credit card available today.

Read more: The best American Express cards of 2021

Paying such a high annual fee could be worth it if your spending habits and small-business needs align with the card’s new bonus categories and benefits. Here’s a breakdown of the changes to help you decide.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Amex Business Platinum changes

The Business Platinum Card® from American Express

Annual fee increase

All of the changes to the The Business Platinum Card® from American Express are effective immediately, except for the annual fee increase to $695, which takes effect on January 13, 2022, for new and existing cardholders.

If you’re interested in applying, you should do so before that date to save $100 on the annual fee.

Earn 1.5x points in new categories

Until now, there have been few bonus categories on the The Business Platinum Card® from American Express. Cardholders earn 5x points on flights and prepaid hotels booked through Amex Travel, 1.5x points on each eligible purchase of $5,000 or more (up to 1 million additional points per calendar year), and 1 point per dollar on everything else.

These categories are staying, but Amex has added new 1.5x categories that can give your rewards earnings a boost. Cardholders will now earn 1.5 Amex Membership Rewards points per dollar on up to $2 million in combined spending each calendar year on eligible purchases in the US in the following categories:

Electronics goods retailers, software, and cloud service providersConstruction materials and hardware suppliesShipping providers

The $2 million combined spending cap is now shared with the cap on the previous 1.5x category for purchases of $5,000 or more.

If your small business spends a lot in these categories, earning 1.5x points is a nice little boost – but keep in mind there are other Amex cards that can give you a better rate of return. For example, the American Express® Business Gold Card includes US computer hardware, software, and cloud systems from select technology providers and US shipping providers in its 4x bonus categories (on up to $150,000 per calendar year in combined categories, then 1x).

Read more: How to earn, redeem, and maximize Amex Membership Rewards points

And for no annual fee The Blue Business® Plus Credit Card from American Express – Rates & Fees, the The Blue Business® Plus Credit Card from American Express earns 2x points on the first $50,000 in purchases each year (then 1x).

Double the Dell credits

The Dell statement credits** offered by the The Business Platinum Card® from American Express are getting a significant boost. Previously, cardholders could receive up to $200 in total credits toward Dell purchases per year (up to $100 from January to June, and up to $100 from July to December).

Read more: How to use the Dell credits on the Amex Business Platinum card

Now, these credits have been doubled to a total of up to $400 each year, again split semi-annually – up to $200 from January to June and up to $200 from July to December.

If you’re an existing cardholder and have already used your $100 Dell credit for July to December of this year, you’ll now be eligible for an additional $100 in credit for new charges only – the increase isn’t retroactive to previous purchases.

Up to $120 per year in wireless credits

We’ve seen wireless credits as promotional Amex Offers** on several American Express cards before, but now The Business Platinum Card® from American Express cardholders can receive up to $10 per month in statement credits toward purchases made from any US wireless telephone provider (up to $120 per calendar year).

Using the The Business Platinum Card® from American Express is already a smart choice, because it’s one of the Amex cards that offer cell phone protection when you use it to pay your monthly bill. You’re covered for the cost of repair or replacement if your phone is damaged or stolen, up to $800 per claim and up to two claims per 12-month period, with a $50 deductible.

Read more: The best credit cards with cell phone protection

Up to $360 per year in Indeed credits

If your small business spends money on finding new employees, a new Indeed credit on the The Business Platinum Card® from American Express can save you some cash.

Cardholders can receive up to $360 per year in statement credits toward all Indeed hiring and recruiting products and services, split into up to $90 per quarter.

Up to $150 per year in Adobe credits

Cardholders can take advantage of up to $150 per calendar year in statement credits toward select Adobe purchases, including Adobe Creative Cloud and Acrobat Pro DC.

Recently added benefits

The new perks announced today join a handful of perks that were quietly added to the The Business Platinum Card® from American Express around the same time as the big refresh on the personal The Platinum Card® from American Express. These include:

Expanded airport lounge access (including new Centurion lounges)$179 credit each year toward CLEAR membership (expedited airport security)Premium Private Jet access (discounts and flight credits with Wheels Up)Global Dining Access by Resy (exclusive reservations at some of the world’s best restaurants)

Existing benefits aren’t going away

The The Business Platinum Card® from American Express still offers an impressive list of benefits that can save you money and make your travels more comfortable, and none of these are changing at this time:

Up to $200 in airline fee credits** each calendar yearGlobal Entry or TSA PreCheck application fee credit35% Pay With Points rebate when you redeem points for first- or business-class tickets, or for any fare with your selected airline, through Amex Travel (up to 500,000 points back per calendar year)Airport lounge access (Priority Pass**, Centurion lounges, and more)Gold elite status with Hilton and Marriott**

You can find out more about the card’s benefits and features in our full Amex Business Platinum review.

Bottom line

The annual fee increase on the The Business Platinum Card® from American Express might be hard to stomach if you can’t make use of the new credits and earning categories announced today.

Apart from the wireless benefit, the new statement credits are for very specific merchants and might not be useful for many small businesses. And while the boost to earning rates is nice, it’s again in categories that might not appeal to everyone.

Read more: Annual fees aren’t always worth it, but with these 5 cards the benefits are worth more than what you’ll pay each year

As with any card with a high annual fee, be sure to tally up the value of the perks and rewards you’ll receive before you decide if it’s right for you. In this case, the big welcome bonus more than offsets the annual fee for the first year.

Beyond that, you’ll have to look closely at whether or not you can make use of the card’s benefits. There are plenty of small-business cards available that charge a fraction of the The Business Platinum Card® from American Express’s annual fee (or no annual fee at all), so it’s worth comparing to make sure you’re getting the best card for your business’ needs.

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