Amex is giving Business Platinum cardholders a £250 statement credit
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American Express is providing some relief to small business owners in the U.K. by way of a statement credit. On Monday, the credit card issuer announced that it would be giving cardholders of The Business Platinum Card from Amex U.K. a one-time £250 statement credit.
Amex says that all Business Platinum cardholders with an account renewal between 1 January and 31 December 2020 will be eligible for the one-time £250 statement credit. The credit will be applied to the eligible account after card renewal, meaning you’ll have to pay the £595 annual fee before you can get the £250 statement credit.
There’s no registration required for the offer. Once the cardmember has renewed their Business Platinum, Amex says that the statement credit will be applied within 4-8 weeks after the renewal month. If you’ve already renewed your card this year, you’ll receive the £250 statement credit within the next 90 days.
The one-time £250 statement credit is available to primary cardholders only, meaning that anyone you’ve added as an authorized user isn’t eligible. Additionally, if the cardholder downgrades or cancels their card ahead of the renewal month, they won’t be eligible.
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This one-time statement credit applies only to the business version of the Platinum card, meaning those who hold the personal Platinum Amex aren’t eligible.
In June 2019, American Express U.K. announced several new benefits for the Business Platinum Card, such as a complimentary annual digital subscription to The Times and The Sunday Times, a £150 credit on OneFineStay bookings, complimentary hotel statuses and more. With the new benefits, Amex also increased the annual fee on the card from £450 to £595.
American Express has been one of the issuers that has shown the most initiative for cardholders during the coronavirus crisis. On the personal Platinum Card from Amex, the issuer announced in April that cardholders would begin earning double Membership Rewards points on all spend through 20 July 2020. The move, of course, was made to incentivise cardholders to keep the card in their wallet, even though the majority of its benefits are travel-related and the £575 annual fee still needed to be paid. For now, TPG U.K. Director of Content Nicky Kelvin is justifying keeping the card in his wallet even though he’s not travelling.
Also, Amex announced that for a number of personal and business credit cards, new cardholders would be able to take advantage of an extended welcome bonus period. In other words, new cardholders of some cards now have six months to reach their minimum spending threshold, rather than the typical three months.
As for the Business Platinum Card, this is a nice and somewhat unexpected offering from Amex. While a one-time £250 statement credit may not be enough for some small-business owners to justify keeping the card, for some, it’s a very welcome addition to keep the card. American Express also said that it’s working with a number of brands, such as Dell and FedEx, to bring more value to the Business Platinum Card to help with technology and shipping spend, however, it plans to announce specifics “in the next few weeks”.
The Business Platinum Card comes with a welcome bonus of 40,000 Membership Rewards points after spending £6,000 in the first six months. The card comes with up to 54 days payment period on purchases, unlimited supplementary cards and several travel-related benefits. It comes with a £595 annual fee.
Featured photo by John Gribben/The Points Guy.
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