The Platinum Card from American Express offers a tremendous value despite its annual fee.With many overlapping perks but a few key differences, the Business Platinum Card from American Express is a similarly valuable charge card.Read on to see which card is best for you.See Business Insider's list of the best rewards credit cards The Platinum Card from American Express has a $550 annual feeone of the highest among all personal credit cardsbut if you travel frequently you can get enough value for it to be worthwhile. Over the past few years, Amex has added new benefits and perks to both the Amex Platinum and the Amex Business Platinum (with a $595 annual fee) to keep them competitive with other premium rewards cards.While the personal and business versions used to have virtually identical benefits and terms (with a few exceptions), they're no longer nearly identicalwhile they do have many overlapping benefits, there are some key differences. Keep reading to see how the two premium cards differ, and to decide if either is right for you.Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back.Amex Platinum vs. Amex Business Platinum: The biggest differencesWelcome offerAmex Platinum: The personal Platinum Cardoffers new members 60,000 Membership Rewards points when they spend $5,000 in the first three months of card membership. Points can be redeemed for various products, to book travel through Amex, or, representing one of the best options, transferred to various airline frequent flyer partners. Travel website The Points Guy values Amex Membership Rewards points at 2 cents eachusing that valuation, the welcome bonus is worth $1,200.Keep in mind that that valuation is subjective and an "average" of all of the different ways you can use points. Membership Rewards points are worth a different amount depending on whether you use them for shopping, purchase travel through Amex, or transfer them.Amex Business Platinum: The Amex Business Platinum offers a bigger bonus of up to 75,000 points, broken into two segments: You'll earn 50,000 points after spending $10,000 in the first three months, and an additional 25,000 points if you spend an additional $10,000 in that same time frame.Obviously, that's a lot of money to spend in three months. Unless you own a a small-to-medium-sized business and realistically expect to spend $25,000 in a single quarter, the personal card might be a better option for you.Earning rates on purchasesBoth cards offer a whopping 5 points per dollar spent on flights booked through Amex Travelthe personal version also earns quintuple points on flights booked directly through the airlineand 1 point per dollar on everything else.However, the Business Platinum offers a 50% bonus on purchases of $5,000 or more, meaning you'll earn 1.5x points per dollar, up to 1 million extra points per year (after that, the rate drops back to 1x point per dollar for the rest of the year).Annual feeUntil recently, both versions of the Platinum card had the same $450 annual fee. However, the fee on the personal card was raised to $550 in 2017, and more recently the Business Platinum's fee increased to $595.Benefits: What's differentUber credit on the personal Amex PlatinumThe personal Platinum Card offers up to $200 a year in Uber credits. The credit is broken down by month: You'll get a monthly $15 credit, with an extra $20 in December (for a total of $35 that month). That's up to $200 in credits each year in exchange for the $100 annual fee increasedefinitely a win for consumers. The Business Platinum doesn't have an equivalent Uber credit.Saks credit on the personal Amex PlatinumIn mid-2018, Amex added a Saks statement credit to the personal Platinum card. Each year, cardholders can get up to $100 back in the form of statement credits for Saks Fifth Avenue purchases. This is divided into two $50 credits: You'll get up to $50 toward Saks purchases made with the Platinum Card from January to June, and another $50 toward those purchases from July through December.35% points rebate on the Business PlatinumThis is an incredibly valuable perk that's only available with the Business Platinum card.One of the ways to redeem Membership Rewards points is by using them to book flights, hotels, cruises, or more through Amex Travel. When you do that, points are generally worth 1 each.However, when you have the Business Platinum card and use points to book any flight on one airline that you pre-selector business or first class flights on any airlineyou'll get 35% of your points back. Because booking through Amex Travel is the easiest way to use points for flights, this represents a great option to use fewer points to get more.Dell credit on the Business PlatinumWhile the Business Platinum card doesn't offer any statement credits for Saks or Uber, it does offer up to $200 in statement credits annually for U.S. purchases with Dell. This is divided into two semi-annual credits of up to $100.Benefits shared by both cardsAirline fee creditEvery calendar year, thePlatinum cardand the Business Platinum card offer a $200 credit toward incidental fees on one airline (that you can choose at the beginning of each year). While it doesn't cover tickets, it applies to a wide variety of charges and fees, such as checked bags, change fees if you need to change your flight, in-flight food and drinks, fees for traveling with a pet, airport lounge day passes (if you don't already have complimentary access), and sometimes even things like seat assignments and extra legroom upgrade fees.The best part of the airline credit is that because you get it each calendar year, not cardmember year, you could get it twice in your first year of having the card. Say you opened the card in Februaryyou can earn the full $200 credit before the calendar year ends, then once the credit resets on January 1, get it again before your next annual fee posts, meaning you can get up to $400 in value from this credit each year.Airport lounge accessBoth cards offer identical access to airport lounges.Lounges are exclusive areas where you can enjoy seats, an internet connection, food, drinks, and sometimes other amenities. Although lounges were traditionally reserved for first class and business class passengers, many are accessible to any traveler who holds either a lounge membership or certain credit cardsand thePlatinum cardsoffer access to three different kinds of lounge.The first type is Amex's own proprietary Centurion lounges, located at eight airports in the United Statesand in Hong Kong. These chic venues offer an oasis in the middle of the main terminal's chaos, featuring comfortable seating, complimentary cocktails and food created by award-winning mixologists and chefs, respectively, and other amenities. Access to these lounges is limited to holders of theAmex Platinumor Amex Centurion cards.Read more: I held off on opening the Business Platinum card until I discovered Amex Centurion lounges. This benefit alone is worth the annual fee to me.If you're flying with Delta and carry a Platinum Card, you can also access any Delta Sky Club lounge. Withmore than 30 locations, Sky Clubs offer snacks, complimentary soft and alcoholic drinks (with more "premium" drinks available for purchase), fast Wi-Fi, and a place to unwind. Some locations also feature showers.Finally, thePlatinum Card from American Expresscomes with aPriority Passmembership. Priority Pass is a network of more than 1,000 airport lounges around the world. With the membership provided by your Platinum card, you and two guests can access any location (as long as there's room) to enjoy free snacks, drinks, newspapers and magazines, showers, and more, all separate from the hustle and bustle of the main terminal. If you have an international version of the card, instead of the US version, be sure to double check the guest policy for your card's Priority Pass benefit.Global Entry/TSA PreCheck application fee creditBoth cards offer up to a $100 credit that you can use to apply for Global Entry or TSA PreCheck. The credit renews every four years, so it covers you when it's time to reapply.Gold status with Hilton and MarriottWhen you hold either card, you'll receive Gold elite status with Hilton hotels, as well as Marriott hotels, without having to meet any stay requirements. Elite status comes with benefits including more points earned on stays, early check-in and late check-out, room upgrades, and more.Both cards also offer access to Amex's exclusive Fine Hotels & Resorts program. When you book a stay at a participating hotel through Amex Travel, you'll get benefits like even earlier check-in, a priority room upgrade, free breakfast during your entire stay, and a special amenity, such as a credit to use at the hotel bar or spa.Which card is best for you'For most consumers, the personal Platinum card offers a fantastic suite of premium travel perks and benefits, all of which add up to more than enough value to make up for the annual fee.If you have a small business, there might be reasons to go for the Business Platinum card instead. Although you'll give up the Uber credits, you'll get perks like the points rebate when booking flights through Amex Travel, plus Dell statement credits. If your business regularly makes purchases of $5,000 or moreand you can put them on the cardor you think you can get value from the 35% points rebate, then the business card might be a better option.Also make sure to consider the welcome points. If you don't expect to spend enough to earn the bonus on the Business Platinum, you might be better off with the personal version.Finally, keep in mind that these are both charge cardsthat means that you pay your balance in full each month.Click here to learn more about the personal Amex Platinum card Click here to learn more about the Amex Business Platinum card More credit card coverageWhat's the best airline credit card'The best cash-back credit cardsSouthwest credit card reviewBest credit card reward programsJoin the conversation about this storyNOW WATCH: 9 items to avoid buying at Costco
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