American Express has unveiled significant updates to its Platinum Business Card, marking one of the most substantial refreshes of this premium business travel product in years. The revamped offering, which rolls out this quarter, introduces several new benefits while adjusting existing features—changes that will affect thousands of small business owners who rely on this card for travel perks and expense management.
According to information shared by American Express representatives, the Platinum Business Card will now carry an annual fee of $695, up from the previous $595. This 16.8% increase follows a broader trend among premium credit cards, with Chase and Capital One also raising fees on their flagship products in recent months.
“We’re seeing card issuers recalibrate their value propositions across the board,” explains Ted Rossman, senior industry analyst at Bankrate. “These premium cards operate on thin margins, and with travel rebounding post-pandemic, issuers are adjusting both their fees and benefits to maintain profitability while delivering value.”
The fee increase comes paired with enhanced earning potential. Cardholders will now receive 5x Membership Rewards points on flights and prepaid hotels booked through AmexTravel.com, up from the previous 1x multiplier on general purchases. This matches the personal Platinum card’s earning structure, creating parity between American Express’s premium consumer and business products.
For business owners who frequently book travel, this enhancement could substantially offset the higher annual fee. A business spending $15,000 annually on flights would earn 60,000 additional points under the new structure—worth approximately $600-900 when transferred to airline partners, based on valuations from The Points Guy.
Another significant addition is the $200 annual airline fee credit, which can be applied toward incidental charges like checked bags, in-flight purchases, and seat selection fees on a pre-selected airline. This benefit, previously available only to personal Platinum cardholders, addresses a longstanding disparity between American Express’s consumer and business offerings.
“The airline fee credit has been one of the most utilized benefits on the personal Platinum card,” notes Sara Rathner, credit card expert at NerdWallet. “Extending this to business cardholders acknowledges that business travelers face the same pain points as leisure travelers—perhaps even more acutely given their frequent flying.”
Business owners will also receive a $189 annual CLEAR Plus credit, covering the full cost of membership in the expedited security program. This benefit arrives as airport security lines have reached record lengths at major hubs, with TSA processing nearly 2.9 million travelers on the Sunday after Thanksgiving 2023—the busiest day in the agency’s history.
The card’s lounge access benefits remain largely unchanged, with cardholders continuing to enjoy entry to American Express Centurion Lounges, Delta Sky Clubs (when flying Delta), and Priority Pass Select lounges. However, American Express has removed the 10-free-guest-passes benefit from Priority Pass memberships, aligning with similar restrictions implemented on personal Platinum cards in 2023.
Cell phone protection emerges as another welcome addition, providing up to $800 in coverage for damaged or stolen phones when the monthly bill is paid with the Platinum Business Card. With the average smartphone replacement cost now exceeding $500 according to Consumer Reports data, this protection addresses a significant risk exposure for business owners who equip employees with company devices.
“The cell phone protection benefit represents real, tangible value,” says Matt Schulz, chief credit analyst at LendingTree. “Unlike some card perks that sound impressive but rarely get used, this addresses an everyday concern for business owners managing multiple devices across their organization.”
Not all changes are additions, however. American Express has eliminated the 35% airline bonus for Pay With Points redemptions, a feature that effectively boosted point values when used for airfare. This reduction in redemption value partially offsets the increased earning potential from the new 5x categories.
The Dell shopping credit has also been modified, shifting from a semi-annual structure to quarterly installments while maintaining the same $400 annual total. This change forces cardholders to engage with the benefit more frequently throughout the year rather than making larger purchases twice annually.
Reaction from the business community has been mixed. A survey conducted by American Express found that 73% of existing cardholders viewed the refreshed benefits package favorably, though online forums like Reddit’s r/amex community reveal more divided opinions, with frequent travelers generally more enthusiastic than occasional ones.
“These changes clearly target business owners who travel regularly,” observes Julian Kheel, industry analyst and former editor at CNN Underscored. “If you’re booking flights monthly and visiting airports weekly, the math works heavily in your favor. For businesses with limited travel needs, the value proposition becomes murkier.”
For current cardholders, American Express has confirmed that the new fee structure will take effect upon their next renewal date, with the enhanced benefits becoming available immediately. New applicants will have access to all features upon approval, with American Express also teasing a “competitive welcome offer” to be announced alongside the official launch.
As competition in the premium business card space intensifies, with Chase’s Ink Business Preferred and Capital One’s Spark Travel Elite offering compelling alternatives, American Express appears to be doubling down on its traditional strength: travel benefits. Whether this strategy will resonate with today’s business owners, especially as remote work continues to reshape corporate travel patterns, remains the $695 question.
