Are you looking for an American Express Business Platinum Canada review? The card has just increased their welcome bonus to 100,000 points when using a referral link. The catch is, you need to spend $10,000 in the first three months to get it. This is the largest welcome bonus ever from an American Express Platinum Card in Canada. For reference, the current regular offer is 75,000 points on a $7,000 spend.
While spending that much in such a short time will be difficult for some people, it might not be a big deal for small business owners. It’s also worth mentioning that even if you don’t own a business, you can still apply for this card. Keep reading and find out why the Amex Platinum Business Card is one of the best business credit cards in Canada and one of the best travel credit cards in Canada.
American Express Business Platinum benefits
- $499 Annual fee
- 100,000 Membership Rewards points welcome bonus when using a referral link
- Earn 1.25 points for every $1 spent
- Marriott Bonvoy Gold Elite Status
- 55 interest free days
- Unlimited airport lounge access
- Comprehensive travel insurance package
- Buyer’s assurance
- Purchase protection
Since this is a business credit card, you’re not going to get a high earn rate, but the American Express Business Platinum Card does give you a respectable 1.25 points per dollar spent. This guarantees you’re getting at least 1.25% back in points for all of your purchases. In a sense, you could use this card as a cash back card.
A lot of people will be attracted to the 100,000 Membership Rewards points sign up bonus when using a referral link. Since 1,000 points can be redeemed for $10 in travel, the welcome bonus is worth at least $1,000. If you use the fixed travel program, you can double the value of your points.
Interestingly enough, there is a way to get more value out of your Membership Rewards points by using one of the Amex transfer partners. Two examples include Aeroplan where your points transfer at a 1:1 ratio and Marriott Bonvoy which has a 1:1.2 ratio. Getting the most value out of your points depends on which flights or hotels you book, but when booking business class flights on Aeroplan, it shouldn’t be too hard to find a value of 3-5 cents per point.
The card comes unlimited airport lounge access is a great benefit as not many business cards give you lounge access. Your lounge access is via Priority Pass which has more 1,000 lounges around the world. Just about every airport with a lounge likely has a Priority Pass lounge so you can get good use out of this benefit if you travel frequently. For reference, a Priority Pass Prestige membership which comes with unlimited lounge access is US $429. That’s more than the annual fee you’ll pay for the American Express Business Platinum Canada Card.
The business benefits
- 55 interest-free days
- Employee Card Misuse Protection
So far in my American Express Business Platinum Canada review, I’ve focused on the points, but the decision to get this card for many people will really come down to the business benefits.
Since this is a charge card, there’s no limit. In addition, you get up to 55 interest-free days which will help you manage your cash flow while you focus on your business. That said, if you’re late with payments, you’re looking at an interest rate of 30%
Employee card misuse protection will ensure that you’re not on the hook for any eligible unauthorized transactions when you terminate any supplementary cardholders and cancel their cards within 2 business days. Coverage is up to $100,000 so that should give you some peace of mind.
Since this the American Express Platinum Card falls under American Express’ line of small business cards, you can redeem 1,000 MR points for a $10 statement credit. With personal cards, you can only redeem 1,000 MR points for $7 in non travel expenses.
Admittedly, you get fewer additional benefits with this card compared to the American Express Platinum Card, but if you’re a business owner, the 55 interest free days may be the biggest benefit.
American Express Offers
In recent times, American Express has had some great offers that have been great for cardholders. Mind you, there’s a good chance more offers were introduced due to COVID-19, but there’s no denying the value play here. Some of the recent offers include:
- Get $40 credit on mobile service providers when you spend at least $40 (up to 4 times)
- $250 credit at Dell when you spend at least $250
- $5 credit when you spend $10 at participating small businesses
- $45 credit when you spend $45 at FedEx (Up to 6 times)
- 10% credit of total purchase price at Dell up to $1,000
- $30 credit when you spend at least $150 at Dollarama
As you can see, these offers can easily obtainable and are worth more than the annual fee. Assuming you can take advantage of all of them that is.
American Express Business Platinum insurance
- Emergency medical insurance – $5,000,000 – 15 days / Under 65
- Trip cancellation insurance – $2,500 per person / $5,000 total
- Trip interruption insurance – $2,500 per person / $6,000 total
- Flight delay insurance – $1,000 – 4 hours +
- Baggage Delay Insurance – $1,000 – 6 hours +
- Lost or Stolen Baggage Insurance – $1,000 combined per occurrence
- Car Rental Theft Damage Insurance – $85,000 – 48 days
- Hotel/Motel Burglary Insurance – $1,000 per occurrence
- Travel Accident Insurance – Up to $500,000
- Purchase protection
- Extended warranty
As you can see, the American Express Business Platinum Card insurance is excellent since you get a full suite of travel insurance. A reminder that with travel medical insurance, you get it no matter what. However, if you want to take advantage of all your other travel insurance benefits, you must charge all of your transportation and accommodation expenses to your card.
Don’t worry if you’re using Membership Rewards points for your travel purchase, if you charge the remaining balance to your Business Platinum card, your insurance would be valid. I should point out that your travel medical insurance only covers you for 15 days if you’re under the age of 65. Although this is still one of the best credit cards with travel insurance, if you’re going to be away for longer, you’ll want to ensure you have extended coverage.
The other insurance included is purchase protection which covers any loss, damage or theft of your goods for 90 days and extended warranty which doubles the manufacturer’s warranty up to one additional year.
How does it compare to the American Express Platinum benefits?
The benefits of the American Express Platinum and the American Express Business Platinum Canada are similar, but they’re a few subtle differences.
The earn rate on the Personal Platinum card is 3 points per $1 spent on dining, 2 points per $1 spent on travel, and 1 point per $1 spent on all other purchases. As you can see, the personal card earns you more points on dining and travel, but if the majority of your expenses don’t fall into those categories, the Amex Platinum Business card would earn you more points.
The personal platinum card comes with an annual travel credit of $200, but it also has a higher annual fee of $699. Once you factor in that credit, you could argue that both cards have the same annual fee of $499.
When it comes to the welcome bonus, the American Express Business Platinum Card always comes out on top, especially if you’re using a referral link. That said, the minimum spend required to get that bonus is always higher compared to the American Express Platinum Card.
The major downside of the American Express Business Platinum Card is that it only comes with Marriott Bonvoy Status compared to the Platinum Card which gives you status with multiple hotel chains.
My American Express Business Platinum Canada review is positive. The card comes with an incredible sign up bonus when using a referral link and it comes with enough travel benefits that it makes my list of the best travel credit cards in Canada.