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Recently we learned that American Express would be increasing the annual fee on their Business Platinum credit card from $450 to $595. I wrote an article explaining that I thought even at the higher rate I’d be willing to keep the card because of the value I extract exceeds $595. I also noted that I’d have several months to weigh this decision. Actually…I’ll have an entire year.
When doing my analysis I’d made a clerical error referencing that I’d already paid the existing $450 when, in fact, my billing cycle was coming in January. This is pretty much the best case scenario when it comes to keeping or cancelling this card. The new $595 fee will be effective in February, so this gives me the absolute maximum amount of time to weigh my options.
If you’re at all considering an Amex Business Platinum I’d heavily consider doing it now vs doing it in February when the fee is higher. One, you’ll pay $145 less for your first year, and second you’ll get the airline credit for this year and next year. That’s $400 of the $450 right there ( Note: you’ll need to be approved quickly and also either request expedited delivery or your instant credit card number. This way you can use your card quickly/immediately and your credit will have a better chance of applying by year end.)
Currently the welcome offer is tiered:
- 50k Membership Rewards after $10k spend
- 25k Membership Rewards after another $10k spend
This isn’t the highest public offer we’ve ever seen ( I believe that was 100k ), and if you’re targeted for the higher offer and can meet the minimum spend requirement, I’d seriously weigh doing that sooner than later. Otherwise…the ability to sign up for this card with the lower annual fee is ending soon.
The Existing Benefits:
- $200 annual airline fee reimbursement –
- The airline reimbursement is per calendar year vs the cardmember year of which the annual fee is based.
- This means you’d get $400 in reimbursement for the first cardmember year.
- A lot of airline gift cards often register as incidental. Alaska even refunds flights under $50.
- The airline reimbursement is per calendar year vs the cardmember year of which the annual fee is based.
- 35% refund on points when redeemed via AmexTravel ( on your select airline or premium cabins )
- 1.5x points on qualifying purchases over $5000
- Global Entry fee reimbursement – worth $100
- Priority Pass Select membership – worth ~ $400
- Delta Sky Club lounge access – when flying on Delta
- Centurion Lounge access – network expanding and very worthwhile
- Access to Fine Hotels and Resorts
- Amazing benefits such as free breakfast, resort credits, room upgrades, early check in, late check out, etc
- Using Amex FHR has earned me $100s per stay each time I use it.
- Amazing benefits such as free breakfast, resort credits, room upgrades, early check in, late check out, etc
- Over 20 transfer partners: like Singapore Air, Aeroplan, Air France, British Airways, and Avianca
- I love the transfers to Singapore and Aeroplan.
- SPG Gold status – which you can use to get Marriott Gold
- Hilton Honors Gold status
- Boingo free wi-fi at more than 1,000,000 hotspots around the globe
- The Hotel selection
- slightly different that Fine Hotels and Resorts, but provides great benefits, credits, and upgrades
- Return protection on goods a store won’t take back, you get reimbursement up to $1000/year $300/item
- 10 Free GOGO in flight WIFI passes. Per Year
- Valued at just $10/piece this is another $200
- 5x points on flights booked through Amex Travel
At $450 – this card is a no brainer for me to keep.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Chase Sapphire Preferred® Card
Welcome Offer
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Annual Fee
$95
Points Earned
Transferrable Chase Ultimate Rewards
- 5x on all travel purchased through Chase Travel℠
- 3x on dining, including eligible delivery services for takeout & dining out
- 3x on select streaming services
- 3x on online grocery purchases
- (excluding Target, Walmart and wholesale clubs)
- $50 Annual Chase Travel Hotel Credit via Chase Travel℠
- The begins immediately for new cardmembers and after your account anniversary for existing cardmembers
- 2x on all other travel
- 10% Anniversary Bonus
- Every year you keep the card, your total spend will yield a 10% points bonus. If you spend $10k in a year, you’ll get 1k bonus points
- Chase Sapphire Preferred continues to redeem at 1.25c in the Chase Travel℠ and the slew of other benefits remain in tact including Auto Rental Collision Damage Waiver ( primary ), purchase protections, etc.
- Points are transferrable to 14 Ultimate Rewards partners
- Redeem in Chase Travel℠ for 1.25 cents per point
- No foreign transaction fees
- Suite of Travel and Purchase Coverage
- Auto Rental Collision Damage Waiver is my favorite
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
- $95 Annual Fee
We keep an up to date spreadsheet that lists the best ever offers: You can find that spreadsheet here.
Historically 80k is a very, very good offer and hit in both 2022 and 2023. In 2021, we saw the offer hit an all time high of 100k. Who knows if that will ever come back.
Main Cast:
Cards that earn flexible points and should be used on the bulk of your purchases.
Supporting Cast:
Cards that earn fixed points in the currency of the airline/hotel and can not be transferred at attractive rates. These cards yield benefits that make it worth keeping, but not necessarily worth putting a lot of your everyday spend on.
The Chase Sapphire Preferred® is exceptional starter card and offers transferrable Ultimate Rewards, and pairs well with other Chase cards.
If you carry this card alongside Chase’s cashback cards like the Chase Freedom Flex® and Chase Freedom Unlimited® or the business versions: Ink Business Cash® , Ink Business Unlimited® you can combine the points into Preferred account and transfer into hotel and airline partners
Annual fee is quite low at $95 a year + you get a 10% anniversary bonus on points + $50 hotel credit in Chase travel.
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