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The American Express Business Platinum card has the largest signup bonus out there since you get 75,000 American Express Membership Rewards points (with a referral) when you spend $7,000 in the first three months. I’ll go into more detail below, but those 75,000 points are incredibly valuable since you can transfer to them to various partners such as Aeroplan and Marriott Rewards.
Although this is a business card, American Express has approved individual consumers for the card so don’t let the “business” aspect prevent you from applying for the card. If you’re looking to earn points fast, the American Express Business Platinum card is the first card you should apply for since you can eventually earn enough points to redeem a business class around-the-world trip via the Amex train. Points aside, the additional benefits included with the card are incredible which is why my American Express Business Platinum Canada review is positive. Keep reading for the full details.
American Express Business Platinum benefits
- $499 annual fee
- 75,000 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
- Marriott Bonvoy Gold Elite status
- American Express Invites
Let’s take a look at this from a points perspective first. As mentioned, the 75,000 Membership Rewards points sign up 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 $750 in American Express Membership Rewards points which offsets the $499 fee. Admittedly, you’re only ahead by $251, but that’s where the transfer partners come into play.
You could transfer your points to Aeroplan at a 1:1 ratio. 75,000 Aeroplan points are enough for three return flights to Los Angeles from Toronto which has a value of $1,500 – $1,800.
Another option with your MR points is to transfer them to Marriott Bonvoy at a 1,000:1,200 ratio. That means the 60,000 Membership Rewards points signup bonus is equal to 72,000 American Express Membership Rewards points. When you factor in the minimum spend required for the bonus, you’d have just over 100,000 Marriott points. Those points are easily worth $1,000+ in hotel stays.
You also get unlimited airport lounge access which will appeal to frequent travellers. For reference, a Priority Pass membership with unlimited visits costs $429 USD which is more than the annual fee of this card!
The business benefits
- 55 interest-free days
- Employee Card Misuse Protection
- Disability Plan for Small Business
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.
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 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. The business platinum card comes with a 75,000 sign up bonus when using a referral as opposed to 60,000 with the personal platinum. To get the business bonus, you do need to spend $7,000 in the first three months compared to $5,000 with the personal platinum.
The American Express Business Platinum Canada also has fewer hotel status upgrades compared to the American Express Platinum card.
My American Express Business Platinum Canada review is positive. If you’re looking to earn points fast, then there’s no other credit card on the market that gives you such a generous sign up bonus. 75,000 points is an insane amount! Yes, you need to spend $7,000 in the first three months to get that bonus, the amount of points you get is worth it.