Earlier this month, American Express raised the annual fee of The Business Platinum Card® from American Express from $595 to $695 (see rates and fees).
In other words, the most expensive business card on the market somehow got even more expensive. This $100 difference may leave cardholders wondering if it’s time to ditch the card for good.
If you want to keep earning and redeeming points through the American Express Membership Rewards ecosystem, the American Express Business Gold Card remains the next best option.
For a fraction of the annual fee ($295 per year; see rates and fees), the Amex Business Gold presents strong earning rates. You’ll earn 4 Membership Rewards points per dollar on the two categories where your business spends the most, on up to the first $150,000 in combined purchases, then 1 point per dollar:
- Airfare purchases directly from airlines.
- U.S. purchases on online, TV and radio advertising.
- U.S. purchases on computer hardware, software and cloud systems from select technology providers.
- U.S. gas stations.
- U.S. restaurants, including takeout and delivery.
- U.S. shipping.
If your business spends up to the $150,000 threshold, you’re looking at earning 600,000 Membership Rewards points annually — worth a tremendous $12,000 based on TPG’s valuations. You’ll still be able to transfer your points to Amex’s 20-plus airline and hotel transfer partners, but you’ll also be able to redeem your points for flights through the Amex Travel portal and get a 25% points rebate, up to 250,000 points back per calendar year.
While you could downgrade your Amex Business Platinum to the Amex Business Gold, you may want to consider applying for the Amex Business Gold outright. That way, you’re eligible to score its welcome bonus of 70,000 Membership Rewards points after you spend $10,000 within the first three months of card membership.
Perhaps you’ve decided it’s time to stop paying an annual fee altogether. Or maybe you’re tired of keeping up with the dizzying array of annual statement credits offered on the enhanced Amex Business Platinum.
If either situation applies to you, you can downgrade your Amex Business Platinum to the Blue Business Plus so that you can keep all of your hard-earned Membership Rewards points active for no annual fee (see rates and fees).
Simplicity is your best friend with the Blue Business Plus. You’ll earn 2 Membership Rewards points per dollar on the first $50,000 spent, then 1 point per dollar afterward. No matter the purchase, you’re always earning double the points up to that $50,000 spending threshold. If you’re a business owner who doesn’t have an exorbitant number of operating expenses, the Blue Business Plus is a fantastic option to retain earning and redeeming possibilities in the Membership Rewards program.
