The American Express Business Platinum card, long a staple for business travelers, now carries an $895 annual fee, a significant increase that is causing even its most loyal users to reconsider its value. For many small business owners, the complex web of benefits no longer justifies the high cost, pushing them toward simpler, more practical alternatives.
After nearly a decade of loyalty, some cardholders are finding that the math simply doesn't add up anymore. The card's value proposition has shifted, moving from straightforward travel perks to a complicated system of statement credits that require significant effort to maximize, a task many busy entrepreneurs no longer have time for.
Key Takeaways
- The Amex Business Platinum annual fee has increased to $895, a nearly 99% jump over the past six years.
- Many of the card's over $3,000 in potential statement credits are difficult to use and may not align with typical business spending.
- The base earning rate of 1 point per dollar is less competitive than many cards with lower or no annual fees.
- A growing sentiment of "benefit exhaustion" is making simpler, more straightforward rewards cards more appealing.
- Cardholders are migrating to alternatives like the Chase Sapphire Reserve and Ink Business Preferred for more practical value.
The Shifting Math of a Premium Card
The core issue for many long-term users is the steep rise in the annual fee. What began as a $450 charge has progressively climbed to $595, then $695, and now sits at a substantial $895. This represents a nearly 99% increase in just six years, a pace that has outstripped the perceived value of its added benefits for some.
While American Express has added new perks to correspond with these fee hikes, their usability has come into question. The card now boasts over $3,000 in potential annual credits, but realizing this value is far from guaranteed. The benefits are often highly specific and require enrollment and careful tracking, creating what some users describe as "benefit exhaustion."
From Premium to Prohibitive
The annual fee for the Business Platinum card has seen a dramatic increase:
- Initial Fee (approx. 10 years ago): $450
- First Increase: $595
- Second Increase: $695
- Current Fee: $895
This amounts to a 98.8% increase over roughly six years, forcing a much stricter cost-benefit analysis for cardholders.
The Challenge of Complicated Credits
A major point of contention is the structure of the card's statement credits. While impressive on paper, their practical application can be frustrating for the average business owner. For example, the new $600 annual hotel credit is only valid for prepaid bookings made through Amex Travel's Fine Hotels & Resorts or The Hotel Collection, the latter of which requires a minimum two-night stay.
These bookings can be more expensive than booking directly and limit flexibility, a critical need for business travel. Furthermore, booking through a third-party portal often means forgoing hotel loyalty points and elite status benefits.
Specific Perks, Niche Appeal
Other credits present similar challenges. The Dell credit, offering up to $1,150 annually, requires a minimum spend of $5,000. Many small businesses do not have this level of recurring need for Dell products, making the credit difficult to maximize without forcing unnecessary purchases.
This model forces business owners to alter their natural spending habits to justify the fee. Instead of the card working for the business, the business must work to make the card's benefits pay off. For a growing number of entrepreneurs, the time and effort spent optimizing these credits could be better invested in revenue-generating activities.
The Mental Overhead of Optimization
Managing the Business Platinum card has become a task in itself. Users must remember to enroll in various offers, track semi-annual credit resets, and monitor spending thresholds. This mental overhead is a hidden cost that is turning many away from the card, especially when simpler alternatives exist.
Rewards Rates Fall Behind the Competition
Beyond the complex credits, the card's fundamental rewards structure is another area of concern. The Business Platinum card earns just 1 Membership Rewards point per dollar on most purchases. While certain categories offer higher rates, they are often tied to large transactions of $5,000 or more.
For a typical small business whose main expenses include contractor payments, supplies, and general operating costs, this earning rate is uncompetitive. Many are realizing they can achieve a better return with far less effort and expense.
"Every hour I spend optimizing credit card benefits is an hour I’m not spending on my business. The return on investing those hours into my company is exponentially higher than squeezing out an extra few hundred dollars in statement credits."
Cards like the American Express Blue Business Plus offer 2X points on all purchases up to $50,000 per year with no annual fee. Similarly, cash-back cards like the Capital One Spark Cash Plus provide a straightforward 2% cash back on every purchase for a modest $150 annual fee. These cards provide superior returns on everyday business spending without the high fee and mental effort required by the Platinum card.
Smarter, Simpler Alternatives Gain Favor
As loyalists step away from the Business Platinum, they are not abandoning premium rewards altogether. Instead, they are shifting to cards with more practical and user-friendly benefits.
For Travel and Business Spending
Many are turning to a combination of cards from other issuers to replace the Platinum's functionality:
- Chase Sapphire Reserve®: With a $795 annual fee, its $300 travel credit is a standout feature. It applies automatically to any purchase coded as travel, from ride-sharing services to parking fees, requiring no special portals or prepaid bookings. Its Priority Pass lounge access and primary rental car insurance offer tangible, easily accessible value.
- Chase Ink Business Preferred® Credit Card: For a low $95 annual fee, this card earns 3X points on the first $150,000 spent annually across common business categories like travel, shipping, internet services, and digital advertising. These are categories where businesses naturally spend money.
This strategic shift allows business owners to maintain access to a valuable points ecosystem—Chase Ultimate Rewards—while earning accelerated rewards on their actual spending patterns for a fraction of the cost.
What's Being Lost?
Despite the drawbacks, canceling the Business Platinum card does mean giving up some genuinely valuable perks. The Centurion Lounges are widely regarded as some of the best domestic airport lounges, offering high-quality food and amenities.
The card’s 35% points rebate on flights booked through Amex Travel with a selected airline was another powerful tool, often providing better value than transferring points directly to an airline partner. The $200 annual airline incidental fee credit was also useful for families, covering costs like checked bags and seat selection fees.
However, for a growing number of users, the loss of these specific benefits is a worthwhile trade-off for a simpler rewards strategy, a lower annual fee, and the freedom to spend without constantly trying to solve a complex puzzle of statement credits.
