Are you looking for an American Express Business Platinum Canada review? To simply put it, the American Express Business Platinum Canada Card is arguably the best card for small (or big) business owners that do a lot of spending. You get a high limit, and the points you earn are insanely flexible and valuable. With this card, you can grow your business and reap the rewards.
Here’s a little-known secret about the card. You can technically apply for the card even if you don’t own a small business. Nothing is stopping regular consumers from applying. In fact, many do since this card typically comes with a massive welcome bonus. That said, American Express does have the right to deny your application or to audit you. However, if you’re not doing anything suspicious with the card, there’s no reason they’d look into you. Read my American Express Business Platinum Canada review now and find out why it’s one of the best business credit cards in Canada and one of the best travel credit cards in Canada.
American Express Business Platinum Card
- $499 annual fee ($799 as of Sept. 26, 2023)
- Earn 100,000 Membership Rewards points when spending $10,000 in the first 3 months. Must use a referral link
- Earn 1.25 points per $1 spent on all purchases
- Unlimited airport lounge access
- $200 annual travel credit (as of Sept. 26, 2023)
- $120 annual wireless credit (as of Sept. 26, 2023)
- $100 Nexual credit every 4 years (as of Sept. 26, 2023)
- Marriott Bonvoy Gold Elite Status
Welcome bonus and earn rate
Anyone considering the American Express Business Platinum Card will likely be attracted to the welcome bonus. It typically hovers around 90,000 – 120,000 American Express Membership Rewards points, which is one of the highest welcome offers available. For reference, that’s a value of $900 to $1,200 in points. That said, the minimum spend requirement is quite high at $6,000 – $10,000. On a positive note, if you use my referral link as a friend, you’ll typically get an additional bonus compared to the regular offer.
Since this is a business credit card, you’re not going to get a high earning rate. What you get is a straight earn rate.
- 1.25 points per dollar spent on all purchases
Admittedly, the lack of category multipliers is disappointing. Still, if you’re a business owner who charges tens of thousands of dollars to your card each month, you’re likely more interested in the purchasing power. Since this is a charge card, you’ll basically have no limit. The card does have an annual fee of $499 ($799 as of Sept. 26, 2023).
Benefits and perks
In this American Express Business Platinum Canada review, you’ll quickly learn that there are two people who will be attracted to this card. Business owners that are looking for high purchasing power and consumers that want a huge welcome bonus. In both cases, users will want to know what they’re getting for the $499 annual fee. Fortunately, the benefits do not disappoint.
Unlimited airport lounge access
One appealing aspect of the card is the unlimited airport lounge access for you and a guest. Simply put, the American Express Global Lounge Collection is the most comprehensive lounge access you’ll get with a credit card since you get access to the following lounges:
- The Centurion Lounge
- Priority Pass
- Escape Lounges
- Delta Sky Club (when flying Delta)
- Plaza Premium
- Air Space
All-in, you’ll get access to more than 1,300 lounges in more than 140 countries. Once you have this card, you would just sign up for each individual lounge program or show your American Express credit card when entering.
You also get access to Plaza Premium and American Express Centurion lounges. For reference, a Priority Pass Prestige membership with unlimited lounge access is US$429. Single entries cost US$32, but you still need a basic membership. If you travel regularly, the lounge access you get is often worth more than the annual fee.
It’s worth noting that the American Express Global Lounge Collection does not give you access to Air Canada’s Maple Leaf Lounges. Admittedly, within Canada, Maple Leaf Lounges are often superior to what American Express offers. That said, if you fly internationally a lot where there are no Maple Leaf Lounges, Amex is the obvious choice.
$200 annual travel credit (as of Sept. 26, 2023)
The American Express Business Platinum Card is adding a $200 travel, which is available once per anniversary year. This credit can be used on any travel purchase made through the American Express Travel portal. This is one of the easier credits to use and helps offset the high annual fee.
$120 annual wireless credit (as of Sept. 26, 2023)
Another new benefit is the annual $120 wireless credit. What’s interesting about this credit is that you only get a $10 statement credit each month when charging wireless services to your Business Platinum card. So as long as you have your card linked to your wireless account, you can maximize the credit.
$100 Nexus credit (as of Sept. 26, 2023)
As of September 26, 2023, American Express Business Platinum cardholders will get a $100 Nexus rebate that can be used once every four years. Since Nexus is good for five years, you should always be able to use this credit. Applying for Nexus is worth it since it allows you to speed through U.S. customs and Canadian immigration. It also gives you access to Global Entry and TSA precheck.
Another travel benefit that can be incredibly useful is the included hotel status.
- Marriott Bonvoy Gold Elite Status
- Hilton Honors Gold Status
With both programs, you’ll get an increased earning rate on your stays and some benefits such as early check-in, late check-out and room upgrades when available. You do need to enroll for the programs first before the status is given to you. Generally, Canadians will find Marriott Bonvoy more useful since an American Express Marriott Bonvoy Card is available.
The hotel collection
Cardholders get access to The Hotel Collection from American Express. When booking a minimum of two consecutive nights at over 600 participating properties, you get the following benefits:
- Up to US$100 in hotel credits for dining, spa or other activities
- A room upgrade when available
The exact credit will vary by property. This benefit needs to be booked directly with American Express.
- 55 interest-free days
- Employee card misuse protection
- Expense management reports
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 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 focusing 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.
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.
- Emergency medical insurance – $5,000,000 – 15 days / Under 65
- Trip cancellation insurance – $1,500 per person / $3,000 total
- Trip interruption insurance – $1,500 per person / $6,000 total
- Flight delay insurance – $1,000 – 4 hours +
- Baggage Delay Insurance – $1,000 – 4 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
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.
- Purchase protection
- Buyer’s assurance
With purchase protection, your purchases are covered from loss, damage or theft for 90 days. The extended warranty doubles the manufacturer’s warranty for up to one additional year. In both situations, you need to charge the full amount of your purchases to your card for the insurance to apply.
American Express experiences
As an American Express cardholder, you get a few extra benefits which can be useful.
- Invites – With American Express Invites, you get exclusive access to concerts, restaurants, sporting events and more.
- Front of the line – American Express has special deals where cardholders can purchase tickets before the general public does.
- Concierge – Are you short on time? Have the American Express concierge book your restaurants, show tickets and send presents to your clients.
American Express offers
In recent times, American Express has had some great offers that have been great for cardholders. These are retail benefits that are offered that can help you save. For example, some 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 be obtainable and are worth more than the annual fee. Assuming you can take advantage of all of them, that is.
How to redeem your points
It’s now time to go over how to redeem your points in my American Express Business Platinum Canada review. With this card, you earn American Express Membership Rewards points, which are highly flexible. The regular redemption rate is 1,000 points for $10 in travel or a statement credit. That gives you a value of 1 cent per point (CPP).
Since you can use your points as a statement credit, there’s no real reason to use the American Express travel portal unless you’re using a credit or want to take advantage of the fine hotel and resort collection. Booking directly with other sites allows you to find the lowest prices and take advantage of any status benefits that you may have.
While Membership Rewards are convenient since you can use your points on any purchase without losing any value, you can actually get increased value by transferring your points to Aeroplan. The transfer ratio is 1:1, and I personally value Aeroplan at 2 CPP. That means it’s not difficult to double the value of your points. That said, you should only transfer your points if you have a specific redemption in mind. Another transfer partner worth considering is Marriott Bonvoy. The transfer ratio there is 1:1.2, but Marriott tends to have a much lower value than Aeroplan.
American Express Business Platinum Card eligibility
To qualify for the card, you must be a Canadian resident and be the age of majority in the province or territory where you live.
Since this is a business card, you typically need to have a business to get this card. That said, you may not need a business to apply for this card as I personally know many people who have been approved for this card without owning a business.
American Express doesn’t list what credit score you need to be approved for this card, but presumably, yours needs to be at least in good standing. Generally, the higher your credit score, the better odds you have of being approved.
How the American Express Business Platinum Card compares
Most people will naturally compare the American Express Business Platinum Card to the non-business version. 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.
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.
Although not exactly the same, I think it’s worth mentioning the Scotiabank Passport Visa Infinite Business Card for comparison purposes. With this card, you’ll earn 1.5 points per dollar spent. While the earn rate is higher, Scene+ points aren’t as flexible as American Express Membership Rewards. That said, the card has no foreign transaction fees which is ideal for business owners that make a lot of US dollar purchases.
My American Express Business Platinum Canada review is positive. Despite the $500 annual fee, this card is ideal for people in the following situations:
- You have a business – This card is designed for business owners and gives a straight 1.25 points per dollar spent on all purchases
- You want a huge welcome bonus – The American Express Platinum Business Card usually has one of the highest welcome bonuses but also comes with a huge minimum spend requirement.
- You want a lot of travel perks – You get hotel status and unlimited lounge access with this card.
I should mention that when you use my referral link as a friend, you typically get an increased welcome bonus. With all the travel benefits included, this card makes my list of the best travel credit cards in Canada.