Review: The Business Platinum Card from American Express OPEN
By Peter Andrew
Years ago, I had a platinum American Express card. But it must have issued at a time when AmEx's branding people were going through some sort of collective nervous breakdown, because -- although it looked great -- it was a fairly standard charge card.
The Business Platinum Card from American Express OPEN couldn't be more different. If you have the funds and credit necessary to obtain it -- and a lifestyle that can make use of its benefits -- it can deliver a veritable cornucopia of prestige and perks.
A serious card for serious businesspeople
First, the basics:
- This is a charge card, as opposed to a credit card. That means its balance has to be zeroed each month -- so no spreading the cost of purchases over a longer period.
- No revolving credit means no interest payments, so don't bother asking about the rate.
- The annual fee is $450, and it's not waived in your first year of membership. So if you're the sort of person for whom $450 is a king's ransom, this may not be your type of card.
- There are no foreign transaction fees.
Big rewards for big spenders
For many users, this card's attraction may reside less in its rewards and more in its other perks (more on those later). But if you spend a lot on your business, some of the available rewards may stir your imagination.
There are countless reward options for redeeming points on the higher end of the spectrum, including airfare for private jets and stays at elite hotels. But bear in mind that the higher end of the spectrum requires spending of six figures or more on the card each year. Again, many of these benefits are aimed at business owners with considerable means.
On the other hand, you will get one point on every dollar spent on this card, and 20 percent travel bonus when redeeming with Membership Rewards Pay with Points.
Prestige, perks and privileges
Now this is the good bit. To start with, pretty much any clerk or server -- not to mention your shopping or dining companion -- may treat you with new respect when you use a Business Platinum Card from American Express. But the prestige is only the beginning. You also get 40 "premium benefits," and rewards just a few of which include:
- Enroll and select an airline to receive up to $200 annually in statement credits for incidental fees such as checked bags, in-flight refreshments, and change fees.*
- 20% Travel Bonus when redeeming with Membership Rewards Pay with Points
- Take advantage of 40 premium benefits and rewards, including 24/7 concierge service and dedicated business consultants
- By Invitation Only: Receive exclusive access to events, ideal for entertaining clients or treating staff, worldwide that aren't available to the general public
- No pre-set spending limit*
- Terms & Restrictions Apply
Yes, the Business Platinum Card from American Express OPEN is a charge card aimed squarely at business owners who favor a V.I.P. lifestyle. If you fall into that category, it's likely worth a look -- provided you have the excellent credit necessary to get it.
Peter Andrew has over 25 years of experience writing about marketing, advertising and management. He regularly covers consumer credit card topics for IndexCreditCards.com and other personal finance publications including Fox Business, TheStreet and MSN Money. He also writes frequently about mortgages and auto loans. Peter has spent extended periods living overseas, in the UK, France and Africa. He lives with his partner of 20+ years, and wastes too much of his time on cryptic crosswords.