AMEX Business Platinum - IS IT WORTH IT?

[Anonymous]

Hi Everyone -

I just got an offer tof the AMEX Business Platinum. Whats turning me off is 2 things. 

#1 is the $450 annual fee. I want to ask you, is it worth it? Is it even tax deductible for the business? $45 a month (more or less) seems like a hefty fee to pay for giving them business.... why do they do this? 

#2 I know most Amex cards are PIF cards, but do any of you have their carry over balance cards? What are the AFs on those and how is the service w/ Amex? 

Thanks everyone. 

[Creditaddict]

If you don't fly a lot and I would go one further and say fly overseas, platinum is probably not worth it. I have Gold and that's only like $150.

The service with Amex is excellent I think.

Credit cards, a number of them are fee free but I would not carry balances longer than like 3 months with amex. 

[Anonymous]

I see. I do fly overseas about 2 or 3 times a year to Asia and Europe.

This "service" that you talk about that is excellent, what does it pertain? (I assume not free meals? just kidding  

I'm very curious because I'm thinking of getting a business credit card, but not sure if an AMEX Gold/Plat will be better than a say, fee-free VISA or MC. 

Right now I have 2 personal Visas. 

Are you saying you can carry over a balnace on the Amex Gold for 3 months? thanks. 

[Creditaddict]

for traveling I don't think you can beat amex. If I travel outside my zip code and forget to call and hold my other credit cards hands they block my accounts for fraud.  You NEVER have to call amex to tell them your traveling (granted until they know you and your usually usage, wouldn't be a bad idea) but if you are staying within your pre set spending "guideline" amex doesn't care about hearing from you.

once you have one amex, they love to give you more amex's!

if your thinking about a credit card and a charge card, do it on the same day and it will be just 1 credit pull 

[Anonymous]

great! I will try it and let you guys know how it goes.... I'm still a little bit leary about the annual fees.... going to look for a non-annual fee amex to start with tossed the Amex Plat offer simply because I feel $450 AF a year for a charge card is bonkers IMO unless you're just rolling in numbers.

edit :

ooops guys I just found this link, is this for real "no annual fee" ?!?!  or are they lying and is it only "no annual fee for 1st year" ?? I'm confused. 

http://www201.americanexpress.com/sbsapp/FMACServlet?request_type=LearnMore&bos=b&ct=48

also, I saw that Amex BLUE has no AF but I hear thats a strictly high-tier card...I feel I maybe declined for it...

I have all 3 CUs at FICOs 680~690 but with 50% util on my cards (I assume my ficos will jump over 700s if I PIF the cards, and I can pay my cards off anytime with my savings just don't feel like doing it   )  thoughts? 

my business has been around for "less than one year", will that make me 'auto-declined' for the amex-plat? or will they base themselves out of my personal credit history?  thanks! 

Message Edited by alphawav on 02-05-2010 08:57 AM

[Creditaddict]

I have that card you showed.... with 680 score and higher util you might want to apply for charge card first and then "Maybe" venture to apply for a credit card, but just not sure how amex will react.

[Anonymous]

The Platinum is good for the very wealthy, who won't bat an eye on the AF and want the perks, or if you travel A LOT and like the perks and therefore they pay off.

Others will like it for the status symbol.

You can get the Gold for as low as $125 AF (Preferred Rewards Gold) up to $175.  The differences in AF is levels of rewards and cost of AU cards.  With the Gold Plus or Premiere ($150 and $175 AF respectively), you get up to 5 AU cards at no additional cost.  With the Preferred Gold you pay $35 extra for up to 5 AU cards.  The Plus and Premiere Gold accumulate reward points faster....but again, with AMEX, the biggest rewards accumulate from travel, and not from Priceline.com or bargain travel.  So if you want to issue AU's on the account, go with the Plus.  If not, go with the Preferred.

IMO IME 

[Anonymous]

ok , thanks, but I'm getting confused

so are you guys saying that the Amex Plat Charge Card has an $450 AF 

but 

The Amex Plat Credit Card (on the link) has NO ANNUAL FEE?    

Different product , Same perks?

I guess I'm still a newbie, but is there a thread that explains all Amex Products in detail?? I'm not wanting to pay ANY annual fee, in my opinion i'm making them money, they don't need to ding me for that. Plus, AFs are against my religion! Does Amex have any other "no AF" cards (charge or credit) Thanks!

Message Edited by alphawav on 02-05-2010 11:43 AM

Message Edited by alphawav on 02-05-2010 11:47 AM

[Creditaddict]

different product, different perks!

[Anonymous]

SAME NAME!    whats going on here???