The Amex Platinum Business Card is a popular choice among business owners for its extensive benefits and rewards. However, it's important to understand the fees associated with this card to make an informed decision. In this article, we will delve into the various fees that come with the Amex Platinum Business Card and evaluate whether https://houstonmcmiller.blob.core.windows.net/scorerx/american-express/discovering-the-perks.html it is worth it for business owners.
The Amex Platinum Business Card comes with several fees that business owners should be aware of before applying for the card.
The annual fee for the Amex Platinum Business Card is $595 per year, which may seem steep compared to other business credit cards. However, when considering the extensive benefits and rewards offered by the card, this fee can be justified for many businesses.
One of the fees associated with the Amex Platinum Business Card is a foreign transaction fee. When using the card for purchases made outside of the United States, a 2.7% fee will be applied to each transaction. This fee can add up quickly for businesses that frequently travel or make international purchases.
If you wish to transfer balances from other credit cards to your Amex Platinum Business Card, a balance transfer fee of 3% or $5 (whichever is greater) will be charged. It's important to consider this fee when deciding whether to transfer balances to your Amex Platinum Business Card.
Late payments on your Amex Platinum Business Card can result in a late payment fee. The amount of this fee depends on your outstanding balance, with higher balances incurring higher fees. It's important to stay on top of your payments to avoid these additional charges.
If you need to obtain cash from your Amex Platinum Business Card, a cash advance fee will be charged. This fee is typically a percentage of the amount withdrawn and can vary depending on your specific card terms.
If you require additional cards for employees or authorized users, there may be an additional card fee associated with each card. This fee is typically lower than the annual fee but can still add up if you need multiple cards.
Q: Can I waive the annual fee for my Amex Platinum Business Card? A: Unfortunately, the annual fee cannot be waived for the Amex Platinum Business Card. However, the benefits and rewards offered by the card often outweigh this cost for many business owners.
Q: Are there any introductory offers or promotions available for the Amex Platinum Business Card? A: Yes, American Express occasionally offers introductory bonuses or promotions for new cardholders. These offers may include bonus points, statement credits, or other incentives.
Q: Is there a fee for adding employee cards to my Amex Platinum Business Card account? A: Yes, there is typically an additional card fee for each employee card added to your account. The specific fee amount will depend on your card terms.
Q: Are there any fees associated with using the Amex Platinum Business Card for purchases in foreign currencies? A: Yes, the Amex Platinum Business Card has a foreign transaction fee of 2.7% for purchases made outside of the United States.
Q: Can I request a credit limit increase on my Amex Platinum Business Card? A: Yes, you can request a credit limit increase on your Amex Platinum Business Card. However, this request is subject to approval based on your creditworthiness and financial standing.
Q: What happens if I miss a payment on my Amex Platinum Business Card? A: Missing a payment on your Amex Platinum Business Card can result in a late payment fee. Additionally, it may negatively impact your credit score and eligibility for future credit.
Understanding the fees associated with the Amex Platinum Business Card is crucial for business owners considering this card. While it does come with an annual fee and other charges, the extensive benefits and rewards often outweigh these costs. It's important to evaluate your business's needs and spending habits to determine if the Amex Platinum Business Card is worth it for you. Consider factors such as travel frequency, international purchases, and employee card requirements when making your decision.