The Business Platinum Card from American Express (learn more) is making some changes, both good and bad. Here’s what you can expect if you’re a cardholder or you’ve been thinking of signing up for this card (read more).
This new perk gives cardholders a complimentary year of access to WeWork. WeWork is a company that provides shared office spaces and coworking spaces for business travelers, entrepreneurs, freelancers and the like, all around the world. Cardholders will have access to all of the WeWork spaces. There are currently 501 office locations in 96 cities. How useful is this new perk? Amex is saying it’s a $2,700 value, which is valid given WeWork’s prices, but it’s only good if you’re in a city where a space exists and if you, you know, actually like coworking.
New Statement Credit
Cardholders now receive up to $200 in statement credits each year for any Dell technology purchases. This is great if you use Dell products, useless if you don’t.
The hotel credit for Hotel Collection stays is increasing from $75 to $100, valid on reservations made after January.
Pay with Points Options
You can now also Pay with Points to book Amex Fine Hotels & Resorts properties. When you do so, you’ll get added-value perks like complimentary breakfast, room upgrades as available, etc.
New Annual Fee
And here’s where the bad stuff starts. The new annual fee is $595, a $145 increase. For the four above perks, is that worth it? It really depends on whether or not you’re going to take advantage of that Dell credit and the WeWorks access. If you can’t take advantage of those, it’s likely that you won’t see the value in the new annual fee. So then it becomes a case of whether or not all the current Business Platinum Card perks are worth keeping for $145 more a year.
We’ve seen Amex raise fees before. The annual fee for the personal Platinum Card (learn more) rose $100 to $550 last year, but the perks were much, much better (such as a 5x earning rate for airfare when purchased from the airline). This is a change that might make some potential cardholders think twice about signing up.
The current Business Platinum sign-up bonus (learn more) is 50,000 points after you spend $10,000 in three months and an extra 25,000 points after you spend an additional $10,000, also in the first three months.