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Introduction: Confronting the $695 Question

The first thing people usually notice about the Business Platinum Card® from American Express is its hefty annual fee: $695. I understand; that number can be intimidating. Immediately, you might think, “There’s no way a credit card is worth that much.” However, before you dismiss it outright, let’s delve into the world of benefits this card offers. I’ve been a travel credit card enthusiast for years, and I’ve learned that it’s all about maximizing value. So, does the Business Platinum hold its own against its price tag? Let’s explore.

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Unlocking a Massive Welcome Bonus

Let’s begin with the welcome offer because this is often the quickest way to offset a significant portion of the annual fee. New cardholders can earn 150,000 Membership Rewards points after spending $20,000 on purchases within the first three months. But wait, there’s more! You can also snag a $500 statement credit after spending $2,500 on qualifying flights booked directly with airlines or through American Express Travel within the same timeframe.

Now, let’s talk about value. I personally value Membership Rewards points at around 2 cents each. Why? Because I consistently redeem them for premium travel, like business-class flights, where I can extract even more value. So, 150,000 points translate to a cool $3,000. Add the $500 statement credit and we’re talking about $3,500 in potential value within the first three months. Immediately, the initial cost begins to seem less daunting, right? This generous bonus incentivises spending in the first 3 months.

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Accessing the Exclusive World of Lounges

As a frequent traveler, airport lounge access is a must-have for me. I can’t imagine traveling without a quiet, comfortable place to unwind or catch up on work before a flight. The Business Platinum card doesn’t disappoint in this area. It grants access to an extensive network of lounges, including:

* American Express Centurion Lounges: These are my favorite! Think premium cocktails, chef-curated menus, and a serene atmosphere. * Delta Sky Club Lounges: When I fly Delta, this perk is invaluable. Access is limited to 10 annual visits unless you spend $75,000 in a calendar year to unlock unlimited visits. * Priority Pass Select Lounges: This benefit unlocks a vast network of lounges worldwide. Note: restaurant access is not included. * Escape Lounges: The Centurion Studio Partner lounges offer a comfortable and relaxed atmosphere. * Plaza Premium Lounges: Found in many international airports, these lounges provide a welcome respite from the terminal chaos. * Lufthansa Lounges: Depending on your airline and cabin class, you can access these lounges for a taste of German hospitality.

I personally value lounge access at a few hundred dollars per year, especially when I’m traveling with family or on business. A single visit to a Centurion Lounge can easily save you $50-$100 on food and drinks, not to mention the peace and quiet you gain.

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Elevating Your Hotel Stays with Elite Status

Hotel elite status can transform your travel experience, providing perks like room upgrades, free breakfast, and late check-out. The Business Platinum card offers automatic Gold status with both Hilton Honors and Marriott Bonvoy (enrollment required).

Hilton Honors Gold: This status gets me bonus points on stays, complimentary bottled water, a fifth night free on award stays, potential room upgrades, and free continental breakfast (or a food and beverage credit).

Marriott Bonvoy Gold Elite: I appreciate benefits like late checkout, potential room upgrades, bonus points on stays, enhanced internet, and a welcome gift of bonus points.

While Gold status isn’t the highest tier in either program, it provides significant value, especially if you frequently stay at Hilton or Marriott properties. Personally, I estimate the value of these statuses to be at least $200-$300 per year, considering the cost of purchasing similar benefits directly.

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Streamlining Your Rental Car Experience

Nothing beats the convenience of skipping the line at the rental car counter and heading straight to your vehicle. The Business Platinum card offers complimentary elite status with Avis Preferred, Hertz Gold Plus Rewards, and National Emerald Club (enrollment required).

These statuses often come with benefits such as car upgrades, a free second driver, and the ability to bypass the counter. I especially value the ability to choose my own car from the Emerald Aisle at National. Plus, you can often leverage these statuses to status match with other rental car programs, expanding your benefits even further. I’d conservatively estimate the value of rental car elite status at $100-$200 per year, considering the time savings and potential cost of upgrades.

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Leveraging the Pay With Points Perk

One of my favorite features of the Business Platinum card is the “Pay with Points” perk. When you use Membership Rewards points to pay for flights through Amex Travel, you receive 35% of your points back. This applies to two types of bookings: flights in any cabin with your preselected preferred airline and flights with any airline if the reservation is for business or first class.

This is a fantastic way to stretch the value of your points, especially for premium cabin travel. I aim to maximize this benefit by using it for international business class flights with partner airlines, effectively reducing the cost of these flights by 35%. This is a game changer.

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Fine Hotels + Resorts and The Hotel Collection: Luxury Redefined

Booking stays through Amex’s Fine Hotels + Resorts (FHR) and The Hotel Collection (THC) can elevate your hotel experience. FHR stays include perks like daily breakfast for two, late checkout, complimentary Wi-Fi, potential room upgrades, and a unique experience credit (usually $100) for dining or spa services.

THC stays (for bookings of two consecutive nights or more) offer potential room upgrades and a $100 property credit for dining, spa, or resort activities. I always check FHR and THC when planning hotel stays, as the added benefits can often justify the higher price compared to booking directly. The $100 experience credit is often easy to use and adds a touch of luxury to my trips.

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The Verdict: Is It Worth It For Me?

So, is the Business Platinum Card worth the $695 annual fee? For me, the answer is a resounding yes. I use many of the card’s benefits regularly, easily recouping the annual fee and then some. If you’re a frequent traveler who values lounge access, hotel elite status, and maximizing the value of your points, this card could be an excellent fit for you.

However, it’s crucial to assess your own spending habits and travel patterns. If you don’t travel frequently or won’t utilize the card’s benefits, you may be better off with a card that has a lower annual fee or no annual fee at all. I’d suggest doing a comprehensive review of each of the benefits and assessing whether each would be useful.

Ultimately, the decision of whether or not to get the Amex Business Platinum card is a personal one. Weigh the costs and benefits carefully, and consider how the card aligns with your individual needs and goals. For me, the value is undeniable, and I wouldn’t travel without it.