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Platinum Business Credit Card from American Express

• Pay Over Time or In Full
• No annual fee
• 0% Intro APR for Purchases
• Option to Enroll in Fee-Free Rewards Program

Just The Facts –

Issuer :  American Express

APR :   0.00%

Introductory Period : 12 months

APR After Introductory Period :  11.24%

Cash Advance APR : 23.24%

Annual Fee : $0

Credit Line Possible : $50,000

Insurance included :  Extended car rental insurance and warranty coverage on services for up to a year is included with this Platinum Business Credit Card from American Express

Financing Configuration – Interest is calculated on your average daily balance.

Grace Period – You have twenty days after making a purchase with the Platinum Business Credit Card from American Express during which you do not have to pay interest.

The Best Thing About It – There is a 45 day period after you are accepted for the card in which you do balance transfers at 4.99%. You also have the option of carrying a balance at a lower rate then most of the American Express cards.

The Worst Thing About It – Not everybody who applies qualifies for the 11.24% APR, which is, not that low in the first place.

Credit Rating Needed For Acceptance – Good To Excellent

Who Is It For?

Platinum Business Credit Card from American Express is ideal for business owners, both big and small. It is an ideal card for business owners with good credit who prefer to manage all business-related expenses on one credit card and plan to carry a revolving balance.

 

The Benefits

Cardholders are also granted access to the Membership Reward Options program for no additional annual fee. The program offers cardholders the opportunity to redeem accumulated points for various services and benefits. For those who are not familiar with the Membership Reward Options program, it is one of the most flexible credit card reward programs available as it has no yearly limit and no expiration applied to earned points.

Keep track of all your business expenses on a single online report. Even though you can have more then one card every thing is listed on your credit report. You are also able to monitor what goes on in your Platinum Business Credit Card account with full access to an online account report.

Your account is compatible with accounting software. Your online account is compatible with Quicken Software.

Duplicate Platinum Business cards are complimentary.  Duplicate cards for family members who are free and you can earn cash rewards every time they are used as well.

You have a Return Protection Plan. If you try to return an item and the merchant won’t take it back, American Express will refund the full purchase price, up to $300 per item as long as you do it within 90 days of the date of purchase.

You have extra protection from theft or loss of your Platinum Business credit card while traveling.  American Express provides quick emergency cash and emergency card replacement should your card be stolen.

You have a great deal of travel insurance. This card offers $100,000 in travel insurance.

The Platinum Business Credit Card from American Express comes with a Global Assist Hotline.  You have access to medical, legal, financial or other emergency assistance, including medical and legal referrals, visa/passport help, cash access, lost luggage and more twenty four hours a day.

You are not held liable for unauthorized transactions that appear to be conducted on the Internet.  This means that you don’t have to pay the usual $50 fraud liability charge.

 

The Drawbacks

 

The cash advance fee for the Platinum Business Credit Card from American Express is really high. It is almost a quarter of what you take out of the ATM machine.

Monthly payments are applied to Purchases first.  The amounts that you pay monthly are not applied to the highest interest garnering activities such as taking out a cash advance.  This can make it longer to pay off your debt.

The interest rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

The grace period is short. The grace period for Platinum Business Credit Card from American Express is only twenty-five days compared to the usual thirty days before you start paying interest on your purchases.

You cannot earn the 1% cash back on related American Express products. Cash and cash equivalent transactions (including American Express® Travelers and Gift Checks), finance charges, fee’s returned goods or services and account adjustments do not earn a rebate.

The Return Coverage is limited. Coverage is limited to $300 per item, excluding shipping and handling, and up to a maximum of $1,000 annually per Card Account and is subject to additional Terms, Conditions and Exclusions.

The 0% introductory rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

There are lots of hidden fees. The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee anyway.

 

Fees To Watch Out For

Late payment fee:  $15 on balances up to $100; $29 on balances of $100 through $1,000; $35 on balances over $1,000

Over The Limit fee: $35

Cash advance Fee: 3%, $5 minimum for Express Cash transactions

Balance Transfers: There is no balance transfer fee associated with this offer. However, future balance transfers may incur a fee as disclosed at the time of the applicable transaction.

 

To Summarize –

The Platinum Business Credit Card from American Express is great for businesses that need accurate records of their expenses and want a decent rewards program. However there are many “hidden fees” caps on rewards and caveats that have to do with calculating interest that make this card heftier to maintain financially then it first seems.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	12 Months	11.24%	None	Yes	Good Credit