Why I’m Canceling My Amex Business Platinum

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I’ve held The Business Platinum Card® from American Express for nearly ten years. I’ve kept it in my wallet through multiple refreshes, fee increases and benefit changes. But when the annual fee jumped from $695 to $895 this fall (see rates and fees), I finally had to admit what I’d been avoiding: This card no longer makes sense for me.

As someone who’s spent over a decade optimizing credit card rewards, canceling a premium credit card I’ve gotten a ton of value from in the past doesn’t come easily. But after doing the math on the new annual fee and honestly evaluating which benefits I actually use, the decision became clear. 

The Amex Business Platinum now offers over $3,000 in potential annual credits, with the key word being “potential.” In reality, most of these credits don’t align with how I actually spend money.

If there were a DSM-5 for travel rewards enthusiasts, “benefit exhaustion” would be a diagnosis. Between activating quarterly rotating categories, enrolling in semi-annual credits, selecting preferred airlines and tracking bonus spending thresholds, managing certain rewards credit cards can be a part-time job.

The Amex Business Platinum now offers credits that reset either semi-annually or annually, with some requiring a spending threshold to unlock. And many require enrollment to activate. I’ve concluded that, for an $895 annual fee (see rates and fees), I shouldn’t need to work this hard to break even. The mental overhead of optimizing these benefits has started to outweigh the value I’m getting from them.

Additionally, like many small business owners, I am in a growth phase. Every hour I spend optimizing credit card benefits is an hour I’m not spending on revenue-generating activities. The return on investing those hours into my business is exponentially higher than squeezing out an extra few hundred dollars in statement credits.

My business doesn’t make many $5,000+ purchases, and most of my business spending is on contractor payments and general operating expenses. On all of that, I’m earning just 1X points while paying an $895 annual fee (see rates and fees).

I can get 2X points or 2% cash back on everything with rewards cards like the Capital One Spark Cash Plus ($150 annual fee) or the Wells Fargo Signify Business Cash Card (no annual fee). That’s a better return for how my business actually operates.

When I first got the Amex Business Platinum card, the fee was $450. Then it went to $595. Then $695. Now $895 (see rates and fees). That’s a nearly 99% increase in a span of six years.

I understand inflation and added benefits, but at some point, the value proposition breaks down. And for me, paying nearly $900 annually for a card that requires this much effort to optimize just doesn’t make sense anymore.

I’m not giving up on earning American Express Membership Rewards points entirely. Instead, I’ll be using the Blue Business® Plus Credit Card from American Express, which has no annual fee (see rates and fees) and earns 2X Membership Rewards points on all purchases (up to $50,000 per year, then 1X points).

For all the random business expenses that don’t fall into my other cards’ bonus categories, I’m earning twice the points I was getting with the Business Platinum.

Plus, it keeps my Membership Rewards account active, so I don’t lose any points I’ve already earned or forfeit the ability to transfer to Amex partners. I can still move points to some of my favorite airlines and hotels, like Delta and Hilton. I get the best parts of the Amex Membership Rewards points program, without any of the Business Platinum’s baggage.

Chase Sapphire Reserve for premium travel benefits

I’ll be using my Chase Sapphire Reserve® (see rates and fees) as my primary travel card. At $795 annually, it’s still expensive, but the benefits are significantly easier to use and more aligned with my actual spending.

The $300 annual travel credit applies automatically to any travel purchase. It just works. I’ve used it on rental cars, Ubers, parking and transit without thinking about it.

The Priority Pass membership gives me access to airport lounges, and more importantly, Chase’s Sapphire Lounges are genuinely excellent. 

Most importantly, the Sapphire Reserve provides primary rental car insurance that recently saved me over $1,000 when I was charged for windshield damage in Paris. That single benefit more than offset the annual fee.

Chase Ink Business Preferred for everyday business spending

For my business spending, I’m using the Chase Ink Business Preferred® Credit Card (see rates and fees), with just a $95 annual fee.

I earn 3X points on the first $150,000 spent annually on travel, shipping, internet, cable, phone services and advertising purchases on social media and search engines. These are categories where I genuinely spend money every month—not hypothetical spending I’d need to manufacture to maximize credits.

The Ink Business Preferred also has the same Chase Ultimate Rewards® ecosystem as my Sapphire Reserve, so I can transfer points to airline and hotel partners at a 1:1 ratio.

The 35% points back on flights

The Business Platinum offers 35% of points back when using Membership Rewards to book flights through Amex Travel with your selected airline (up to 1 million points back annually). This benefit has come in handy numerous times, when I’ve been unable to find good reward tickets and have had better luck with finding low-priced business-class flights. Depending on the cash price of the ticket, I’ve often spent fewer points using the 35% rebate than I would have by transferring my points to an airline or using a different points currency.

I’ve spent many a morning at the Centurion Lounge in the Denver International Airport, which is my home base. But I have access to other lounges thanks to cards like my Chase Sapphire Reserve and Capital One Venture X Rewards Credit Card.

The $200 airline fee credit 

Unlike some cardholders who struggle to use incidental fee credits, I never had trouble maximizing this one. Between checked bag fees, seat selection fees and in-flight purchases, I consistently used the full $200 every year.

What made this credit particularly valuable was its flexibility for family travel. Using the fee credit for my family enhanced their travel experience and made it more comfortable. These are not expenses I would typically cover out of pocket, but the credit significantly improved our travel experience.

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For rates and fees of the Blue Business® Plus Credit Card from American Express, click here.

For rates and fees of The Business Platinum® Card from American Express, click here.