What's Happening?
American Express has announced updates to its Business Platinum Card, including a $200 increase in the annual fee, now set at $895. The card now offers enhanced benefits such as a $600 hotel credit, new statement credits for Dell and Adobe purchases, and improved earning rates on business-related expenses. The card's welcome bonus has also been elevated, offering up to 200,000 Membership Rewards points for new cardholders who meet the spending requirements. These changes are part of a broader refresh of the Platinum card portfolio, aimed at providing more value to high-spending business owners.
Why It's Important?
The updates to the Business Platinum Card reflect American Express's strategy to strengthen its position in the premium business card market. By enhancing the card's benefits, the company aims to attract and retain business owners who can leverage these perks to offset the higher annual fee. The changes also highlight the increasing competition among credit card issuers to offer more value to business customers, as they seek to capture a larger share of business spending. The enhanced benefits are designed to appeal to businesses that frequently incur expenses in travel, technology, and other key categories.
What's Next?
The new benefits and fee increase are effective immediately for new applicants, while existing cardholders will see the changes at their next renewal date on or after December 2, 2025. American Express is likely to continue monitoring the card's performance and customer feedback to ensure the updates meet the needs of business cardholders. The company may also explore additional partnerships and benefits to further enhance the card's value proposition in the future.
