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The Big Review: American Express Business Platinum

Designed to reward businesses that want to maximise their points-earning potential while enjoying extensive travel features and practical business tools, the American Express Business Platinum charge card now delivers a range of new and enhanced extras, with up to 120,000 bonus Membership Rewards points on offer to new cardholders.

Known for its exceptional service and excellent travel and lifestyle benefits, the American Express Business Platinum charge card has further elevated its membership experience with all-new extras such as Accor Plus membership, Dedicated Account Management and 55 cash flow days, while enhancing existing features by adding Hotel Elite tier status, including Hilton Honors Gold Status, and access to more than 1,200 airport lounges across 130 countries.

• BONUS OFFER: Earn up to 120,000 bonus Membership Rewards points
• NEW FEATURE: Accor Plus membership, valued at $395 per year
• NEW FEATURE: Dedicated Account Management
• NEW FEATURE: 55 cash flow days
• ENHANCED FEATURE: Hotel Elite tier status, including Hilton Honors Gold Status
• ENHANCED FEATURE: Access to more than 1,200 airport lounges across 130 countries with the Global Lounge Collection for primary and supplementary cardholders
• Premium digital subscription to the Australian Financial Review
• More than $700 included average value with every Fine Hotels and Resorts stay
• Complimentary Travel Insurance for both primary and supplementary cardholders
• Earn up to 2 points per $1 spent within business spend categories
• From 15 April 2019 you will earn 2.25 points for every $1 spent, except government where you will earn 1 point for every $1 spent
• The existing earn rate threshold will also be removed from 15 April 2019, this means you’ll continue to earn points at the new rates regardless of how much you spend in a year
• Flexible redemption options, including Qantas frequent flyer
• Platinum Concierge service
• Up to 99 additional cardholders at no extra cost
• To be eligible for the bonus points offer, you must apply and be approved by 29 April 2019, and spend $5,000 on your card within two months of card approval.
• Offer is only available to new American Express cardholders. Anyone who has held any other card issued by American Express within the previous 18 months is ineligible for this offer.
• Annual fee: $1,750

This Card: The Lowdown

Aimed at small and medium-sized businesses, the American Express Platinum Business charge card is the ideal option for business owners who want to earn more points on travel and business expenses, while also benefiting from an extensive range of travel and lifestyle features, and a range of useful business tools.

As it is a charge card, not a credit card, the American Express Platinum Business charge card has no pre-set spending limit as long as the balance is paid in full each month. Businesses can apply for up to 99 supplementary cardholders on the account, with 55 days to pay. This can offer a flexible cashflow arrangement to businesses that want an alternative to a business credit card.

Digging Deeper

With the basics covered, it’s time to dig a little deeper into what’s on offer with the American Express Platinum Business charge card, so you can decide whether this card is right for you.

This Card: As a Rewards Card

Currently on offer to new cardholders, the American Express Platinum Business charge card provides up to 120,000 Membership Rewards points after a minimum card spend of $5,000 within the first two months from card approval.

Helping to offset that annual fee – in the first year, at least – these bonus points could get you to London and back, with a return Economy Classic Flight Reward from Sydney to London (plus taxes, fees and carrier charges of $630.84).

To be eligible for this offer, you must apply and be approved by 29 April 2019, and then make the minimum $5,000 spend in the first two months. After that spend criteria has been met, the 120,000 bonus Membership Rewards points will be credited to your account within 8-10 weeks.

However, if you currently hold or have previously held any other card issued by American Express (not including bank-issued American Express cards), you will not be eligible for the offer.

Earning Points

One of the most appealing features on the American Express Platinum Business charge card is its higher points-earning potential on business and travel spending. As a Platinum Business cardholder, you can earn points on virtually all your Business Card spend:

• 2 points per $1 spent at eligible restaurants, airlines, accommodation, and on advertising, couriers and computer equipment,
• 1 point per $1 spent on all other purchases (except those listed in 0.5 points)
• 0.5 points per $1 spent on utilities, insurance (except those issued by American Express) and government bodies.
• From 15 April 2019 you will earn 2.25 points for every $1 spent, except government where you will earn 1 point for every $1 spent

There is a cap on the 2 points per $1 earn rate, at 375,000 per year, at which point the earn rate reverts to 1 point or 0.5 points per $1 spent. For some business owners looking to spread their rewards earn over 99 supplementary cards, this 375,000 cap may be disappointing. Note that this existing earn rate threshold will be removed from 15 April 2019.

It’s also worth noting that in order to earn the 2 points per $1 spend at restaurants, accommodation and airlines, the expense must be categorised as such in the American Express Merchant Acceptance system. Point redemption rates will change as of 15 April 2019. Please click here for further detail.

So, if you’re eating at a dining outlet within a hotel, pub or department store, your spend may not be eligible to receive the additional points normally attributed to ‘restaurant’ spending. In addition, to gain the additional points for ‘airline’ and ‘accommodation’ spending, the purchase needs to be paid directly to the merchant or through a travel agent.

As for ‘advertising’ spend, selected advertising media channels include Fairfax, News Ltd, Google, The Canberra Times, Pacific Publications, ACP Publishing and Cumberland; for ‘couriers’ spend, selected couriers include FedEx, UPS, Schenker Australia and DHL; and for ‘computer equipment’ spend, selected IT retailers include Apple, Dell and IBM (department stores and general computer suppliers are excluded).

Spending Points

What attracts many cardholders to the American Express Platinum Business charge card is the flexibility of its rewards program. Used to reward yourself, your clients, your employees or to reinvest within your business, the Membership Rewards points you earn can be redeemed within a number of categories.

If you want to earn points within a certain frequent flyer program, the Membership Rewards points you earn can be transferred to Qantas, Velocity, Asia Miles or KrisFlyer, and many more, with the on-demand transfer of your points to the frequent flyer program of your choosing, at your request.

To give you an idea of redemption value, Membership Rewards points can be converted to Qantas Points at a rate of 1:1. Of course, to transfer your Membership Rewards points to a frequent flyer program, you must be a member of that frequent flyer program, and you must also be enrolled in Membership Rewards Ascent Premium.

Aside from frequent flyer redemption, there are many other redemption options open to you as a cardholder. You can use your points for travel, booking directly through American Express Travel Online. Here, you can book your next flight, hotel, cruise or car rental using your points to pay, while enjoying no restrictions, no block-out dates, and no booking fees (T’s & C’s apply).

You can also save money on accommodation when booking with hotel partner programs, including Hilton Honors and Starwood Preferred Guest. You can use your Membership Rewards points to pay when booking on Webjet, or a combination of points and pay when booking at Helloworld Travel.

You may also choose to boost your cashflow by paying off your eligible purchases with your American Express Membership Rewards points or a combination of points and payment, or you could enjoy some retail therapy using your points to shop at David Jones.

This Card: As a Travel Rewards Card

For most businesses, the American Express Platinum Business charge card sells itself on its travel features. Here are some of the travel extras you can benefit from as a card member.

Accor Plus Membership

As a new feature for cardholders, the American Express Platinum Business charge card is now offering Accor Plus membership, valued at $395 per year. Perfect for business travel, this valuable feature provides a complimentary night’s accommodation each year, up to 50% off dining within the Asia Pacific region, 15% off beverages within Asia, plus Silver Status in Le Club Accorhotels (only available to the primary cardholder, not supplementary cardholders).

Lounge Access

This enhanced feature now offers access to more than 1,200 airport lounges across 130 countries within the Global Lounge Collection. American Express have added access to an additional 400 lounges in the past five years, including the American Express Lounges at Sydney and Melbourne International Airports, and The Centurion Lounge at Hong Kong International.

Happily, this feature is available to both primary and supplementary cardholders, so all cardholders travelling on business can enjoy access to selected airport lounges.

Luxury Hotel Benefits

Another enhanced feature now offered provides Hotel Elite tier status to cardholders, which includes Hilton Honors Gold Status, in addition to existing access to the Small Hotels of the World and Fine Hotels and Resorts Programs, and access to Club Carlson’s Gold Elite and Starwood Gold Preferred Guest membership.

With the American Express Platinum Business charge card, you can benefit from over $700 of included average value with every Fine Hotels and Resorts stay. These extras can include:

• An on-property benefit, often $100 USD in credit per stay
• 12pm check-in
• Room upgrade, if available
• Free breakfast
• 4pm late checkout
• Free Wi-Fi

Travel Insurance

The American Express Platinum Business charge card provides complimentary travel insurance that extends not only to primary cardholders, but to supplementary cardholders as well. Another unusual feature of this card is that you don’t need to use the card for the travel purchase to be covered, you’re covered simply because you have the card.

In terms of travel-related insurance, this card offers Travel Insurance and Travel Inconvenience Cover, which will cover you for flight delays, missed connections and delayed luggage. It’s also nice to know that alongside supplementary cardholders, your spouse and dependent children (up to age 24) are also covered.

Of course, you should always check a credit card’s insurance PDS for terms, conditions and exclusions before you travel.

American Express Travel

While American Express Travel is available to all American Express cardholders, with the American Express Platinum Business charge card in your wallet, you will receive additional value. For example, using American Express Travel, you will have access to competitive pricing on Business Class fares, and a wide range of discounts that may not be publicly available elsewhere.

Discounts are primarily seen across the card’s partner airlines, including British Airways, Delta, Emirates, Etihad, Singapore Airlines, South African Airways and Virgin Australia. You can also benefit from exclusive benefits from partner hotel chains, such as onsite extras to enjoy during your stay.

Golf Club Membership

If you enjoy a round or two of golf, you will no doubt enjoy complimentary membership to the elite Preferred Golf Club, which boasts more than 85 overseas world-renowned golf resorts and hotels.

This Card: Extras on Offer

Yes, there is still more on offer from the American Express Platinum Business charge card. Aside from the new feature, Dedicated Account Management, you can also enjoy 55 cash flow days (extended from 51 days previously), which may make managing your business cashflow somewhat easier.

There is also a Platinum Business Concierge service available 24/7, acting as your ‘personal assistant’ and offering access to premium services. In terms of business tools, the card provides transaction data feeds to MYOB accounting software, as well as tools to easily keep track of expenditure using Quicken, MYOB® or Microsoft® Excel, and American Express Access Line.

As for insurance covers, the card offers Monthly Business Expenses Insurance, offering protection in the event you're temporarily unable to run your business, to a maximum of $12,000, alongside Refund Protection and Purchase Protection, and Vehicle Loss/Damage Waiver providing cover for loss or damage to your rental vehicle up to $125,000.

On top of all that, you have access to Platinum's By Invitation Only program’s range of exceptional events and experiences not available to the general public, plus extras such as emergency card replacement, and American Express’s award-winning support.

This Card: The Essentials

One of the main factors to consider on the American Express Platinum Business charge card is its annual fee. At $1,750 per year, this is not an insubstantial amount. However, as with any new card consideration, you need to think about the value of the features on offer, and whether they are worth more to you than the amount you pay out in annual fees.

As it is a charge card, not a credit card, you also need to be able to deal with it as such. You have no pre-set spending limit, but you have to be able to pay back the entire expenditure each month. It’s also worth noting that having no pre-set spending limit does not mean unlimited spending. Your purchases will be approved on a variety of factors, including your credit records and financial resources, your spending patterns and your payment history.

As for eligibility, you must be:

• Over 18 years of age,
• Have a good credit history and no payment defaults,
• Be an Australian citizen or permanent resident,
• Earn a personal gross (pre-tax) annual income of $75,000 or more,
• Registered for GST,
• Have a valid ABN.

Decision Time

There’s no denying the fact that the American Express Platinum Business charge card has an abundance of features. As a new cardholder, you can benefit from up to 120,000 Membership Rewards points, while enjoying a high points earn on business and travel purchases, backed by an incredibly flexible rewards program. American Express has added some nice new features to card, while enhancing others, making this a very valuable card, not just for primary cardholders, but for supplementary cardholders as well.