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Reminder: Don’t pay for coworking space — Save with the Amex Business Platinum, and write off the annual fee

  • Joseph Hostetler

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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!

    Book a WeWork desk in any city you find yourself in, like Chicago, Mexico City, New York or Hong Kong. And if you live in a WeWork city, even better! Get free access with the Amex Business Platinum Card for a year. (FERNANDO MACIAS ROMO/Shutterstock)

    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.

    Print, scan, have a beer or meet a client. WeWork spaces are versatile for freelancers and entrepreneurs.

    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.

    You can book Hot Desks in Chicago for ~$291 a month, or nearly $3,600 a year.

    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:

    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.

    Here’s our full review of the Amex Business Platinum Card.

    Bottom line

    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

    Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)