Here’s Why I Immediately Canceled My AMEX Business Platinum Card Upon Learning of the Increased $595 Annual Fee

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Here’s Why I Immediately Canceled My AMEX Business Platinum Card Upon Learning of the Increased $595 Annual Fee

KeithHere’s Why I Immediately Canceled My AMEX Business Platinum Card Upon Learning of the Increased $595 Annual FeeMillion Mile Secrets Team

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Yesterday, I said goodbye to The Business Platinum® Card from American Express.  For me, it was a no-brainer decision after learning that the card’s annual fee will be increasing to $595 beginning in February 2019.

I’ve happily paid the card’s $450 annual fee for the past few years, even after they cut certain benefits (like reducing the Pay With Points rebate from 50% to 35%).  I still thought it was a great card because of the AMEX Centurion Lounge benefit, access to AMEX Fine Hotels & Resorts, and a few other card perks.  But I draw the line when an annual fee approaches nearly $600, especially when the card’s perks won’t offset the fee for me personally.

While a select group of cardholders may benefit from a few new benefits coming to the AMEX Business Platinum in February 2019, by and large, I think AMEX is making a mistake by increasing the annual fee by more than 30%.  Even the friendly AMEX customer service representative didn’t seem surprised I was getting rid of the card.

Earning Points With the AMEX Business Platinum Made It Possible for Me to Fly JetBlue Mint Business Class! But I’d Rather Sit in the Middle Seat in Coach Before Paying Close to $600 Annually for a Card.

Plus, it’s not like the AMEX Business Platinum card has been a sock-drawer credit card for me.  I have put quite a bit of spending on the card over the past few years, especially for larger purchases of $5,000+ because you earn 1.5X AMEX Membership Rewards points on these purchases (up to 1 million additional points per calendar year).

To me, it seems like AMEX’s target customer for this card moving forward will be larger businesses who view $595 as a drop in the bucket.  Savvy and frugal small business owners looking to get the best deal will have to look elsewhere in the AMEX card lineup, or at cards from competitors.  For example, I’m still happy to keep the Starwood Preferred Guest® Business Credit Card from American Express and The Blue Business℠ Plus Credit Card from American Express in my wallet.

Or, if you want a fantastic small business travel credit card, consider the Ink Business Preferred Credit Card from Chase, which consistently ranks at the top of our list of best travel credit cards.

Right now, you can earn an intro bonus of 80,000 Chase Ultimate Rewards points after spending $5,000 on purchases in the first 3 months from opening the Ink Business Preferred Credit Card.  That’s worth at least $1,000 in travel when you redeem your points for flights, hotels, rental cars, and more through the Chase Ultimate Rewards travel portal.  I’ll gladly continue to pay the $95 annual fee on this card because I love earning valuable Chase Ultimate Rewards points.

What do you think of the changes coming to the AMEX Business Platinum card?  If you’ve been considering it, now is a great time to apply, before the annual fee increase.  Please share your thoughts in the comments below!

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Ink Business Preferred℠ Credit Card

Ink Business Preferred℠ Credit Card

  • Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
  • Earn 1 point per $1 on all other purchases–with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more – your points don't expire as long as your account is open
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee

More Info

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How about the Amex Blue Business as an alternative for ones who prefer no fee cards? That being said, is there ever any good offers for this card?

I agree with you. I would do the same, but I get too much out of the Centurion Lounge visits. I will send Amex an email expressing my concerns.

What about your membership rewards? Did you already liquidate them or do you have another card that allows you to keep them?


I have the no-annual-fee Blue Business Plus Credit Card, which allows me to keep my points active and still have the ability to transfer them to airline and hotel partners.

This was my move as well!

If they changed it to 1.5 pts per $ for all purchases, I *might* keep it. As it stands now, I will be cancelling next year before my renewal period (and after I’ve gotten my credits!)


Yes, a better earning rate would certainly make it more competitive.

Why would you cancel it now and not when the annual fee hits? or at least in January after you can get the $200 airline credit?? Seems weird to me since the annual fee won’t increase until February 2019. So you just lost $200


My $450 annual fee just became due, so paying $450 now just to save $200 in January wasn’t a good trade in my mind. And I think the only way banks would ever reconsider drastic changes like this is if cardholders make a move.

You might have the chance to use the dell $200 credit + $200 airline gift card which you will only pay $50 to get some other benefit. Of course if dell credit is useless to divide in 12 months, you might lose $250.
Now how do you offset your Hilton gold and Marriot gold if you don’t have their high AF card.


Yes, the details of the Dell credit are still TBD. I have Marriott Platinum and Hilton Gold based on stays I book during the year, so I won’t miss that perk…at least for 2019.

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