American Express Business Card: Is American Express a Rich Person Card?

When it comes to travel, American Express business cards are well-known for their rich benefits and rewards programmes. As a bonus, AmEx offers a couple of 0% intro APR cards for small company credit cards that are ideal for startups and new firms.

Aside from Amazon and Lowe’s, American Express also offers co-branded cards with the airline Delta, the hotel chain Hilton, and Marriott. The minimum personal credit score required for an AmEx business card is 690. Top Business Credit Cards of April 2022 from American Express Terms and conditions apply to American Express perks. See the terms and conditions in the cardholder agreement.

Henry Wells, William Fargo, and John Warren Butterfield formed American Express in 1850 as an express-mail corporation. To combat Butterfield’s opposition to expanding into California, Wells and Fargo formed the company that would become Wells Fargo in the process. When it comes to credit cards for businesses, there is a vast range of options available from both companies.

Methodology

To find the best credit cards for small businesses, NerdWallet’s Credit Cards team looks at factors such as overall value for consumers and the cards’ fit for specific types of small-business operators.

American Express Business Card

Annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as special financing arrangements, free cards for employees, or tools for managing business expenses are all taken into consideration when evaluating a card.

AMEX’s 2022 Business Platinum Credit Card Review

With a $695 annual fee (terms and conditions apply, see rates and fees), the American Express Business Platinum Card® is a great option for small business owners who can take advantage of its various statement credits and travel advantages. As a result, the tax benefits don’t apply to all small businesses.

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Rewards

Taking Advantage of Benefits

For the first three months of their new card membership, new cardholders can earn 120,000 Membership Rewards® points by making qualified purchases with the card totalling $15,000 or more. For some small enterprises, that may be a significant outlay over three months. A wealth of rewards points easily worth $1,000 awaits small firms that can achieve this spending criterion.

Flights and pre-paid hotel stays booked through American Express Travel earn 5 Membership Rewards® points per $1 spent when using the Business Platinum Card. US construction material & hardware suppliers, electronic goods retailers, software & cloud system providers, and shipping companies are eligible for 1.5X points per eligible purchase, as well as on purchases of $5,000 or more anywhere else, up to a maximum of $2 million per calendar year in these categories. All other qualified purchases will earn you 1 point per dollar.

Membership Rewards Points Are Highly Sought After as a Bonus Currency Because of the Variety of Ways They Can Be Redeemed

Transferring points to one of the many airline or hotel partners of Membership Rewards is the best way to redeem them. There are some difficult but valuable redemptions here. Virgin Atlantic Flying Club and Delta One Suites business class to Europe (except the United Kingdom) can be booked for 50,000 points plus $5.60 in taxes.

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There are several additional Membership Rewards airline transfer partners available for individuals who want to continue with a well-known programme. Membership Rewards can also be transferred to Radisson Rewards, Hilton, and Marriott, however, hotel transfers are typically less lucrative than airline transfers.

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American Express Travel offers Business Platinum members one cent each Membership Rewards point for flights purchased. A 35 per cent rebate on points is even better, as long as you redeem them for an economy flight on the airline of your choice, or business or first class on any other airline.

An Evaluation of the Card’s Value

American Express Business Platinum Card® vs. American Express Business Gold Card
The American Express® Business Gold Card ($295 annual fee) is expected to be an improved version of the American Express® Business Platinum Card, which is expected to be superior.

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Several rules and regulations must be adhered to. See the rates and fees ( These two cards, on the other hand, are aimed at two quite distinct categories of small business owners. While the Business Platinum card is best suited for those who frequently travel for business, the Business Gold Card may be a better option for those who spend a lot of money.

It earns 4 Membership Rewards® points for every dollar spent in the two categories where a business spends the most each month, unlike the Business Platinum Card’s 3 points per dollar. Spending money on anything else earns you a point. First, $150,000 in purchases from both eligible categories in a calendar year receives a 4 point per dollar rate.

American Express Business Card

Even while the earnings cap may appear restrictive, it will be sufficient for many small firms. If you book a qualifying flight with American Express Travel and utilise any or all of your Business Gold rewards points, you’ll get 25% of your points back, up to a maximum of 250,000 points per year.

The American Express Business Platinum Card® vs. the Ink Business Preferred® Credit Card.

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When it comes to Chase’s best small company credit card, the Ink Business Preferred® Credit Card has an annual fee of just $95! In exchange for a lower annual fee, you’ll forfeit privileges like statement credits, access to lounges, and elite status at selected hotels.

Can I Get an American Express Without Being Rich?

No, Because of its status, American Express is perceived by many individuals to be a sign of wealth, yet it is not. To be eligible for an Amex credit card, you must have a credit score of 700 or above in either good or exceptional categories.

Conclusion

When it comes to racking up points, this card is a lot more lucrative. 3 points per dollar are earned on the first $150,000 spent in travel and specific business categories each year, while all other expenditures are rewarded with a 1% bonus. To top it all off, if you spend $15,000 on purchases during the first three months of opening your account, you’ll be eligible for a welcome bonus of 100,000 points.

American Express Business Card

It’s worth noting that Ultimate Rewards points are also very useful. In comparison to cash back, they are worth 25 per cent more when redeemed for travel through Ultimate Rewards Travel than they are when transferred to airline and hotel loyalty programmes (like United and Hyatt).

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