The AmEx Business Platinum's annual fee is increasing to $595 a year - we break down whether it's still worth the cost

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  • The annual fee for the Business Platinum® Card from American Express is going up from $450 to $595 per year.
  • New benefits include credits at WeWork and Dell and increased benefits from hotel stays.
  • With the higher fee, the card may be even more valuable to some cardholders, but others may want to look elsewhere for a rewards card with great benefits and a lower cost.

The Business Platinum® Card from American Express is a longtime leader in both the business and personal rewards card spaces, but a newly increased fee may be enough for you to cancel that Business Platinum card.

An update to the Business Platinum card goes into effect soon. Once it does, should it still earn a slot in your wallet?

Let's take a look at the new costs and benefits to help you decide.

Higher annual costs

Let's start with the big downside. The Business Platinum card annual fee is going up by $145 per year. That comes out to a new $595 annual fee compared to the old $450 fee.

The increase in fee is not a shock to anyone with the personal version of the card, which had a similar fee increase last year. The new annual fee for the personal Platinum Card® from American Express is $550 per year.

At $595 per year, the cost of the card averages out to just under $50 per month. With the new benefits (more on them below) and value from existing benefits, including a $200 annual airline fee credit, lounge access, and Membership Rewards points, you may still find the AmEx Business Platinum to be worth keeping.

New WeWork and Dell benefits

With new costs, you do get new benefits. That is not always the case in the finance industry, but the new benefits from the Business Platinum card may be very valuable for some independent workers and small businesses.

First, AmEx will give you a free year of access to WeWork coworking spaces around the world. The package you get from American Express is valued at $2,700 per year, when looking at comparable WeWork plans. If you have been considering coworking or moving your business to WeWork, this more than pays for the annual fee of the credit card.

If you use Dell for computers, printers, or anything else, the card also comes with a new $200 annual statement credit for qualifying Dell purchases. If you need to buy a new laptop or desktop computer every year for a staff member of your small business team, this benefit might come in very handy.

Increased Hotel Collection credit

This credit card has offered a $75 benefit for each stay at the Hotel Collection, which is now going up to $100. I don't put much value in The Hotel Collection myself, so I rarely focus on it in AmEx reviews. But with the new $100 benefit, it is worth taking a second look at how The Hotel Collection and this benefit works.

The Hotel Collection is a group of hotels you can book through American Express Travel. These are generally higher-end properties, and Business Platinum cardholders get a few perks when staying at The Hotel Collection hotels. Those include 5x points per dollar on prepaid bookings, free room upgrades when available, and a hotel/resort credit each stay.

The newly increased credit will give you $100 per stay for qualifying in-hotel purchases including dining, spas, and resort activities like tennis or golf. Depending on the hotel, $100 may get you a message, breakfasts during your stay, or a discount on a big day on the golf course.

Alternatives to the AmEx Business Platinum

If a $595 annual fee is more than you can or want to pay, you have other options available too. AmEx has a wide range of business cards. I'm personally looking to downgrade my Business Platinum to the Blue Business℠ Plus Credit Card from American Express.

While it has far fewer benefits, I get lounge access from my personal Chase Sapphire Reserve and the Blue Business Plus doesn't charge an annual fee. The Blue Business Plus offers 2x points per dollar on all purchases up to $50,000 per year (then 1x).

Other good options include the Ink Business Preferred Credit Card ($95 annual fee), Ink Business Unlimited Credit Card (no annual fee), or Ink Business Cash Credit Card (no annual fee) from Chase.

Choosing the right rewards card

The right rewards card requires finding the right balance between cost and benefits from your card. If you choose a card with a near $600 annual fee, you should get at least $600 in benefits per year from the card.

Between all of the travel, work, and purchase rewards and protections, you may very well get that from the AmEx Business Platinum. If not, it may be time to move on to something new for your small business credit card needs.

Click here to learn more about the AmEx Business Platinum from Insider Picks' partner: The Points Guy.

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