Introduction: Is the Amex Business Platinum Card Right for You?
If you’re a small business owner who travels frequently, the Amex Business Platinum Card is definitely one you should consider. The card boasts a plethora of benefits, like lounge access, hotel elite status, and lucrative rewards on everyday spending. I’ve personally found this card to be a game-changer for my business travel, and I’m excited to share some insights that can help you decide if it’s the right fit for you too. Let’s dive in!
Decoding the Credit Score Requirement: What You Really Need to Know
American Express doesn’t explicitly publish a minimum credit score requirement for the Business Platinum card. So, you might be wondering what the “secret” is. Well, typically you’ll need a good to excellent credit score to be approved. I generally advise aiming for a score of 670 or higher on your consumer credit report. Now, that’s just a general guideline. Other factors can influence their decision, so it’s not the only thing to focus on. I’ve seen approvals with scores slightly below that, but it’s definitely the safer bet. Keep in mind that your business’s financial health plays a part as well.
When you apply for an Amex business card, Amex will check both your consumer and business credit bureaus. If your business doesn’t have a substantial credit history, don’t panic. Amex will likely rely more heavily on your personal credit history and other details about your business to evaluate your application. I made sure that my personal credit history was squeaky clean before I applied.
Understanding the Factors that Influence Your Credit Score
Before you even consider applying for the Amex Business Platinum, it’s crucial to understand how credit scores are calculated. It’s not just one magic number. Various scoring models exist, and they may weigh different factors differently. Your Experian FICO score, for instance, might differ slightly from your TransUnion VantageScore. So, it’s a good idea to keep tabs on your scores from multiple sources.
FICO, one of the most widely used scoring models, considers these factors, with each one having a certain weight:
* Payment History (35%): This is the most important factor. Always pay your bills on time. I never miss a payment to keep my score as healthy as possible. * Amounts Owed (30%): This is often called “credit utilization.” Ideally, keep your balances low relative to your credit limits. I try to keep my credit utilization below 30% on all my cards. * Length of Credit History (15%): A longer credit history generally translates to a better score. Don’t close old credit card accounts unless you absolutely have to. * New Credit (10%): Opening too many accounts in a short amount of time can lower your score. Be strategic about when you apply for new cards. * Credit Mix (10%): Having a mix of credit accounts (credit cards, loans, etc.) can positively impact your score. However, don’t open accounts just for the sake of diversification.
What to Do If Your Application is Denied
Rejection stings, I know. If you’re denied for the Amex Business Platinum, don’t lose hope. Amex will send you a rejection letter explaining the reason for the denial. Use this as a learning opportunity.
Common reasons for rejection include opening too many credit lines recently, a high debt-to-income ratio, or a less-than-ideal credit score. Once you know the reason, you can start to address the issues.
If you think the denial was a mistake, you can call the card reconsideration line. I did this once for a different card, and the representative was able to overturn the decision after I provided some additional information. Even if they can’t approve your application, they might be able to give you more details on why you were rejected.
Maximizing the Card’s Benefits: A Travel Blogger’s Perspective
So, you have the card, congrats! The Amex Business Platinum is packed with features that can significantly enhance your travel experience and save you money. Here’s how I leverage some of its key benefits:
* Lounge Access: This is a lifesaver during long layovers. With access to the American Express Centurion Lounges and other partner lounges, I can relax, grab a bite to eat, and catch up on work in a comfortable setting. * Hotel Elite Status: The card comes with complimentary hotel elite status with select hotel chains. This can unlock perks like room upgrades, free breakfast, and late check-out. I always take advantage of these perks when I travel. * Bonus Rewards on Eligible Purchases: I try to make all my purchases on qualifying categories to ensure I am maximizing points earnings.
Is the Amex Business Platinum Worth the Annual Fee?
Okay, let’s address the elephant in the room: the annual fee. Yes, it’s a significant amount. However, I firmly believe that the benefits far outweigh the cost for frequent business travelers. The lounge access, hotel elite status, and rewards earnings can easily offset the annual fee if you use them strategically.
For me, the time I save, the comfort I gain, and the rewards I earn make the annual fee well worth it. If you’re not sure if it’s right for you, consider tracking your spending and travel habits for a few months to see how much value you would get from the card’s benefits.
Final Thoughts: A Powerful Tool for Business Travel
The Amex Business Platinum Card is a powerful tool for business travelers who want to elevate their experience and maximize their rewards. While a good to excellent credit score is generally required for approval, other factors can also play a role. Do your research, understand your credit profile, and decide if the card’s benefits align with your travel needs. I know I personally have found it to be a great card for both me and my business and I hope it will be for you too!
