The Insider Picks team writes about stuff we think you’ll like. Business Insider may receive a commission from The Points Guy Affiliate Network.
- The Points Guy
- The Business Platinum® Card from American Express is receiving several updates in February 2019.
- Cardholders can get a complimentary year of WeWork Global Access and up to $200 in annual credits with Dell.
- However, the card’s annual fee is increasing more than 30%.
- While the valuable new perks should outweigh the annual fee increase, not every business owner will have a use for them.
American Express has announced a series of changes to its popular Business Platinum Card.
Set to take effect in February 2019, the updates include several valuable new perks. But the card’s annual fee will increase more than 30%.
Cardholders will receive a complimentary year of WeWork Global Access membership, allowing them to use any of WeWork’s 335 facilities, which are spread across 83 cities throughout the world. The benefit is worth $2,700, according to AmEx.
Additionally, Business Platinum cardholders will receive annual statement credits worth up to $200 when shopping directly with Dell. While many smaller businesses and sole proprieters may not be purchasing new computers each year, the credit should apply to anything sold by Dell, including monitors, hard drives, other peripherals, bags, speakers, headphones, drones, and even video games and consoles.
Finally, AmEx is slightly increasing the credit available at hotel properties when cardholders book through AmEx’s Hotel Collection program. Previously, cardholders received $75 per stay to use toward things like food, drinks, and spa treatments. That credit will increase to $100.
While these benefits will largely be positive, at least for those who can take advantage of them, the card’s annual fee is increasing from $450 to $595 per year, making it one of the most expensive cards available, in terms of annual fee.
Although the new benefits can far outweigh that fee, at least for those cardholders who would otherwise spend money with WeWork and Dell, they won’t be as useful for other cardholders, therefore not providing significant value in exchange for the extra $145 in the annual fee.
AmEx does not appear to be removing or reducing any current card benefits as a part of these updates. Benefits include 5x points on flights booked with the airline, airport lounge access, an up-to-$200 annual airline fee credit, and more. While the benefits are similar to those of the personal Platinum Card, there are several major differences.
The new annual fee will take effect on current cardholders’ next renewal date that falls on or after the February 2019 billing cycle, and AmEx says it will announce additional details that month.