Reminder: Don’t pay for coworking space — Save with the Amex Business Platinum, and write off the annual fee
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If you rent a desk in a WeWork coworking space, here’s a reminder that cardholders of The Business Platinum Card® from American Express who registered last year for Platinum Global Access will receive free WeWork access until the end of 2020. Just book a desk through the app and show up, whether you’re in your home city or traveling. This is one of the single best business credit card perks for digital nomads or remote workers.
On top of that, you can write off the card’s annual fee as a small business expense!
What comes with WeWork Platinum Global Access?
WeWork spaces have a long list of standard amenities you’ll find at 800+ open and coming soon locations in 115+ cities around the world.
You’ll get a hot desk and plenty of community spaces. A hot desk is a workspace you can book via the WeWork app or website, where you can plug-in and get things done on demand.
You can book a conference room if one’s available, and pay extra for mail and package handling.
A monthly hot desk near me costs ~$400, depending which location I choose. That’s ~$4,800 a year. Or I could book a desk on demand whenever I want to get work done in any WeWork city.
If you’re considering a coworking space for the amenities, because you gain focus in dedicated spaces, or want a professional place for meetings and conferences, you could save a lot just by paying the annual fee on the Amex Business Platinum card instead of paying the normal monthly rate.
Write off the annual fee
Though the annual fee on the Amex Business Platinum card is $550 (see rates and fees), you can claim it as a business expense when you file your small business taxes. That’s if you legitimately use the card perks to further your business interests. And if you travel a lot, having airport lounge access and all the card’s various travel and shopping credits are a bonus.
With both options, you’ll save well over $2,000 per year if your goal is having a coworking space.
Of course, we aren’t tax professionals here at MMS, so always consult a tax advisor before you claim deductions. But in my experience, if you purchase something to grow your business, you can claim it on your taxes – and this expense is definitely within reason.
Amex Business Platinum current offer
FYI, the Amex Business Platinum card currently comes with 75,000 Amex Membership Rewards points after you spend $15,000 on purchases in the first three months of account opening. Again, if you didn’t enroll in this WeWork benefit in 2019, you won’t receive a year in 2020. But the card comes with a slew of other benefits including:
- 35% of your points back for all first class or business class flights booked through the Amex travel portal using Pay With Points
- 35% of your points back for all flights, including coach tickets, booked with your selected airline through the Amex travel portal using Pay With Points (up to 500,000 points per calendar year)
- Up to $200 in statement credits per calendar year for airline incidentals with your selected airline (luggage fees, in-flight food and drink, etc.)
- Up to $200 annual Dell statement credit for U.S. purchases ($100 from January to June, $100 from July to December)
- Ability to book hotel stays through Amex Fine Hotels & Resorts
- Amex Platinum Concierge
- Access to airport lounges (Delta, Priority Pass, Airspace, Escape and American Express Centurion Lounges)
- Bonus points or statement credits when taking advantage of an Amex Offer
- Elite car rental status with Avis, Executive status with National Car Rental and Gold Plus Rewards with Hertz
- Free Hilton Gold elite status (free breakfast and upgrades when available)
- Free Marriott Bonvoy Gold elite status
- Rental car status with National, Avis and Hertz
- Statement credit for Global Entry or TSA PreCheck
- No foreign transaction fees (see rates and fees)
- Terms and Limitations Apply
Not to mention the points you’ll have from earning the welcome bonus is worth $1,400 in airfare by using the Amex Business Platinum Pay With Points rebate!
Remember, you can qualify for a small business credit card without running a multi-million dollar operation. In fact, you can get a business credit card without an EIN — just apply using just your social security number, and use your name as your business name. Plus, Amex doesn’t have strict income requirements for small business cards.
If you registered your Amex Business Platinum in 2019 for WeWork, you’ll have access through all of 2020. When I checked, a yearly desk rental in my city was closer to $5,000 — so the value you get depends which market you’re in.
There’s no indication that this deal is still available for new applicants, but the current welcome bonus alone can net you $1,500 on average, according to our estimation of Amex points value.
The card’s annual fee is $550, but you should be able to write it off as a business expense. As always, consult your accountant, but reasonable business expenses are usually tax deductible.
Let us know what you use this benefit! And subscribe to our newsletter for more card benefits reviews and tips delivered to your inbox.
For rates and fees of the Amex Business Platinum Card, click here
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