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Despite recent changes to the American Express Business Platinum card, I still believe that it’s a strong card for consumers and small business owners. Yes, it has a yearly fee of $499, but the signup bonus of 60,000 American Express Membership Rewards points (with a referral) are the most you can earn from any credit card on the market.
I’ll go into more detail below, but those 60,000 points are incredibly valuable since you can transfer to them to various partners such as Aeroplan and SPG/Marriott. My American Express Business Platinum Canada review is positive. Here’s why:
American Express business platinum benefits
- 60,000 Membership Rewards points signup bonus (with a referral)
- Earn 1.25 Membership Rewards points for every $1 spent
- Unlimited airport lounge access with Priority Pass
- Emergency Medical, Flight Delay / Cancellation, Lost / Delayed Luggage Insurance
- 55 interest-free days
- Employee Card Misuse Protection
- Disability Plan for Small Business
- $499 annual fee
Let’s take a look at this from a points perspective first. As mentioned, the 60,000 Membership Rewards points signup bonus when using a referral link is the most you’ll get with any credit card, but you’ll need to charge $7,000 in the first 3 months of card membership to get those points. The normal offer is 40,000 points with a $5,000 spend in the first 3 months, so it’s quite the difference.
Assuming you can make that spend, you’ll instantly have an equivalent of $600 in Membership Rewards points which offsets the $499 fee. Admittedly, you’re only ahead by $101, but that’s where the transfer partners come into play.
You could transfer your points to Aeroplan at a 1:1 ratio. 60,000 Aeroplan points are enough for two return flights to Los Angeles from Canada which has a value of roughly $1,200 and you’d still have 10,000 points leftover.
Another option with your MR points is to transfer them to Marriott at a 1,000:1,200 ratio. That means the 60,000 Membership Rewards points signup bonus is equal to 72,000 Marriott Rewards points. When you factor in the minimum spend required for the bonus, you’d have just over 80,000 Marriott points. Those points are easily worth $1,000+ in hotel stays.
The 1.25% Membership Rewards points earned per $1 spent is similar to other business cards.
The business benefits
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 being 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.
The disability plan for small business is a nice bonus since it’ll give you up to $10,000 in benefits if you become permanently or totally disabled as a direct result of an accidental injury. This amount increases to $25,000 after having the card for two years and $50,000 after six years of card membership. Note that you should still have your own disability insurance policy as this amount is practically pennies compared to what your long-term disability expenses may be.
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 nearly identical. The major difference is the business benefits that come with the business card.
The signup bonus is also the same (when using a referral link) but comes with a lower charge requirement of $5,000 in the first three months of card membership. Note that you could always self-refer yourself to either card to earn 120,000 points which are nice, but again, you need to meet that minimum spend requirement.
My American Express Business Platinum Canada review is positive. If you’re looking to earn points fast, it likely makes more sense to apply for the American Express Platinum card (referral link), but if you need something to manage your business expenses, then apply for the American Express Business Platinum card.