Just Saved a Small Business Owner $2,800/year by Ditching the Amex Business Platinum
The Business Platinum is a world-class card—but only if you're using its benefits. Here's when it's not worth the $895 fee (and what to do instead).
TL;DR: When Business Platinum Isn't Worth It
- The Amex Business Platinum ($895/year) is amazing IF you book flights/hotels through Amex Travel or make large $5k+ purchases. If not, you're paying $895 for a 1x points card.
- The Alternative: Blue Business Plus ($0 fee, 2x on first $50k) + Capital One Venture X Business ($395 fee minus $300 credit = $95 effective).
- The Math: This dual-card strategy doubles points earning (200k → 400k/year) while saving $800 in annual fees.
- Who This Is For: Small businesses with $100k-$300k/year spending that's mostly general purchases (not travel or $5k+ transactions).
First, Let's Be Clear: The Business Platinum Is Amazing... For the Right Business
I recommend the Amex Business Platinum all the time—to the right clients. This card absolutely delivers value if you're using its benefits. Let me be upfront about when it makes sense, because context matters.
The Business Platinum shines when you're booking 5+ flights per year through Amex Travel (earning 5x points), using Fine Hotels & Resorts regularly (getting that $600 annual credit plus 5x points), or making frequent large purchases over $5,000 (earning 2x points on up to $2 million per year). If you're a heavy business traveler hitting airport lounges 10+ times annually, that access to 1,550+ lounges across 140 countries is worth hundreds of dollars alone.
Here's the break-even math: The card offers $1,000+ in annual credits—$600 for hotels, $200 for airline fees, $200 for Hilton. If you actually use these credits and trigger the bonus earning categories, the $895 annual fee can easily pay for itself. I have a client who travels to conferences monthly, books through Fine Hotels & Resorts, and uses the lounge access constantly. For them, the Business Platinum is a no-brainer.
But here's the thing: that's not most small businesses. And if you're not in that category, you're leaving serious money on the table.
The $200,000 Spending Problem: When Business Platinum Stops Making Sense
Let me walk you through my client's situation. They were spending $200,000 per year on their Amex Business Platinum. Sounds like they should be racking up points, right? Here's the breakdown of where that money was actually going: office supplies, advertising, contractor payments, software subscriptions, and inventory.
The reality? None of that spending triggered the Business Platinum's bonus categories. They weren't booking flights or hotels through Amex Travel, so no 5x earning there. They weren't making purchases over $5,000, so no 2x bonus. They weren't traveling enough to use the lounge access. And those annual credits—the $600 hotel credit, the $200 airline fee credit? Completely unused.
Here's the math that made me cringe: Earning just 1x on $200,000 = 200,000 Amex points per year. At a minimum value of 1 cent per point, that's $2,000 in value. After paying the $895 annual fee, their net ROI was only $1,105.
When I showed them these numbers, they said, "Wait, I'm paying $895 a year to earn 1x points? I thought this was supposed to be a premium card!" And that's exactly the problem. You're essentially paying $895 to earn 1x points. That's not a strategy—that's leaving money on the table.
The Dual-Card Strategy: 2x Earning on Everything for $95/Year
Here's the solution I recommended: pair two cards designed for different purposes. Instead of forcing one premium card to do everything, use the right tool for the job.
Card 1: Amex Blue Business Plus – This is your workhorse for the first $50,000 of annual spending. It has a $0 annual fee and earns 2x Membership Rewards points on all purchases up to $50,000 per year (then 1x after that). Yes, you read that right—same points currency as the Business Platinum, zero annual fee. Perfect for your first $50k of general business spend like office supplies, advertising, and contractor payments.
Card 2: Capital One Venture X Business – This handles everything beyond that first $50k. The annual fee is $395, but wait: subtract the $300 annual travel credit and the 10,000 anniversary bonus miles (worth $100), and your effective annual fee is just $95. This card earns 2x miles on ALL purchases with no cap and no categories. Plus you get 5x on flights and 10x on hotels when booked through Capital One Travel, along with Priority Pass lounge access.
The strategy is simple: Put your first $50,000/year on the Blue Business Plus (earning 2x), then put everything else on the Venture X Business (also earning 2x). Both cards earn transferable points with similar airline and hotel partners, so you're building toward the same travel goals.
This isn't complicated. This is strategic.
Real Numbers: Before and After ROI
BEFORE: Business Platinum Only
Annual Fee: $895
Earning: 1x on $200k spend = 200,000 Amex points
Minimum Value: $2,000 (at 1¢ per point)
Realistic Value: $3,000-$4,000 (with transfer partners at 1.5-2¢)
Net ROI: $2,000 - $895 = $1,105 annual value
AFTER: Blue Business Plus + Venture X Business
Annual Fees: $0 (BBP) + $395 (Venture X) - $300 (travel credit) - $100 (10k anniversary miles) = $95 total effective fee
Earning:
- $50k at 2x (BBP) = 100,000 Amex points
- $150k at 2x (Venture X) = 300,000 Capital One miles
- Total: 400,000 points/miles
Minimum Value: $4,000 (at 1¢ per point/mile)
Realistic Value: $6,000-$8,000 (with transfer partners at 1.5-2¢)
Net ROI: $4,000 - $95 = $3,905 annual value
THE IMPROVEMENT
✓ Points doubled: 200k → 400k (100% increase)
✓ Minimum value doubled: $2k → $4k
✓ Annual fees saved: $800/year
✓ Total annual benefit increase: $2,800
That's doubling your rewards earning while saving $800 in fees. From one consultation. This is why I do what I do.
Joel's Take
Strategy Over Status Every Time
I have this conversation with small business owners almost weekly. They come to me with the Business Platinum because it has prestige, because it seems like the "best" card, because everyone talks about it. And look, I get it—I love that card for the right clients.
But the Business Platinum has amazing perks only if you're using its specific benefits. It's not a one-size-fits-all solution. My job as a consultant isn't to recommend the flashiest card—it's to optimize YOUR situation based on YOUR actual spending patterns.
This client thanked me for doubling their ROI with one consultation. That's what makes this work fulfilling for me. Not getting people into expensive cards they don't need, but finding the strategy that actually maximizes their value.
How to Make the Switch Without Losing Your Points
If You Already Have Business Platinum:
Option 1: Downgrade to Blue Business Plus
- ✓ Must wait 12 months from account opening (Amex policy—downgrading earlier can get you blacklisted)
- ✓ Get prorated annual fee refund (full refund if within 30 days of fee posting)
- ✓ Keep ALL your Membership Rewards points (same points program, they stay active)
- ✓ Maintains account history (good for your credit score)
- ✓ Then apply for Capital One Venture X Business separately
Option 2: Apply for New Cards
- ✓ Apply for Blue Business Plus + Venture X Business as new cards
- ✓ Earn welcome bonuses: 15,000 Amex + 150,000 Capital One (worth $1,650+!)
- ✓ Keep Business Platinum for 1 year, then cancel or downgrade
- ✓ Important: Keep one MR-earning card active to maintain your Amex points balance
If You're Considering Business Platinum:
Pause and evaluate your actual spending patterns first. Ask yourself:
- Do you book flights/hotels through Amex Travel?
- Do you make large $5,000+ purchases regularly?
- Can you realistically use $1,000+ in annual credits?
If not, start with the dual-card strategy instead. You'll thank yourself later.
Pro Tip: Downgrading is almost always better than canceling—it keeps your credit history intact and gets you a fee refund. Only cancel if you have another MR-earning card to keep your points active.
Is This Strategy Right for Your Business?
This Strategy Is Perfect If:
- ✓ Annual business spending: $100k-$300k
- ✓ Most spending is general business expenses (supplies, advertising, contractors, software)
- ✓ NOT booking frequent flights/hotels through Amex Travel
- ✓ NOT making regular large purchases over $5,000
- ✓ Want maximum points earning without high annual fees
- ✓ Value flexibility and simplicity
Stick with Business Platinum If:
- ✗ You book 5+ flights/year through Amex Travel
- ✗ You regularly book Fine Hotels & Resorts (using the $600 credit)
- ✗ You make frequent $5k+ purchases (earning 2x)
- ✗ You travel heavily and use lounge access 10+ times/year
- ✗ You can realistically use the annual credits ($1,000+ value)
The Decision Framework:
1. Calculate your actual bonus category spending – How much do you really spend on Amex Travel or purchases over $5k?
2. Estimate credit usage realistically – Will you actually use that $600 hotel credit and $200 airline fee credit?
3. Do the math – Are you getting $895+ in value from the card?
4. If not, consider the alternative – The dual-card strategy might double your ROI.
The honest answer? Most small businesses fall into the first category. And that's okay—there's no shame in optimizing for your actual situation rather than what looks impressive.