Amex Business Gold vs Platinum: Which Card Wins?
Choosing the right business credit card can significantly impact your company’s finances and success. With so many options available, it’s crucial to understand the nuances of each card to make an informed decision. Today, we’re diving deep into a head-to-head comparison of two premium offerings from American Express: the Amex Business Gold and the Business Platinum card.
Both cards offer a suite of benefits designed for business owners, but they cater to different needs and spending habits. The Amex Business Gold card is known for its flexible rewards on spending categories, making it a great choice for businesses with varying expenses. On the other hand, the Business Platinum card boasts a broader range of perks, including travel credits and premium services, ideal for frequent travelers.
This comprehensive comparison will explore the key features, benefits, and drawbacks of both the Amex Business Gold and the Business Platinum. We’ll examine rewards programs, annual fees, travel perks, and other valuable features to help you determine which card best aligns with your business goals and financial profile. Get ready to discover which Amex card emerges as the ultimate winner for your business!
Specs at a Glance:
| Feature | Amex Business Gold | Platinum |
|---|---|---|
| Welcome Bonus | Yes | Yes |
| Rewards on Select Purchases | 4x | 5x |
| Rewards on Other Purchases | 1x | 1x |
| Annual Fee | Yes | Yes |
| Foreign Transaction Fees | None | None |
| Travel Benefits | Limited | Extensive |
| Airport Lounge Access | No | Yes |
| Hotel Benefits | Limited | Yes |
| Business Expense Tracking | Yes | Yes |
| Employee Cards | Yes | Yes |
| Purchase Protection | Yes | Yes |
| Extended Warranty | Yes | Yes |
Feature-by-Feature Breakdown
Annual Fee
- Amex Business Gold: Offers a variable annual fee, allowing businesses to choose the payment structure that best suits their needs. This can be advantageous for businesses with fluctuating expenses. However, it can potentially be higher than other cards.
- Platinum: Typically has a higher annual fee. This fee is justified by the premium benefits it offers, but it may be a barrier for some businesses. Consider the value of the perks against the cost.
- Winner: Gold
Rewards Program
- Amex Business Gold: Earns rewards on select spending categories, often offering bonus points on purchases like advertising, shipping, and at U.S. restaurants. The reward structure can be lucrative for businesses that spend heavily in these areas. However, category-based rewards require strategic spending.
- Platinum: Provides rewards on all purchases, but generally at a lower rate than the Gold card. The rewards are often more flexible, but the earning potential might be less, unless you take advantage of specific offers.
- Winner: Gold
Travel Benefits
- Amex Business Gold: Offers some travel benefits, such as baggage insurance and roadside assistance. These are useful for business travel, but the coverage is generally less extensive than the Platinum card.
- Platinum: Provides extensive travel perks, including airport lounge access, hotel upgrades, and travel credits. This is a significant advantage for frequent business travelers. However, the benefits are only useful if you travel often.
- Winner: Platinum
Statement Credits
- Amex Business Gold: May offer statement credits for specific expenses, such as software subscriptions or shipping. These credits can help offset business costs. However, the credits are often limited to specific merchants or amounts.
- Platinum: Offers a broader range of statement credits, including credits for services like Uber, Saks Fifth Avenue, and digital entertainment. These credits can provide significant value, but require active management to utilize them.
- Winner: Platinum
Employee Cards
- Amex Business Gold: Offers employee cards with customizable spending limits. This allows for control over employee spending. The cost per additional card is generally lower than the Platinum card.
- Platinum: Provides employee cards, often with similar features to the primary card. The cost per additional card is higher.
- Winner: Gold
Purchase Protection
- Amex Business Gold: Offers purchase protection, often including coverage for damage or theft. This protects business purchases.
- Platinum: Offers purchase protection, often with more comprehensive coverage limits than the Gold card.
- Winner: Platinum
Spending Power
- Amex Business Gold: Offers a high level of spending power, but it is not unlimited. This is typically sufficient for most business needs.
- Platinum: Offers a very high level of spending power, but it is not unlimited. This is advantageous for businesses with large, unexpected expenses.
- Winner: Tie
Additional Perks
- Amex Business Gold: Provides access to business-related perks, such as invoicing software or online accounting tools. These benefits can help streamline operations.
- Platinum: Offers a broader suite of additional perks, including access to exclusive events, concierge services, and luxury hotel benefits. These are lifestyle benefits that may or may not apply to your business.
- Winner: Platinum
Winner by Category:
| Category | Winner |
|---|---|
| Rewards on Select Purchases | Amex Business Gold |
| Travel Benefits | Platinum |
| Airport Lounge Access | Platinum |
| Annual Fee | Amex Business Gold |
| Overall Value (for Travel) | Platinum |
What They Have in Common:
- Welcome Bonus: Both cards offer a welcome bonus for new cardholders, providing an incentive to sign up and start earning rewards. The specific bonus details vary and are subject to change.
- Employee Cards: Both cards allow you to add employee cards, which is helpful for managing business expenses. This feature allows for tracking and control of spending across your team.
- Foreign Transaction Fees: Both cards do not charge foreign transaction fees, making them suitable for international travel or online purchases from international vendors. This can save you money on purchases made outside of the US.
- Purchase Protection: Both cards offer purchase protection, which can cover damage or theft of eligible items purchased with the card. This provides added security and peace of mind.
- Extended Warranty: Both cards extend the manufacturer’s warranty on eligible purchases. This provides additional coverage beyond the original warranty period.
Amex Business Gold Buying Guide
Rewards & Earning Potential
The American Express Business Gold card provides a flexible rewards structure, offering bonus points on the two spending categories where your business spends the most each billing cycle. These categories include advertising, shipping, and select other business purchases. This dynamic approach allows you to maximize rewards based on your unique spending habits. The rewards are awarded in Membership Rewards points, which can be redeemed for various options such as statement credits, gift cards, and travel. This adaptability makes it a versatile choice for businesses with varying needs.
Annual Fees & Costs
Understanding the costs associated with the Business Gold card is crucial. It comes with an annual fee, which needs to be considered in relation to the benefits and rewards offered. Other potential costs include foreign transaction fees if you frequently make purchases abroad and interest charges if you carry a balance. Before applying, assess your spending habits and compare the annual fee against the potential rewards earned to determine if the card aligns with your financial goals. Consider the value of the rewards and perks relative to the annual cost.
Travel Benefits & Perks
While not as extensive as the Platinum card, the Business Gold card still offers valuable travel benefits. These include access to the American Express Travel portal, where you can book flights, hotels, and car rentals. It provides a degree of travel insurance and protection, such as baggage insurance and secondary car rental loss and damage insurance. These features can provide peace of mind and financial protection during business trips. The card also offers a statement credit for select business expenses, such as airline fees.
Business Tools & Features
The Amex Business Gold offers several business-focused tools to help manage expenses and streamline operations. These include expense management software integration, which allows you to track and categorize spending easily. You can also add employee cards to control spending and monitor employee purchases. Features like purchase protection and extended warranty coverage offer added security for your business purchases. These tools assist in financial organization and provide valuable support for business owners.
Credit Limits & Eligibility
The credit limit on the American Express Business Gold card is determined based on your business’s financial profile and creditworthiness. Factors such as business revenue, credit history, and overall financial stability are considered. Eligibility requirements typically involve having a registered business and a good credit score. It’s essential to ensure you meet the eligibility criteria before applying. The credit limit provided should be sufficient for your business needs, and it will be determined by American Express upon application approval.
Comparison to Platinum
Comparing the Business Gold card to the Platinum card is essential to determine which best suits your business needs. While the Gold card offers strong rewards on select spending categories, the Platinum card provides a broader range of benefits, including extensive travel perks like airport lounge access and higher rewards on travel purchases. The Platinum card also has a higher annual fee. Consider your priorities, spending habits, and desired benefits when comparing the two cards to choose the best option.
Who Should Buy What?
Buy amex business gold If…
- You want a card with high rewards on spending categories that align with your business.
- You prefer a card with a lower annual fee compared to the Platinum card.
- You prioritize flexibility in choosing bonus categories.
- You are looking for a card specifically for business expenses.
Buy platinum If…
- You travel frequently and want access to airport lounges and other travel perks.
- You value premium travel benefits, such as hotel upgrades and credits.
- You are willing to pay a higher annual fee for enhanced benefits and rewards.
- You want access to concierge services and other premium features.
Frequently Asked Questions
What are the key differences between Amex Business Gold and Platinum?
The main differences lie in the rewards structure, travel benefits, and annual fees. The Business Gold card offers flexible rewards on select spending categories, while the Platinum card provides higher rewards on travel and a wider array of travel perks, such as airport lounge access, hotel benefits and other travel related benefits. The Platinum card generally comes with a much higher annual fee. Consider your spending and travel habits to determine which card is more suited to your needs.
How are rewards points earned and redeemed with the Business Gold card?
With the Business Gold card, you earn Membership Rewards points based on spending. You earn bonus points on the two spending categories where your business spends the most each billing cycle. You can redeem these points for various options, including statement credits, gift cards, merchandise, and travel through the American Express Travel portal. The redemption value can vary depending on the redemption method you choose.
What is the annual fee for the Amex Business Gold card?
The Business Gold card carries an annual fee. This fee is charged each year and provides access to the card’s benefits and features. It’s important to factor this annual fee into your decision-making process when considering the card, and consider it in relation to the rewards and perks offered. The fee is designed to cover the expenses of the card’s benefits program.
Does the Business Gold card offer any travel benefits?
Yes, the Business Gold card offers travel benefits, though fewer than the Platinum card. These include access to the American Express Travel portal, where you can book flights, hotels, and car rentals. It also provides a degree of travel insurance, such as baggage insurance and secondary car rental loss and damage insurance. These benefits can provide financial protection and peace of mind when traveling for business.
Can I add employee cards to my Amex Business Gold account?
Yes, you can add employee cards to your Amex Business Gold account. This allows you to manage employee spending and track expenses more effectively. You can set individual spending limits and monitor purchases made by each employee. This can be a useful tool for controlling business expenses and streamlining your accounting processes.
How does the Amex Business Gold card compare to other business credit cards?
The Amex Business Gold card stands out with its flexible rewards structure, allowing businesses to earn bonus points on their top spending categories. Compared to some cards, it may have a higher annual fee but offers valuable benefits. Other cards may offer different rewards structures, such as cash back or flat-rate points. Consider your spending patterns and desired benefits to choose the best business credit card.
What credit score is needed to qualify for the Amex Business Gold card?
While American Express doesn’t publicly disclose a specific credit score requirement, a good to excellent credit score is generally needed to qualify for the Amex Business Gold card. This typically means a score in the range of 670 or higher. Factors such as your business’s financial performance and credit history will also be considered.
Final Verdict
The American Express Business Gold card offers a compelling value proposition for businesses that want flexible rewards and a suite of business-focused tools. While the Platinum card boasts superior travel perks and a broader range of benefits, the Gold card’s ability to reward spending in the most impactful categories, combined with a more manageable annual fee, makes it an attractive choice for many small to medium-sized businesses. It balances cost and benefit well.
Winner: Amex Business Gold