How to Apply for the American Express Platinum Business Credit Card?
The American Express Platinum Business Credit Card is one of the most prestigious and sought-after financial products available to entrepreneurs and business owners.
Known for its premium benefits, including access to exclusive airport lounges, generous rewards points, and a comprehensive suite of travel and business perks, this card is designed for those who demand the best from their financial tools.
If you’re considering applying for the American Express Platinum Business Credit Card, this guide will walk you through the process, eligibility requirements, and what to expect.
1. Understand the Benefits and Fees
Before applying for the American Express Platinum Business Credit Card, it’s important to fully understand the benefits and costs associated with the card.
This card offers a wide range of perks tailored to business owners, including:
- Membership Rewards Points: Earn points on every purchase, which can be redeemed for travel, gift cards, or statement credits.
- Travel Perks: Access to over 1,300 airport lounges worldwide through the American Express Global Lounge Collection, complimentary upgrades and discounts on flights, and up to $200 in airline fee credits annually.
- Business Tools: Expense management tools, employee cards at no additional cost, and valuable business insights and services.
- Insurance and Protection: Extensive coverage, including purchase protection, extended warranty, and travel insurance.
- No Pre-Set Spending Limit: The card adjusts to your spending needs, allowing you greater flexibility.
However, these premium benefits come with a significant annual fee, typically around $695.
It’s crucial to weigh these costs against the potential benefits to ensure this card is the right fit for your business needs.
→ CLICK HERE TO REQUEST YOUR CREDIT CARD
2. Check Eligibility Requirements
The American Express Platinum Business Credit Card is designed for established businesses with a solid credit history.
While American Express does not publicly disclose a minimum credit score requirement, applicants generally need a FICO score of 700 or higher to qualify.
Other factors that American Express considers include:
- Business Revenue: While there’s no specific revenue requirement, higher annual revenues may improve your chances of approval.
- Length of Business History: A longer business history can demonstrate stability, which is a positive factor in the application process.
- Debt-to-Income Ratio: A lower ratio indicates better financial health, making you a more attractive candidate.
Before applying, it’s advisable to review your credit score and ensure your business financials are in good standing.
If your credit score is lower than recommended, you may want to take steps to improve it before submitting your application.
3. Gather Necessary Documentation
To streamline the application process, gather all necessary documentation before you begin.
American Express typically requires the following information:
- Business Information: Legal business name, address, phone number, and type of business entity (e.g., LLC, corporation, sole proprietorship).
- Tax Identification Number (TIN): This could be your Employer Identification Number (EIN) or Social Security Number (SSN) if you operate as a sole proprietorship.
- Financial Information: This includes your annual business revenue, years in business, and estimated monthly spending on the card.
- Personal Information: As the cardholder, you’ll need to provide your personal details, including your full name, date of birth, home address, and Social Security Number.
- Bank Account Information: Details of your business bank account may also be required, especially if you choose to link the account for bill payments.
Having this information ready will make the application process smoother and faster.
4. Complete the Online Application
The application for the American Express Platinum Business Credit Card can be completed entirely online. Here’s how:
- Visit the American Express Website: Navigate to the Platinum Business Credit Card page and click on the “Apply Now” button.
- Fill in Your Business Details: Enter all the required business information, including your business name, address, and tax identification number.
- Provide Financial Information: Input your business’s annual revenue, years in operation, and estimated monthly expenses.
- Enter Personal Information: As the primary cardholder, provide your personal details, including your Social Security Number and home address.
- Review and Submit: Carefully review all the information you’ve entered to ensure accuracy. Once satisfied, submit your application.
After submission, American Express may provide an instant decision, but in some cases, further review may be required, which can take a few days.
5. Understand the Approval Process
After submitting your application, American Express will review your credit history, business financials, and other relevant factors.
This process typically involves:
- Credit Check: American Express will conduct a hard inquiry on your credit report, which may temporarily lower your credit score by a few points.
- Business Evaluation: The issuer will assess your business’s financial health, including revenue, profitability, and debt levels.
- Identity Verification: As part of the application process, American Express will verify your identity and may request additional documentation if needed.
If approved, you will receive your card within 7-10 business days.
If your application is denied, American Express will send you an adverse action letter explaining the reasons for the denial.
Common reasons for denial include insufficient credit history, high debt-to-income ratio, or recent delinquencies on your credit report.
→ CLICK HERE TO REQUEST YOUR CREDIT CARD
6. Activate and Set Up Your Card
Once you receive your American Express Platinum Business Credit Card, you’ll need to activate it before you can start using it.
This can be done online or by calling the number on the card. After activation:
- Set Up Online Account Access: Create an online account with American Express to manage your card, track expenses, and pay bills.
- Link Business Bank Account: If desired, link your business bank account to set up automatic payments or manage cash flow more effectively.
- Add Employee Cards: If you have employees who need access to the card, you can request additional cards at no extra cost.
7. Maximize Your Card Benefits
To get the most out of your American Express Platinum Business Credit Card, it’s essential to take full advantage of the benefits and rewards available:
- Enroll in the Membership Rewards Program: This allows you to earn points on every purchase, which can be redeemed for a variety of rewards.
- Use Travel Benefits: Make the most of the complimentary lounge access, airline fee credits, and travel insurance when booking business trips.
- Utilize Business Tools: Take advantage of the expense management tools and business insights provided by American Express to streamline your operations.
Conclusion
The American Express Platinum Business Credit Card is an excellent choice for business owners who want premium rewards, travel perks, and comprehensive financial tools.
By understanding the application process and ensuring you meet the eligibility requirements, you can increase your chances of approval and start enjoying the benefits of this prestigious card.
Whether you’re a seasoned entrepreneur or a growing business, this card can be a valuable asset in managing your business expenses and achieving your financial goals.