Reasons to consider both the personal and business Amex Platinum cards

The Platinum Card® from American Express and The Business Platinum Card® from American Express are renowned for providing exceptional luxury travel perks. With a shared rewards framework and comparable benefits, you might wonder which card suits you best. If you already possess one, you may be contemplating whether to add the other.

Having both cards in your wallet could be advantageous, despite the $695 annual fee for each (see rates and fees for the Amex Platinum and rates and fees for the Business Platinum). The benefits of each card complement one another, and savvy travelers can easily recoup the high yearly fee, making them a powerful duo for maximizing travel rewards.

Here’s why having both cards could be beneficial for you.

Amazing value in welcome offers

Both cards feature significant welcome offers. Currently, the Business Platinum Card offers a welcome bonus of 150,000 Membership Rewards points after spending $20,000 on eligible purchases within the first three months of card membership.

With the Amex Platinum, you can earn 80,000 Membership Rewards points after making $8,000 in purchases during the first six months of membership (you might also be eligible for a better offer via the CardMatch Tool — subject to change at any time).

If you apply for both cards and receive the full welcome bonuses, you'll accumulate at least 230,000 Membership Rewards points.

According to TPG's August 2024 valuations, that totals $4,600— over three times the combined cost of the annual fees.

Card benefits

One of the simplest perks to utilize with the Platinum cards is the annual airline fee statement credit.

Each card offers an up-to-$200 annual airline fee statement credit. While this is not as extensive as the $300 annual travel credit available with the Chase Sapphire Reserve® card (which can be applied to any travel expense), the Amex Platinum cards' credit remains quite beneficial.

In addition to the airline fee credits, the personal Platinum card comes with a variety of annual offers. Cardholders can take advantage of the following benefits:

• Up to $200 in annual Uber statement credits (usable in the U.S.). Add your Amex Platinum Card to your Uber account and make payments with any Amex card.
• Up to $100 in annual Saks statement credits ($50 available from January to June and another $50 from July to December).
• Up to $200 in yearly hotel statement credits for prepaid stays booked through American Express Travel at participating hotels with Fine Hotels + Resorts or The Hotel Collection (the latter requires a minimum two-night stay).
• Up to $240 in annual digital entertainment statement credits.
• Up to $155 in annual Walmart+ statement credits (excludes Plus Ups).
• Up to $300 in annual Equinox fitness statement credits.
• Up to $199 in annual Clear Plus statement credits.
• $120 in credits for your Global Entry application every four years, or up to $85 in credits for your TSA PreCheck application every 4.5 years.

The Business Platinum card also excels in annual statement credits, providing up to $400 in Dell statement credits each year (up to $200 every six months), up to $360 in credits for hiring and recruiting through Indeed (up to $90 per quarter), up to $150 in annual Adobe credits, and up to $120 in annual cell service credits (up to $10 per month). Note that Dell, Adobe, and Indeed credits expire on Dec. 31.

The Business Platinum matches the personal Platinum in offering statement credits for Clear Plus and Global Entry or TSA PreCheck application fees (which can be used for a frequent travel companion's application).

Enrollment is necessary for certain benefits.

In total, the numerous credits across both cards provide over $3,100 in annual value (sufficient to cover both annual fees). With the welcome offers and annual credits combined, utilizing both cards can be a smart approach for savvy travelers.

Amex Deals

All American Express cards, such as the Platinum and Business Platinum cards, grant access to Amex Deals. To discover your available deals, simply scroll to "Amex Offers & Benefits" on your online account page or click the "Offers" tab in the Amex app. These offers are tailored for each cardholder and are sourced from various merchants, including hotels, travel agencies, restaurants, and apparel and jewelry retailers. Typically, these offers can be summarized as follows:

• Spend $X, receive Y bonus points.
• Spend $X, get $Y back.
• Earn extra points for each dollar spent at a selected merchant.

While Amex Deals are valuable on their own, you can enhance your savings further by combining them with online shopping portals to earn additional cashback or bonus miles on your purchases.

Caution: Depending on the offer's conditions, utilizing online portals, promo codes, etc., may prevent your Amex Offer from activating, so be sure to check the fine print in the terms.

On a positive note, you can combine top Amex Offers with other popular Amex benefits, such as the annual statement credits at Saks Fifth Avenue and Dell, available with the Platinum and Business Platinum cards, respectively. Note that eligibility for these offers is limited, and you must enroll in the Amex Offers section of your account prior to redemption.

Travel Perks

Cardholders enjoy a range of coverage for travel bookings and shopping with their card, including:

• Trip cancellation and interruption coverage*
• Trip delay coverage*
• Cellphone protection*
• Luggage insurance**
• Purchase protection**
• Return protection**
• Extended warranty**

*Eligibility and benefit levels vary by card. Terms, conditions, and limitations apply. For more details, visit americanexpress.com/benefitsguide. Coverage is provided by New Hampshire Insurance Company, an AIG Company.

**Eligibility and benefit levels vary by card. Terms, conditions, and limitations apply. For further details, visit americanexpress.com/benefitsguide. Coverage is provided by AMEX Assurance Company.

In recent years, some cards have removed these protections, making these benefits a strong reason to book your travel with an Amex Platinum. This enhances the competitiveness of these two cards against the Chase Sapphire Reserve, which offers a wide range of travel insurance options.

The Platinum cards not only shield you from various travel mishaps but also enhance your overall travel experience.

The Platinum cards offer access to The Global Lounge Collection, allowing cardholders complimentary entry into any Amex Centurion Lounge along with various other airport lounges. This collection provides access to over 1,400 VIP lounge locations in 650 cities across 140 countries — a highly valuable perk.

Highly coveted by frequent travelers, the Platinum cards also come with additional perks to simplify your journeys: Platinum Travel Service counselors can assist in crafting an itinerary to optimize your trips, while Global Dining Access by Resy helps secure reservations at your favorite restaurants. Plus, Preferred Access allows you to grab exclusive seats at cultural and sporting events.

Hotel Perks

A shared feature of these two cards is access to various hotel benefits. With both personal and business Amex Platinum, you’ll enjoy complimentary Gold status at Hilton and Marriott, along with access to Amex Fine Hotels & Resorts. Enrollment is necessary for certain benefits.

Achieving Gold status at Hilton comes with benefits such as complimentary breakfast, room upgrades when available, and an 80% bonus on points for paid stays. Similarly, Marriott Bonvoy Gold status offers perks like priority late checkout, upgrades when available, and a 25% points bonus.

Amex Fine Hotels & Resorts is a program that provides elite-like advantages at hotels worldwide. These benefits include guaranteed late checkout, daily breakfast for two, room upgrades when available, and a unique property amenity (valued at $100 or more). Some hotels in this program may also offer complimentary third, fourth, or fifth nights, making it a great option when you prefer not to use points for your stay.

You only need one Platinum card to access these benefits, but having both cards allows you to maximize your advantages and earnings, whether your travel is for business or leisure.

Maximizing Personal and Business Spending

One of the greatest advantages of holding both the personal and business versions of the card is the ability to earn 7.7% back on every airfare purchase made with your personal Platinum Card. Airfare booked directly with the airline or through American Express Travel earns 5 points per dollar on up to $500,000 spent per calendar year; thereafter, it earns 1 point per dollar. This earning rate applies to prepaid hotels booked through Amex Travel as well.

With the Business Platinum Card, you can use Pay with Points for booking flights through Amex Travel, which allows you to recover 35% of your points. This effectively provides a value of 1.54 cents per point.

By earning 5 points for every dollar spent on eligible travel purchases and redeeming those points at 1.54 cents each, you achieve a return of 7.7%.

However, if you fully utilize American Express' range of valuable transfer partners, you could potentially realize even greater value. TPG, for instance, values Amex Membership Rewards points at 2 cents each according to our August 2024 valuations.

Additionally, keep in mind the Amex Business Platinum's 50% bonus on points for large purchases (exceeding $5,000) and for certain designated business categories.

The Business Platinum Card earns 1.5 points per dollar on eligible purchases related to construction materials, hardware, electronics, software, and shipping costs. While both personal and business cards come with no predetermined credit limit, the Business Platinum allows you to earn 50% more points on purchases of $5,000 or more, capped at $2 million each calendar year (1 point thereafter).

For instance, if you make an $11,500 purchase and wouldn't earn a bonus with another card, you'd accumulate 17,250 Membership Rewards points on the Business Platinum — valued at approximately $345 based on TPG's August 2024 valuations. In contrast, using a different card without a category bonus would yield just 11,500 Membership Rewards points, equating to about $230.

In effect, you would gain over $100 in additional value by opting for the Business Platinum Card.

Bottom Line

Utilizing both the personal Amex Platinum Card and the Business Platinum Card enables you to maximize your rewards earnings and redemptions, along with enjoying excellent cardholder benefits.

This combination is ideal for travelers who own businesses, possess a substantial budget, and wish to capitalize on significant savings, ample credits, and luxurious travel experiences.

While the annual fees are steep, the right cardholders will easily derive substantial value from this duo. Each card is excellent individually, but having both can significantly enhance your Membership Rewards points and allow you to maximize their use for travel.