American Express Platinum Business Card

My monthly spend: 
$1,750
 
offer
card features
rewards program
earn rate
sign up bonus
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American Express Platinum Business Card
APPLY BY 02 oct 17
7 reviews
Receive 120,000 points when you apply before 2nd Oct 2017, are approved and spend $5,000 on your Card within your first 2 months of Card Membership.
Earn up to 2 Membership Rewards points per $1 spent.
Platinum Business Concierge gives you 24/7 access to premium services.
Add to comparison
Membership Rewards Ascent
Membership Rewards Ascent
2 pts
per $1 spent
120,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive 120,000 points when you apply before 2nd Oct 2017, are approved and spend $5,000 on your Card within your first 2 months of Card Membership.
Earn up to 2 Membership Rewards points per $1 spent.
Platinum Business Concierge gives you 24/7 access to premium services.
Complimentary Virgin Lounge Access, plus Priority Pass access to 600 VIP Lounges in 100 countries.
Platinum’s by invitation only program gives you access to exceptional events and experiences that are not open to the general public.
Fine Dining privileges offer you assistance in securing your reservations at world-class restaurants around the world.
Complimentary Platinum Travel Insurances.
Earn Rewards faster with up to 99 Supplementary Cards at no additional cost.
Large $1,500 p.a. annual fee.
Points earning threshold of 375,000 points after which the earn rate drops to a maximum of 1 point per $1 spent.

Review

Our review of the American Express Platinum Business Card

Take a deep breath and swallow the news about the $1,500 p.a. annual fee on the American Express Platinum Business Card before you do anything else. After this the news is all good, and the card will introduce you to an elite corporate lifestyle that most people can only dream about. The pinnacle of travel, entertainment, dining, blue-ribbon insurance cover and rewards points will be yours, all in the name of business.

Up to 99 supplementary cardholders, free of charge

Once you’ve paid the $1,500 p.a. primary card fee, there is no further cost for up to 99 supplementary cards. So you can choose to have just one for your spouse, or a couple of extra ones for trusted employees, or make the fee a very economical prospect indeed by issuing cards to all employees who have purchasing authority. AmEx says that 'The Business, the Basic Card Member and each Supplementary Card Member are jointly and severally liable for all Supplementary Card spending’, which means that the liability is shared with your employees to some extent.

Elite lifestyle

Who knew that a charge card could package so many services designed to ease the stresses and challenges of a fast-paced corporate life? Here’s what AmEx will give you with this card:

  • Complimentary access to Virgin Australia lounges for each cardholder and a guest.
  • Complimentary access to 800 Priority Pass airport lounges throughout the world, for the primary cardholder and one nominated supplementary cardholder. (Other guests admitted at a cost of USD27 per visit.)
  • The premium services of Platinum Business Concierge. 'Whatever you need just call us 24/7 and we will go out of the way to make it happen’ is the promise for this service. It includes not just the usual accommodation, dining and entertainment advice and reservations, but also legal or medical assistance if required, so that interruption to business (or leisure) is minimised.
  • Membership of AmEx Platinum’s 'By Invitation Only’ program, providing invitations to unparalleled experiences that money alone cannot buy. Previous offerings include An Evening with Heston Blumenthal, Dinner with Bill Bryson, and a private Archibald Prize viewing.
  • Fine dining privileges to help you secure reservations at the world’s best restaurants, including a reserved table always available at some of Australia’s finest establishments.
  • Automatic membership in the elite tier of four luxury hotel guest programs: Small Hotels of the World, Fine Hotels and Resorts, Club Carlson’s Gold Elite and Starwood Preferred Guest.
  • 24/7 access to the American Express Platinum Travel Service, to save you time and help you find the best options for both business and your precious free time.
  • Complimentary membership of the elite Preferred Golf Club: 85 celebrated golf resorts and hotels overseas.
  • A free, multi-device digital news subscription: choose between the Sydney Morning Herald, The Age and the Financial Review.

First class complimentary insurance cover

Most premium cards – and even some lesser ones – come with international travel insurance, but the travel insurance accompanying this card is particularly comprehensive and is designed to make business travel easier. There is also a suite of policies to cover goods purchased for both business and personal use, and typical emergency situations. The long list of policies includes:

  • Travel insurance (both international and domestic) for the primary and all supplementary cardholders, and their accompanying spouses and children. Unlike the vast majority of cards, there is no requirement to purchase trip fares, or meet a certain level of trip expenditure with the card, in order to activate the policy. Just holding the card is enough. Items and situations covered go far beyond a standard travel policy. They include:
– emergency medical expenses while overseas – lost, stolen or delayed luggage, money and documents – delayed, cancelled or missed flights – cost of non-refundable expenses when a trip is unavoidably cancelled – rental vehicle insurance excess waiver – cost of resumption of journey interrupted by cardholder’s serious illness or a close relative’s serious illness or death – loss of income as a result of serious illness or accident during a trip – travel and accommodation costs for close relatives in the event of the cardholder being the victim of a hijack or kidnap
  • Transport accident cover. Cash compensation of up to $400,000 is paid for loss of life or limb sustained as a result of an accident while travelling as a passenger on public transport or a commercial airline.
  • Card account balance waiver. Clears any amount owing (up to $25,000) on the card if you make a successful transport accident claim.
  • Business trip completion cover. Pays for another employee to complete a business trip on behalf of a cardholder whose trip is interrupted by serious illness or death (including the serious illness or death of a close relative).
  • Purchase protection cover. Items bought with the card are protected against loss, theft or accidental damage for 90 days. (Many cards limit cover to personal items only, but since this is a business card, business purchases are included.)
  • Refund protection cover. If a retailer refuses to let you return an unused item you bought with the card up to 90 days previously, AmEx will refund the purchase price.
  • Extended warranty/Buyer’s advantage. This doubles the manufacturer’s Australian warranty on items bought with the card, up to a maximum of 12 extra months.
  • Rental vehicle insurance excess waiver in Australia, where the rental begins more than 150 kilometres from your normal residence.
  • Monthly business expenses cover. This reimburses the monthly business expenses of self-employed primary cardholders if they are temporarily disabled and lose their income for 30 days or more. (Maximum benefit $3,000 per month, $12,000 per event.)
  • Overseas legal assistance provides referrals to legal practitioners and advance of emergency legal fees and bail bond.
  • Roadside assistance in Australia, including towing and a temporary replacement vehicle, in the event of vehicle accident or breakdown.
  • Home assistance in Australia in emergency situations such as storms, including tradesmen emergency callout referrals and expenses.

It’s clear that this is head and shoulders above the average credit or charge card complimentary insurance, and there’s a definite slant towards business needs.

All this, and rewards points too

Although the rewards points are appearing way down the list here, they may feature in a higher position in your personal assessment of a card’s value. If that’s the case, you aren’t going to be disappointed. Choose this card and you’ll earn up to two American Express Membership Rewards points per dollar, not just in the standard Ascent program but at the Ascent Premium level.

The main significance of the Ascent Premium program is that Qantas is added to the list of airline frequent flyer programs to which you can transfer your points. The ten airlines are Qantas, Virgin Australia, Air New Zealand, Singapore Airlines, Emirates, Etihad, Cathay Pacific, Thai Airways, Virgin Atlantic and Malaysian Airlines.

Points earning rate

Cardholders conducting a business can earn points at a high level for many business expenses. Here are the details:

  • 2 pts per $1 spent for spending with restaurants, airlines and major cruise and tour operators; on accommodation, advertising, couriers and computer equipment; and for all foreign currency expenditure (in person or online). Every one of these categories is high on the list of most business expenditure.
  • 0.5 points per dollar spent on utilities and insurance (except American Express insurance) and with government bodies. So you can even earn points on your tax payments if you use ATO EasyPay.
  • 1 point per dollar spent on all other purchases.

The two points per dollar earning rate is capped at 375,000 points per year, after which it drops to one point per dollar. But this is a very high cap which shouldn’t trouble most small to medium businesses.

Redemption of points is easy, with lots of options

Although transferring your membership rewards points to a frequent flyer program is one of the most cost effective ways to use them, there are lots of other things you can do, to keep business costs down, reward your staff, or just please yourself:

  • Shop online at davidjones.com.au
  • Buy gift cards to use at major Australian retailers
  • Purchase tickets for movies or other entertainment
  • Book travel through American Express Travel, Hello World and Webjet
  • Buy foreign currency through American Express
  • Transfer your points to frequent guest programs: Hilton HHonors or Starwood Preferred Guest
  • Exchange points for a credit on your card account

An astounding golden 'Hello’: 120,000 points

You read it correctly: no stray noughts here. Spend just $5,000 in 2 months and see your points balance swell by an additional 120,000 points.

What could you do with 120,000 points? You could transfer your points to Singapore Airlines at a 1:1 exchange rate. That’s enough for an economy return flight from the east coast of Australia to the west coast of the US (110,000 points).

Let’s not forget that it’s all about business

If there was any chance of forgetting that this is a business card, not a personal card, it will reinforce its business credentials every month when the account statement comes, with the following features:

  • It’s charge card, not a credit card: the balance has to be paid in full on the due date, with no option to carry over any of the balance and pay interest charges. But you’ll still get up to 51 interest-free days each month to help you balance your business cash flow.
  • The monthly account statement presents an itemised list of expenses for each cardholder, plus a consolidated version, with GST shown separately. This provides maximum tax return, BAS and business expense control readiness.
  • All these statement details can be downloaded to Quicken, MYOB and Excel, to be assimilated into your accounting system.
  • Online account management is available 24/7, with up to six months of historical transactions accessible. Paper statements can be switched off for greater convenience.
  • SMS and email alerts are available, to advise payment due dates, payment confirmation and account balances.
  • Transactions under $100 are contactless, for speed and efficiency.
  • Apple Pay facility on the card transforms your iPhone or iPad into a digital wallet.
  • There’s an online fraud protection guarantee and 48-hour emergency card replacement, wherever you are in the world.

If the best is what you want, this is probably it

Measured in terms of the dollar value of built-in benefits, this is probably one of the best cards available in Australia, if not the best. The Citi Prestige Card runs a close second, but it doesn’t have the business orientation offered by the American Express Platinum Business Card.

So if you are confident about the future of your business and want to help guarantee your success with superior insurance cover and the opportunity to travel and entertain in style and comfort while earning rewards, don’t be put off by the price tag. You should be able to recover the cost more than twice, each and every year.

User reviews

4.6 out of 5.0 based on 7 reviews100% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Unmatched level of service

Reviewed and recommended by Raymond on 09 May 2017

The advantage of American Express is, if you have an issue with a purchase they take it off your account and they deal with it. The other banks don’t give this service. I never have to take breath to see if a charge goes through. It always works. Thank you AmEx.

Rewards heavily geared towards travel

Reviewed and recommended by Quang on 20 Sep 2016

The Platinum Business Card’s rewards are heavily geared towards travel, so if you don’t travel a lot for work, you’ll want to look at other cards.

This business card is also difficult to get. Companies must have excellent credit and a clear, well-established credit history. However, if your business meets the requirements and involves extensive travel, then the Platinum Business Card may be an option.

Great for travelling

Reviewed and recommended by Joe on 16 Sep 2016

The card provides the best points that can be used for travel, and It provides good travel Insurance. It is recognised all over the world.

The annual fee is expensive, however.

If the card deteriorates and needs to be replaced before the scheduled renewal, a new card with a different number will be issued. This is a hassle because all scheduled payments have to be changed.

Very pleased

Reviewed and recommended by Shahin on 04 Jul 2016

I like this card because it is very easy to use. It has a low interest rate and I receive my statement in due time. The card also reminds me when I am due for payment. It has a good and easy reward program. I can easily increase my daily limit if I need to.

Very satisfied with the card

Reviewed and recommended by Abhijit on 04 Sep 2014

The card has lots of cashback offers for household appliances. You can get rewards points if you spend a specific amount in the 1st transaction. Many online offers in the US but very less offers in the Asia Pacific region. Wish we had more offers in the Asia Pacific region

Love my platinum AmEx

Reviewed and recommended by Mary on 31 Mar 2014

I have had a Gold AmEx for 20 years which is great and last year added a Platinum which I use more. I enjoy it and use it for most business and personal expenses and the only downfall is that I cannot use in Aldi and some restaurants and retail outlets.

Very good reward scheme when I can use it

Reviewed and recommended by Charles Wells on 27 Oct 2013

The card has an excellent reward scheme, but it is frustrating that so many organisations do not offer its use, or put a heavy surcharge on its use. The statements are clear and provide separate purchases for each card holder attached to your account which is good. The website is easy to use, and comprehensive in its coverage.

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
American Express
Card use
Business
Credit rating
No bad credit history
Gambling transactions allowed
N/A
Joint application
N/A
Minimum age
18 years old
Minimum income
$75,000
Minimum income for pensioners
Same as standard
Pensioners
N/A
Rewards program
Membership Rewards Ascent
Temporary residents
N/A

Cardholders

Additional cardholders
99
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
N/A
Maximum credit limit
$50,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 51 days on purchases
Minimum repayment
100%

Rates & fees

Ongoing interest rates

MonthlyAnnually
Cash advances N/A N/A
Purchases N/A N/A

Fees

Annual fee
$1,500 p.a.
Cash advance fee
N/A
Dishonour fee
N/A
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$20
Over limit fee
$0
Overseas ATM balance fee
N/A
Overseas ATM withdrawal fee
N/A
Overseas emergency card replacement fee
N/A
Transaction verification fee
$0

Rewards

Rewards program basics

First purchase bonus
120,000 points
Reward points expiry
No expiry as long as you keep your account active
Rewards program
Membership Rewards Ascent
Spend required for bonus points
$5,000 in 2 months

Earning points with this card

ATO payment earns rewards
0.5 pts per $1 spent
Frequent flyer points
2 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
N/A
Reward points
2 pts per $1 spent

Additional benefits

Airport lounge access
Yes, 2 passes per year
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $2,709

ExpensesEstimated value
Monthly business expenses cover
Valuation based on similar monthly business expenses cover available online. Cover on this card will pay a maximum of $3,000 per month for 6 months. Pro-rata that's $2.29 per day or $835 p.a.
$835
Shopping
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Refund cover if retailer refuses return
Most major retailers have 100% guaranteed returns, but not all do. Valuation assumes making a $100 claim once every 5 years.
$20
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online. Includes cover for several items including card account balance waiver and business trip completion.
$1,254
Roadside assistance
Valuation based on similar roadside assistance insurance policies available online.
$70
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$2,709
Annual fee$1,500
Net customer value$1,209
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $75,000 per year
Have no history of bad credit
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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