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. You won’t qualify for the bonus points if you have held any kind of AmEx card in the previous 18 months.
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:
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:
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:
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:
An astounding golden ‘Hello’: 100,000 points
You read it correctly: no stray thoughts here. Spend just $5,000 in 3 months and see your points balance swell by an additional 100,000 points.
What could you do with $5,000 in 3 months? You could transfer your points to Virgin Velocity at a 1:1 exchange rate and get a return economy flight to London (from 125,000 points plus $108.72 taxes and fees). The 25,000 leftover points would be almost enough to purchase $200 worth of retail gift cards (27,000 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:
Other business-ready cards to keep in mind
American Express has a wide range of business credit and charge cards, and if $1,500 p.a. seems too big a hurdle, the American Express Gold Business Card ($169 p.a.) or even the straightforward American Express Business Card ($109 p.a.) might be more appropriate for your needs. Remember though, that these are more down-to-earth cards which don’t cater to the aspirational lifestyle you may be aiming for.
The Citi Prestige Card, although not specifically designed for business purposes, offers an equally tempting range of built-in benefits and rewards points (but a less generous sign-up points bonus) for less than half the price at $700 p.a. per year.
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, if not the best, cards available in Australia. 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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
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.
Valuation based on similar roadside assistance insurance policies available online.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
|Total estimated value||$2,709|
|Net customer value||$1,209|