Which Card Is Better? Amex Platinum Or Amex Business Platinum

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The Amex Platinum and Amex Business Platinum have a lot of the same benefits but some key differences to look out for.

Competition does incredible things for the consumer. Whether it's low cost carriers or crowded hotel markets, it forces the established players to either cut prices or provide a better product in order to stay competitive. Lately we've seen an increase in competition in the ultra-premium credit card market.

The introduction of the Chase Sapphire Reserve, and it's $300 annual travel credit and 3x earning on travel and dining, forced the rest of the market to step up or get out. Specifically, we saw Amex revamp both the The Platinum Card® from American Express and the The Business Platinum® Card from American Express OPEN to make them more competitive.

While there's a significant amount of overlap between the two cards, there are also important differences to be aware of before you decide which one to apply for. Today we're going to take a look at the similarities and differences between the personal and business versions of the Amex Platinum.

Card Overview

Let's start with a big picture comparison of the two cards:

	Amex Platinum	Amex Business Platinum
Annual Fee	$550	$450
Sign-up Bonus	60,000 points	Up to 100,000 points
Spending Requirement	$5,000 in the first 3 months	$25,000 in the first 3 months to max out the bonus
Bonus Categories	5x on airfare purchased directly with the airline 5x on airfare and prepaid hotels booked through Amex Travel	5x on airfare and prepaid hotels booked through Amex Travel 1.5x on purchases of $5,000 or more (up to 1 million bonus points a year)

Both cards come with impressive sign-up bonuses, but the amount of points you'll earn and the amount of spending you'll have to do varies significantly. The personal Platinum has a simple and straightforward bonus: Spend $5,000 in the first 3 months and earn 60,000 Membership Rewards points, which I value at $1,140.

For a limited time until August 8, 2018th, the sign-up bonus on the Business Platinum, on the other hand, is broken up into two tiers. You'll earn 50,000 points after spending $10,000 in the first 3 months, and another 50,000 points after spending an additional $15,000 in the first 3 months. Not only does the full bonus require $25,000 in spend, but you only have 3 months to do it. That being said, 100,000 Membership Rewards points can take you pretty far, and are worth ~$1,900 to me.

If you're booking travel through Amex Travel both cards will earn you 5x on airfare and prepaid hotels, but only the personal Platinum will earn you 5x on airfare purchased directly with the airline. If you're a business with high expenses though, the business Platinum will earn you 1.5x on purchases of $5,000 or more (up to 1 million bonus points a year, terms apply).

Travel Benefits

As you would expect from a premium travel rewards card, both versions of the Platinum deliver some high-end travel benefits. Both cards offer a $200 annual airline fee credit which can be used for baggage or other fees with your pre-selected airline. Unfortunately, these credits can't be used towards the cost of airfare.

Your time is valuable, and Amex is committed to helping you speed through the airport when you're departing and arriving. Both cards offer up to a $100 statement credit for a Global Entry or TSA PreCheck application.

You'll also enjoy complimentary gold elite status with Hilton Honors and Starwood Preferred Guest (although this benefit will transfer to Marriott gold in August). Although this benefit is free you will have to activate it prior to your travels.

Once you get a taste for luxury travel you'll really come to appreciate Amex Fine Hotels & Resorts, a program that's only available to Platinum and Centurion cardholders. When booking hotels through this program you'll receive elite benefits such as space available upgrades, free breakfast, and restaurant or spa credits to use during your stay.

One key difference between the cards is the $200 annual Uber credit that only comes with the personal Platinum. This credit isn't given all at once, but rather is broken up into $15 monthly credits with a $20 bonus in December. These credits don't roll over at the end of the month, so use it or lose it. While this credit appears to give the personal Platinum an edge, remember that it also carries a higher annual fee ($550 vs $450).

PAUL J. RICHARDS/AFP/Getty Images

Access to the Centurion lounge with your Platinum or Business Platinum card will make your travel more enjoyable.

Lounge Access

Another area where both of these cards excel equally is airport lounge access. To start, you and two guests will have access to Amex's collection of Centurion lounges in the US and around the world. You'll also gain access to Delta Sky Clubs, but only when flying same day on Delta. Lastly, you'll receive a Priority Pass select membership, giving you access to thousands of airport lounges around the world. No matter which Platinum card you pick, the quiet spaces and free food+drink will forever change the way you travel.

Redemption Value

I value Membership Rewards points at 1.9 cents each, thanks to the 17 airline transfer partners that give me incredible flexibility. I value points the same whether you earn them on the personal or business Platinum, but there is one important difference in redemption options.

If you're booking flights through Amex Travel on your pre-selected airline, or business or first class on any airline, and you opt to pay with points, the business Platinum will give you a 35% points rebate. While you need to have all the points in your account at the time of booking, this can give you added flexibility if you can't find award space on the days you need to travel. This also raises your effective redemption value with Amex Travel from 1 cent per point to about 1.54. That being said, you can still get 1.9 or more cents per point when transferring your Membership Rewards points to a travel partner.

Which Card Should I Get?

Most people aren't going to be able to spend $25,000 in 3 months to max out the current offer on the Business Platinum, and would be better off with the personal card. In addition to a sign-up bonus worth over $1,000, the $200 annual airline and Uber credits really take the sting out of the $550 annual fee. When you add in luxury lounge access and a more generous 5x bonus category on airfare, this card becomes incredibly compelling.

Small business owners have a tougher decision to make and will have to take a more analytical approach to get the best value. Here it makes more sense to look at the differences between the two cards instead of the similarities (like lounge access and hotel elite status). If you can max out the sign-up bonus and frequently make purchases of $5,000 or more, the Business Platinum might be right for you. Just remember to think about whether you could get more value putting those purchases on a different credit card. You also don't get Uber credits with the business version, so it's important to decide how much use you'd get out of them.

With annual fees of $450 and $550, neither one of these cards is cheap. If you're still struggling to decide which Platinum card you should sign up for, simply ask yourself whether the higher annual fee on the personal card actually provides you with a higher value, or whether you can get more from the business card.

Learn more about The Platinum Card from American Express

Learn more about The Business Platinum Card from American Express Open

Forbes has partnered with The Points Guy for our coverage of credit card products. Forbes and The Points Guy receive a commission from card issuers.

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