Amex Platinum vs Amex Business Platinum: Both offer excellent welcome bonuses and perks and have the same annual fee — here’s how to decide which card is right for you

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Frequent travelers and credit card enthusiasts know that Amex’s iconic Platinum Cards can unlock tremendous value in terms of benefits and overall rewards earning. Neither of these cards comes cheap — but if you know how to maximize their perks, you can come out well ahead of the game.

The Platinum Card® from American Express has a $550 annual fee — one of the highest among all personal cards — but if you make the most of benefits like statement credits and airport lounge access, you can get more than enough value for it to be worthwhile.

Over the last couple of years, Amex has added new benefits and perks to both the Platinum Card and The Business Platinum Card® from American Express to keep them competitive with other premium rewards cards.

Most recently, along with the Platinum Card’s annual fee increase, it added valuable new credits for select digital subscriptions, CLEAR® membership, Equinox fitness memberships, and prepaid hotel bookings — and later added credits for Walmart+ memberships, and SoulCycle at-home bike online purchases.

The Business Platinum card also got a makeover, with new credits for wireless, Indeed, and Adobe purchases, and a doubled annual Dell credit. It also saw an annual fee increase from $595 to $595 in January 2022.

The personal and business versions used to have similar benefits and terms (with a few exceptions), but they’re no longer nearly identical. While they do have many overlapping features, there are some key differences. Keep reading to see how the Platinum Card and the Amex Business Platinum Card differ, and to decide if either is right for you.

Welcome bonuses

The Platinum Card® from American Express: The personal The Platinum Card® from American Express has a welcome bonus offer of 75,000 points after you spend at least $5,000 in your first 6 months of account opening. Based on Insider’s points and miles valuations, that’s worth around The Platinum Card® from American Express in travel.

The best ways to use American Express Membership Rewards points include booking travel through the Amex Travel Portal or, representing one of the best options, transferring them to various partner airline and hotel programs. But if you’re staying close to home, there are plenty of non-travel ways to redeem Amex points as well.

Keep in mind that valuation is subjective and an “average” of all of the different ways you can use points. Membership Rewards points are worth a different amount depending on whether you use them for shopping, statement credits, travel booked through Amex, or transfer them.

Amex Business Platinum Card: The Amex Business Platinum Card offers a bonus of 75,000 Membership Rewards® points after you spend $15,000 within your first 3 months of account opening. Again, based on Insider’s valuations, that’s worth around The Business Platinum Card® from American Express in travel.

Obviously, that’s a lot of money to spend in three months. Unless you own a small-to-medium-sized business and realistically expect to spend that much in a single quarter, the personal Platinum Card might be a better option for you.

Earning rates on purchases

Both cards offer a whopping 5 points per dollar spent on flights booked through Amex Travel — the personal version of the Platinum Card also earns 5x points on flights booked directly through the airline (starting January 1, 2021, earn 5x points on up to $500,000 on these purchases per calendar year) — and 1 point per dollar on everything else.

However, the Amex Business Platinum Card offers a 50% point bonus on purchases of $5,000 or more, and on US purchases at electronics goods retailers, software, and cloud service providers, shipping providers, and on construction materials and hardware supplies (on up to $2 million in combined purchases per calendar year, then 1 point per dollar).

Annual fees

Both versions of the Platinum card have the same annual fee, ever since the Amex Business Platinum Card’s fee increased to $595. Amex waives the annual fee on its cards for military members who are active duty, so for some readers, this means you could get either card without the high cost.

The differences in benefits on the Platinum cards

Uber Cash credit on the personal Amex Platinum

The personal Platinum Card offers up to $200 a year in Uber Cash credits**. The credit is broken down by month: You’ll get a monthly $15 credit, with an extra $20 in December (for a total of $35 that month).

If you don’t take Uber rides, you can use the credit for Uber Eats food or merchandise delivery — that’s up to $200 in free dining each year. The Amex Business Platinum Card doesn’t have an equivalent Uber credit.

Saks credit on the personal Amex Platinum

Each year, Platinum Card cardholders can get up to $100 back in the form of statement credits for Saks Fifth Avenue purchases.**

This is divided into two $50 credits: up to $50 toward Saks purchases made with the Platinum Card from January to June, and another $50 toward those purchases from July through December. 

Up to $200 hotel credit on the personal Amex Platinum

Platinum Card members receive up to $200 in credit each calendar year toward prepaid bookings at Amex Fine Hotels and Resorts or Hotel Collection properties (minimum two-night stay) when they book with their card through Amex Travel. 

Fine Hotels and Resorts bookings include perks such as free breakfast, guaranteed late checkout, room upgrades, and early check-in when available, and a welcome amenity or credit unique to each property. Bookings with The Hotel Collection must be for a minimum of two nights, and include benefits like room upgrades and a $100 on-property credit. 

Up to $240 digital entertainment credit with the personal Amex Platinum

The digital entertainment credits on the Platinum Card are awarded in chunks of up to $20 per month (maximum $240 per year). Enrollment is required before you can use this perk on these eligible subscriptions:

Up to $300 Equinox credit with the personal Amex Platinum

Platinum Card cardholders can receive up to $300 annually (up to $25 per month) in credits toward Equinox gym memberships or digital subscriptions to on-demand fitness classes through the Equinox+ app. Enrollment is also required to activate this benefit.

Amex recently made some customer-friendly changes to the Platinum’s Equinox benefit. Cardholders can now use the credit toward any membership (previously restricted to Equinox All Access, Destination, E by Equinox, or Equinox+). In addition, beginning in 2023, this credit will no longer be doled out in $25-per-month increments — you can use all $300 at once if that’s a better deal for you.

$12.95 monthly Walmart+ credit with the personal Amex Platinum

When you use the Platinum Card to pay for a monthly Walmart+ subscription, you’ll receive a statement credit for the cost ($12.95 plus applicable sales tax each month).

Only Walmart+ monthly memberships (not annual) qualify for this perk. A Walmart+ membership gets you free delivery, free shipping with no minimums, pharmacy discounts, and even a free Paramount+ subscription — so if you’re already a Walmart shopper, this is a very useful benefit.

$300 SoulCycle at-home bike credit with the personal Amex Platinum

If you’re planning to buy a SoulCycle at-home bike, you can receive a $300 statement credit when you use your Platinum Card to make the purchase through your Equinox+ account online. These bikes cost about $2,500, so this isn’t a huge discount — but if you’re making this purchase anyway, it’s a nice deal.

You can redeem this credit for up to 15 separate bike purchases each year, but each purchase requires a 12-month Equinox+ membership ($40 per month plus applicable tax) to qualify, and purchases made in-store or through the Equinox mobile app aren’t eligible for the credit.

35% points rebate on the Amex Business Platinum

This is an incredibly valuable perk that’s only available with the Amex Business Platinum Card.

One of the ways to redeem Membership Rewards points is by using them to book flights, hotels, cruises, or more through Amex Travel. When you do that, your points are generally worth 1 cent each.

However, when you have the Amex Business Platinum Card and use points to book any flight on your selected airline  — or business or first-class flights on any airline — you’ll get 35% of your points back as a rebate (up to 500,000 points per calendar year). Because booking through Amex Travel is the easiest way to use points for flights, this represents a great option to use fewer points to get more.

Up to $400 per year in Dell credits on the Business Platinum 

While the Amex Business Platinum Card doesn’t offer statement credits for Saks or Uber, it does offer up to $400 in statement credits annually for US purchases with Dell.** This is divided into two semi-annual credits of up to $200 (January to June and July to December).

Up to $120 per year in wireless credits on the Business Platinum

Amex Business Platinum Card cardholders can receive up to $10 per month in statement credits for purchases made from any US wireless telephone provider (up to $120 per calendar year).**

Using the Amex Business Platinum Card to pay your cell phone bill is already a good choice, because it’s one of the Amex cards that offer cell phone protection when you use it to pay your monthly bill.

Up to $360 per year in Indeed credits on the Business Platinum

If your small business spends money on finding new employees, a new credit toward all Indeed hiring and recruiting products and services on the Amex Business Platinum Card can save you up to $360 per year (up to $90 per quarter in statement credits).**

Up to $150 per year in Adobe credits on the Business Platinum

The Amex Business Platinum Card offers up to $150 per calendar year in statement credits toward select Adobe purchases, including Adobe Creative Cloud and Acrobat Pro DC.**  

Benefits shared by both versions of the American Express Platinum

Airline incidental fee credit

Every calendar year, the Platinum Card and the Amex Business Platinum Card offer up to a $200 credit toward incidental fees on one airline for checked baggage fees, lounge day passes, and more at one selected airline (that you can choose at the beginning of each year).

While the airline fee credit doesn’t cover tickets, it applies to a wide variety of charges and fees, such as checked bags, change fees if you need to modify your flight, inflight food and drinks, fees for traveling with a pet, airport lounge day passes (if you don’t already have complimentary access), and sometimes even things like seat assignments and extra legroom upgrade fees.

The best part of the airline credit is that because you get it each calendar year, not cardmember year, you could get it twice in your first year of having the card. Say you opened the card in February — you can earn the full $200 credit before the calendar year ends, then once the credit resets on January 1, get it again before your next annual fee posts, meaning you can get up to $400 in value from this credit each year.

Airport lounge access

Both cards offer identical access to airport lounges.

Lounges are exclusive areas where you can enjoy comfortable seats, an internet connection, food, drinks, and sometimes other amenities. Although lounges were traditionally reserved for first-class and business-class passengers, many are accessible to any traveler who holds either a lounge membership or certain credit cards — and the Platinum cards offer access to several different types of lounge.

The first is Amex’s own proprietary Centurion Lounges, located at nearly a dozen airports in the US — and in Hong Kong. These chic venues offer an oasis in the middle of the main terminal’s chaos, featuring comfortable seating, complimentary cocktails and food created by award-winning mixologists and chefs, and other amenities. Access to these lounges is limited to holders of the Amex Platinum or Amex Centurion cards.

If you’re flying with Delta and carry an Amex Platinum card, you can also access any Delta Sky Club lounge. With more than 30 locations, Sky Clubs offer snacks, complimentary soft and alcoholic drinks (with more “premium” drinks available for purchase), fast Wi-Fi, and a place to unwind. Some locations also feature showers.

Finally, the Platinum Card and the Amex Business Platinum Card come with a Priority Pass membership**. Priority Pass is a network of more than 1,300 airport lounges around the world. With the membership provided by your Platinum card, you and two guests can access any location (as long as there’s room) to enjoy free snacks, drinks, newspapers and magazines, showers, and more, all separate from the hustle and bustle of the main terminal.

If you have an international version of the card, instead of the US version, be sure to double-check the guest policy for your card’s Priority Pass benefit.

$189 CLEAR® credit

CLEAR® is an expedited security screening program that can save you time waiting in long lines at select US airports and stadiums. A CLEAR® membership normally costs $189 per year, but if you pay with your personal or business Platinum card, you’ll receive a credit to offset that cost.**

When you have a CLEAR® membership, you can jump to the front of the security line, but — unlike TSA PreCheck members —you’ll still have to remove items like your laptop and shoes before getting screened. CLEAR® isn’t a government program so the application requirements are much less stringent than those of TSA PreCheck and Global Entry.

Global Entry/TSA PreCheck application fee credit

Both cards offer up to a $100 credit that you can use to apply for Global Entry or TSA PreCheck. The credit renews every four years, so it covers you when it’s time to reapply.

Gold status with Hilton and Marriott

When you hold either card, you’ll receive Gold elite status with Hilton hotels, as well as Marriott hotels, without having to meet any stay requirements. Elite status comes with benefits including more points earned on stays, early check-in and late check-out, room upgrades, and more.

Both cards also offer access to Amex’s exclusive Fine Hotels & Resorts program. When you book a stay at a participating hotel through Amex Travel, you’ll get benefits like an even earlier check-in, a priority room upgrade, free breakfast during your entire stay, and a special amenity, such as a credit to use at the hotel bar or spa.

Top-tier Hertz elite status

Amex recently added a new perk to both versions of the Platinum card. Cardholders can now activate Hertz President Circle elite status, which comes with perks like guaranteed car upgrades, bonus points, and the ability to skip the car rental line.

Amex Platinum vs Business Platinum: Card comparison 

*Note: Starting January 1, 2021, the 5x points will apply up to $500,000 on flights booked directly with airlines or with American Express Travel per calendar year

Which Amex Platinum card is best for you?

For many consumers, the high annual fee on the personal Platinum Card will only be worth it if they can maximize the card’s new benefits. That said, if you make the most of all the card’s credits and perks, you can get a value that far exceeds the annual fee.

If you have a small business, there are good reasons to go for the Amex Business Platinum Card instead. Although you’ll give up the Uber, Saks, digital subscription, Equinox, Walmart, SoulCycle, and prepaid hotel credits, you’ll get perks like the 35% points rebate when booking flights through Amex Travel, plus Dell, Indeed, Adobe, and wireless statement credits.

If your business regularly makes purchases of $5,000 or more or in eligible categories — and you can put them on the card — or you think you can get value from the 35% points rebate, then the business card might be a better option.

Also, make sure to consider the welcome points. If you don’t expect to spend enough to earn the bonus on the Amex Business Platinum Card, you’re likely better off with the personal version.

This content was originally published here.