It’s no secret that The Business Platinum Card® from American Express is the most expensive small business card on the market. This card carries a hefty $695 annual fee (see rates and fees).
With this card’s high annual cost, cardholders may wonder if it’s time to cancel it for good.
The card features more than $600 in annual business-centered statement credits (enrollment required):
- Up to $360 in Indeed statement credits*
- Up to $150 in Adobe statement credits*
- Up to $120 in U.S. wireless telephone services statement credit for purchases made directly with a U.S. provider, broken down to $10 monthly.*
*These credits end Dec 31.
If you’re able to make use of some (or all) of these credits, it’s likely worth keeping the Amex Business Platinum in your wallet, given that the other ongoing benefits can help you offset the annual fee.
But if you’ve decided that it’s time to throw in the towel, here are nine business credit cards that can serve as excellent replacements.
American Express® Business Gold Card
Annual fee: S375 (see rates and fees)
Welcome offer: Earn 100,000 bonus points after spending $15,000 on eligible purchases in the first three months of card membership. Based on TPG’s October 2024 valuations, this welcome offer is worth $2,000.
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Why you should consider it: If you want to keep earning and redeeming points through the American Express Membership Rewards ecosystem, the Amex Business Gold Card remains the next best option.
For a fraction of the Business Platinum’s annual fee, the Amex Business Gold presents strong earning rates. You’ll earn 4 Membership Rewards points per dollar on the two categories where your business spends the most, on up to the first $150,000 in combined purchases, then 1 point per dollar:
- U.S. purchases on online, TV and radio advertising
- U.S. purchases at electronic goods retailers and on software & cloud system providers
- U.S. gas stations
- U.S. restaurants, including takeout and delivery
- Transit purchases (includes trains, taxicabs, ride-hailing services, ferries, tolls, parking, buses and subways)
- U.S. monthly wireless telephone service charges made directly from a wireless telephone service provider
If your business spends up to the $150,000 threshold, you’re looking at earning 600,000 Membership Rewards points annually — worth a tremendous $12,000 based on TPG’s October 2024 valuations. Best of all, you’ll still be able to transfer your points to Amex’s 21 airline and hotel transfer partners.
While you could downgrade your Amex Business Platinum to the Amex Business Gold, you may want to consider applying for the Amex Business Gold outright, although due to Amex’s once-in-a-lifetime rule, you may not be eligible for a signup bonus.
For more information, read our full review of the Amex Business Gold.
Apply here: Amex Business Gold card
The Blue Business® Plus Credit Card from American Express
Annual fee: S0 (see rates and fees)
Welcome offer: Earn 15,000 Membership Rewards points after spending $3,000 in purchases on your card in your first three months of card membership. Based on TPG’s October 2024 valuations, this welcome offer is worth $300.
Why you should consider it: Perhaps you’ve decided it’s time to stop paying an annual fee altogether. Or maybe you’re tired of keeping up with the dizzying array of annual statement credits offered on the Amex Business Platinum.
If either situation applies to you, you can downgrade your Amex Business Platinum to the Blue Business Plus card, which will keep all of your hard-earned Membership Rewards points active for no annual fee.
Simplicity is your best friend with the Blue Business Plus. You’ll earn 2 Membership Rewards points per dollar on the first $50,000 spent, then 1 point per dollar afterward. No matter the purchase, you’re always earning double the points up to that $50,000 spending threshold. If you’re a business owner who doesn’t have an exorbitant number of operating expenses, the Blue Business Plus is a fantastic option to retain earning and redeeming possibilities in the Membership Rewards program.
For more information, read our full review of the Amex Blue Business Plus.
Apply here: Amex Blue Business Plus
Ink Business Preferred® Credit Card
Annual fee: $95
Welcome offer: Earn 90,000 bonus points after spending $8,000 on eligible purchases in the first three months of account opening. Based on TPG’s October 2024 valuations, this offer is worth $1,845.
Why you should consider it: Amex’s biggest competitor in the credit card rewards program space is Chase Ultimate Rewards. If you’re looking to cancel your Amex Business Platinum but don’t know what to apply for, look no further than the Ink Business Preferred.
For just $95 per year, you’ll earn 3 points per dollar spent on shipping, internet, cable and phone services, advertising purchases and travel (up to the first $150,000 spent each account anniversary year, then 1 point per dollar). The Chase Ultimate Rewards program offers a wide range of transfer partners, including 11 airline and three hotel loyalty programs.
For more information, read our full review of the Ink Business Preferred.
Apply here: Ink Business Preferred
Ink Business Premier® Credit Card
Annual fee: $95
Welcome offer: Earn $1,000 after spending $10,000 on purchases in the first three months of account opening.
THE POINTS GUY
Why you should consider it: In late 2021, Chase launched its first premium business credit card: the Ink Business Premier. However, unlike the Ink Business Preferred, the Ink Business Premier is a business cash-back card. While you can redeem your rewards on the Ultimate Rewards portal for travel, gift cards, cash back and more, you won’t be able to transfer your points to Chase’s transfer partners.
Still, this card is a good fit for those with significant business expenses, as there’s uncapped potential for earning rewards. You’ll earn 5% total cash back on travel purchased through Chase Travel℠, 2.5% total cash back on purchases of $5,000 or greater and 2% cash back on all other eligible purchases.
With an annual fee of $195, the Ink Business Premier is likely only suitable for businesses that aren’t concerned with earning travel rewards.
For more information, read our full review of the Ink Business Premier.
Apply here: Ink Business Premier
Capital One Spark Miles for Business
Annual fee: $0 in the first year, then $95 (see rates and fees)
Welcome offer: Earn 50,000 bonus miles once after spending $4,500 on purchases within the first three months of account opening. Based on TPG’s October 2024 valuations, this welcome offer is worth $925.
Why you should consider it: If travel rewards are still top of mind, you’ll want to consider the Capital One Spark Miles for Business. It’s surprisingly affordable, with a $95 annual fee that’s even waived the first year.
Cardholders will earn a flat 2 miles per dollar on all purchases, with no limit to how many rewards you can earn. Since TPG’s October 2024 valuations peg Capital One miles at 1.85 cents each, that’s like getting a 3.7% return on all of your purchases. Better yet, Capital One has stepped up its portfolio of transfer partners, and you’ll be able to move your miles to 15-plus airline and hotel loyalty programs.
For more information. read our full review of the Spark Miles for Business.
Apply here: Capital One Spark Miles for Business
Capital One Venture X Business
Annual fee: S395 (see rates and fees)
Welcome offer: Earn 150,000 bonus miles after spending $30,000 in the first three months from account opening. Based on TPG’s October 2024 valuations, this welcome offer is worth $2,775.
Why you should consider it: If you want lounge access but prefer a lower annual fee, the Venture X might be a good option instead of the Business Platinum. The Venture X business comes with unlimited access to Capital One lounges, select Plaza Premium lounges and a Priority Pass Select membership.
The Venture X Business also comes with an annual $300 credit for travel booked through the Capital One Tavel portal. This credit can be easier to use than the myriad of credits offered by the Amex Business Platinum. Cardholders also receive 10,000 bonus miles every account anniversary and a $120 Global Entry/TSA PreCheck credit every four years.
Additionally, businesses will enjoy earning 10 miles per dollar on hotels and rental cars booked through Capital One Travel, 5 miles per dollar on flights purchased through Capital One Travel and 2 miles per dollar on all other purchases. Based on TPG’s October 2024 valuations, this equates to at least a 3.7% return on spend for businesses.
Like the aforementioned Capital One Spark Miles for Business, the Venture X Business also has access to Capital One’s impressive roster of 15-plus transfer partners.
For more information, read our full review of the Capital One Venture X Business.
Apply here: Capital One Venture X Business
Delta SkyMiles® Reserve Business American Express Card
Annual fee: $650 (see rates and fees)
Welcome offer: Earn 80,000 bonus miles after spending $10,000 in purchases in your first six months of card membership. Based on TPG’s October 2024 valuations, this welcome offer is worth $960.
Why you should consider it: One of the best benefits of the Amex Business Platinum is its comprehensive lounge benefits. By canceling (or downgrading) the card, you’ll effectively lose your lounge privileges.
But if you’re a frequent Delta flyer, you may want to consider opening the Delta SkyMiles Reserve Business card instead. The annual fee is $650, but until Jan. 31, 2025, you get unlimited access to Delta Sky Clubs when flying Delta. Starting Feb 1, 2025, you’ll receive 15 visits to the Delta Sky Club on same-day Delta flights, with the ability to unlock unlimited if you spend $75,000 on your card in a calendar year.
Other benefits include an annual round-trip companion certificate upon account renewal — which can also compensate for the annual fee — and complimentary upgrades on Delta flights upon availability. You’ll also get an annual ride-hailing, Resy and Delta Stays credits.
Earning rates are also solid for big businesses, with 3 miles per dollar on Delta purchases, 1.5 miles per dollar after you spend $150,000 on the card in a calendar year and 1 mile per dollar on all other eligible purchases. Delta’s elite status will quickly become in reach, too, with the card’s Medallion Qualification Dollars (MDQs) boost and headstart.
For more information, read our full review of the Delta SkyMiles Reserve Business.
Apply here: Delta SkyMiles Reserve Business
Marriott Bonvoy Business® American Express® Card
Annual fee: $125 (see rates and fees)
Welcome bonus: Earn three free night awards (up to 50,000 points per night) after spending $6,000 within the first six months of card membership. Based on TPG’s October 2024 valuations, this welcome offer is worth up to $1,275.
Why it’s worth considering: The Amex Business Platinum comes with automatic Marriott Bonvoy Gold Elite status, which gets you benefits like space-available enhanced room upgrades, a 25% points bonus on Marriott stays and more.
Other benefits include a free night certificate every card renewal month and the ability to earn 6 points per dollar on Marriott hotels, 4 points per dollar on purchases at restaurants, U.S. gas stations, U.S. shipping providers and wireless telephone services directly from U.S. providers; and 2 points per dollar on all other eligible purchases.
For more information, read our full review of the Marriott Bonvoy Business card.
Apply here: Marriott Bonvoy Business Amex Card
Hilton Honors American Express Business Card
Annual fee: $195 (see rates and fees)
Welcome offer: Earn 175,000 bonus points after spending $8,000 on eligible purchases in the first six months of card membership. This offer ends Jan 8. Based on TPG’s October 2024 valuations, this welcome offer is worth $1,050.
Why you should consider it: On a similar note, you’ll also get complimentary Hilton Honors Gold elite status from your Amex Business Platinum. If you’re a Hilton fan, the Hilton Honors American Express Business Card is a worthwhile option — and for just $95 per year.
Cardholders will earn 12 points per dollar at Hilton hotels and resorts and 5 points per dollar on the first $100,000 spent on all other eligible purchases (then 3 points per dollar spent).
And while you’ll get complimentary Gold elite status from the card, with $40,000 in spending in a calendar year, you can get automatic top-tier Hilton Honors Diamond elite status.
For more information, read our full review of the Hilton Honors Business Amex.
Apply here: Hilton Honors American Express Business Card
Bottom line
Annual fees are not uncommon nowadays, and unfortunately, the Amex Business Platinum has the steepest one. Fortunately, any of the nine aforementioned cards make for fantastic substitutes if you’ve decided that it’s time to downgrade your card for something more modest.
For rates and fees of the Amex Business Platinum, click here.
For rates and fees of the Amex Business Gold, click here.
For rates and fees of the Blue Business Plus, click here.
For rates and fees of the Delta SkyMiles Reserve Business, click here.
For rates and fees of the Hilton Honors Business, click here.
For rates and fees of the Marriott Bonvoy Business, click here.
