Why I Canceled: American Express Business Platinum Card

Can't decide between the Amex Business Platinum and the regular Amex Platinum? Here's why I canceled my Amex Biz Platinum.
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[@DonteeWeaver]

So if I get the Amex Platinum in September/October I'll be charged the annual fee by December and miss out on the $200 uber and travel credits? Should I just wait until January 1?

[@guszepeda3595]

Sebby, one thing to note is that Amex waives annual fees for active military members. Huge value for those folks. The annual fees are also waived for their spouses who are added as authorized users.

[@AskSebby]

Thanks! I knew they were waived for the primary cardholder but didn't realize they were waived for AU's as well.

[@RobertCarusoGoogle]

@@AskSebby I'm prior active duty military. This is correct. SCRA is very permissive.

[@ColdWindPhoenix84]

Your videos have taught me so much. I feel far more confident in venturing into the world of credit cards. Thank you.

[@davishlamburnt3734]

Totally agree. I wish I would have been shown this stuff years ago. I'd be rolling in points.

[@AeroicaGaming]

Why does the dog sometimes have the solved rubrics cube on its back and then other videos have the dog rolled over and the unsolved cube on its belly? I've tried to find a correlation to the topic of video, but see no pattern.

[@AskSebby]

He's working on it. 🐶🌭

[@pimpinisanoncontactsport2096]

Ask Sebby thanks for your help. Can you educate us on the Amex platinum corporate card vs say Amex platinum Morgan Stanley or non business Amex platinum card please

[@jaydenmalhi329]

Also, a business card will also have a much higher spend usually, therefore the amount of points yiu can gather would be much larger

[@anthonyd1197]

I'm 19, I have 10 CC including: Ritz Carlton, AMEX Platinum, Sapphire Reserve/Preferred, SPG, etc. My parents were poor, no one from my family knows as much as credit as me, when I try explaining someone about my mentality or my system they have no clue what I'm saying and just think that I'm crazy. Fast food job in high school, a man drove up to drive thru in a mclaren, admired the car as anyone else would, told him the price of his food and he handed me the black card... changed my fucking life. Can you do a video on how you started off with credit cards or on how you got into this game, if you already did you can you direct me to it please. Thanks bro you the best.

[@mansamusafinancialco2977]

I'd like to know your strategy. If you don't mind sharing, then DM me

[@matthewhakimi6224]

Would you mind sharing with me as well? I'm impressed!

[@vybesz]

i'd be interested in hearing this as well.

[@RJN8580]

Wow please tell me

[@chaoranyu5629]

Hi Sebby! A video on retention calls would be great!

[@AskSebby]

Post: www.asksebby.com/blog/how-to-get-credit-card-retention-offers Video: kzbin.info/www/bejne/kJusdmN3ptZqrqM

[@SolidLiquidFox]

It makes sense to get rid of the business Amex in your case Sebby. You should have gone for the Schwab version and waited for a higher sign up on the regular vanilla platinum. The Schwab is a keeper if you have a relationship with them already.

[@thesqaanalyst]

Sebby: I do not owe anything on my AMEX business card or Capital One Spark card. What happens if I shut down my business cleanly but keep these business cards open and active?

[@bball4life1219]

theAnalyst nothing happens. They have no idea unless you notify them

[@vincenewman4253]

I would like to get an American express business platinum card, Do you need a EIM number to set it up or can you set it up as a sole proprietorship and it still wont post on your personal credit?

[@adamsienkiewicz5480]

Sebby, is one eligible for future amex platinum (personal) bonus if they have had or currently have the amex platinum business version of the card? Does "once per lifetime" span through the business/personal domain?

[@AskSebby]

Yes, different products.

[@derricklangley7836]

Hey Sebby, I have a bit of a question. Trying to understand my Amex Platinum cars. I’ve had it for some time now, I spend quite a bit a month on it. Pretty much I put all of my expenses on it for points. With my job and traveling and just regular expenses I put about 14-18k a month on my card. One month even putting 32k on the card to purchase a car. Of course I pay everything in full. I even pay it all the day before my statement close date because I don’t want it to reflect on my usage. Well this month something weird happened, I spent 4.99 on amazon for a new dog tag for my dog which was declined and said I’m spending more than usual, well the total balance was only at 1,823? Not even close! There a reason for this?

[@AskSebby]

Seems weird. I wouldn't think too much about it. I've had a $10 meal deal trigger this as well, despite putting $1,000 to $2,000 on the card during prior months.

[@jimmychoo5112]

I heard you have to pay the balance in full each month for the platinum card...?

[@AskSebby]

Yes, and that's what I recommend for all credit cards anyways. Paying interest is non-optimal.

[@jimmychoo5112]

Ask Sebby ok, do you have to pay the balance in full every month for all amex's?

[@KianWorldRBX]

Jimmy Choo Only on the Charge Cards

[@stefanbatic8447]

Hi Sebby. Could you please add update on how to use uber credit for uber eats with the new change that uber implemented?

[@hassanshan91]

Can someone tell me if i could purchase airline gift cards with $200 incidental benefit? If so, what airlines do qualify for gift cards.

[@BeyondBorders00]

This is a great topic to cover. Please post more like this in the future. Excellent!!!

[@lewis20002000]

I would only keep one of the AMEX cards, right now it's a bit too much management for me to keep up this the cards I have.

[@falconkidjt]

Sebby, is it still possible to downgrade from the Chase Sapphire Preferred to the Chase Sapphire? I was pondering getting the preferred card later down the road, and I want to know my options. I saw on your blog that this was possible, but I do not know if that information is outdated.

[@AskSebby]

Yes. You're better off with a Freedom (even if you already have one) or a Freedom Unlimited though.

[@falconkidjt]

Thank you!

[@tyshawn6019]

Question I have an American Express gold rewards and just received my sign up bonus points I saw that I can request an upgrade to the platinum card and it's sign up bonus is 60,000 if I upgrade am I eligible for those 60,000 even tho I just got the 25,000 for hitting minimum spent on my gold card and if i am eligible to get that new sign on bonus do I lose the 25,000 I already have because I'm upgrading ? Please help !

[@imperium2000]

Are they offering an upgrade for 60k points or for you to apply for a new card for an upgrade? I never heard of such an offer. If you got it, then definitely get the upgrade but you should read the fine print. If you received the points already, Amex will not "claw back" the amount since you didn't violate any terms.

[@tyshawn6019]

imperium2000 thank you so much

[@chrisdo537]

If you upgrade to the Platinum card you will NOT get the 60k sign up bonus. In order to get the 60k sign up bonus you have to apply for the Platinum as a new customer. I would suggest to not upgrading to Platinum because then you will never be eligible for the sign up bonus offered by the Platinum card. I would apply for the Platinum card and not upgrade to it.

[@imperium2000]

I have to agree with Don. I've never heard of such a generous upgrade. It sounds like a new card application. Read the offer very carefully.

[@tyshawn6019]

CD Don makes sense I'm new to this so thank you very much for the information now I know what to do thank you again

[@adamsmith8689]

Even though inquiries don't impact your credit score after one year will it still bother lenders if you have a lot from a previous year?

[@AskSebby]

Some issuers are inquiry sensitive but they typically look at the last 6 months more than anything. There's probably a fringe use case but I can't think of any off the top of my head.

[@roberttaylor8906]

In the last 12 months, I opened 14 cards including the Ameriprise Platinum and Ameriprise Gold. They both waive the annual fee in year 1, and the gold card has a 25k SUB for $1k spend. If you are doing a spree and you are working on other SUBs the Ameriprise cards are great options. Hopefully I can open the vanilla Platinum and Gold next year and nab solid SUBs - ideally 150k between them but we'll see!

[@compbus]

You made many good points with why you changed over. You didn't mention the 1.5x multiplier of points of things you purchase over $5,000. I would have thought you would spend that on advertising by driving people to your blog site. Did you find that of no value to you? I am also wondering if it would still work with airline purchases over $5k? Not saying I would get 7.5x but if I would still get the 1.5x on the original purchase and a 5x multiplier on the original purchase as well? If I purchase 2 business class tickets to Hong Kong I should pay over $5k and it would be a good addition.

[@MegaNorman63]

Do you get a rebate from using points for air fares on the personal platinum?

[@AskSebby]

Answered here :) kzbin.info/www/bejne/oGG6imN_jMx0pdE

[@xman2003456789]

I am still under 5/24. By applying for this business platinum card, it won’t be added/counted to my 5/24 right ?

[@AskSebby]

Yep.

[@JeremyJamesDec15]

I would love to see a retention call video asap as I could use it soon.

[@outdoormonkey6404]

does a business credit card affect your credit if you sign up as a sole proprietor?

[@AskSebby]

I've done business card videos so I would watch those. TLDW: they typically can hurt your score (default, late payments) but usually don't help your score (AAoA).

[@baddboo]

Sebby question ? Since Amex has been adding more and more companies to their website in using points. Have you done a video that does a variation on points per dollar ? For example amazon/Expedia is 167 points per dollar . What are other variations of this ? That would be an informative video !!👍😬

[@kjbadass]

Hello Sebastian I would like to ask you a question I just got approved for the American Express Platinum Card I haven't gotten the card yet. But I noticed on the website they got a program where you can pay overtime I didn't know that. I thought you always had to pay your American Express Platinum Card in full. Can you do a video on that about paying your American Express Platinum Card overtime how does that work? Thank you for your time. And I'm super excited that I got the card accepted for the card

[@sunnykhoja7932]

What offer did you got for the personal platinum? More then 60k?

[@AskSebby]

I grabbed 60k and I'm happy about it. I would have lost the 60k additional from the MB variation if I had waited.

[@sunnykhoja7932]

Ask Sebby right now I’m able to pull 75k offer for the platinum so I’m thinking about going for that one and then if the one year hits for my PRG if they ask me to upgrade I’ll upgrade then cancel the new platinum since it’ll only be a year old. Can you do a video about it. I know you’ve already done a video about the upgrade rule but my real question is how bad it’ll hurt my score when I cancel my platinum once I get it. Thanks.

[@adamusa5553]

How many cards can I have without impaquiting my credit? Now I have 20

[@AskSebby]

Many people have 30+ without issue. It's just being responsible.

[@relaxmeditatechill3323]

Will apply next fall..

[@baddboo]

Charge cards: Does Amex report the charge card accounts to the credit bureaus ? I mean you don’t / shouldn’t carry a balance for these cards. But has anyone verified through their credit report that they DO or DONT report ? Any info anyone ?

[@AskSebby]

They don't report the balance. In almost all cases, you need to pay off the card in full every month to stay in good standing (again charge cards are different than credit cards). The only exception is if Amex gives you a "pay later" offer -- not sure how that affects your utilization / credit score though.

[@juantaramera5643]

Great video sebby so on the chase cards let's say I am 0/24 if I open 5 chase business cards with chase am I still 0/24??

[@imperium2000]

Technically yes for any business card. However, Chase technically knows about all your accounts so they may get suspicious when you open multiple business accounts.

[@juantaramera5643]

imperium2000 interesting so how many business cards would you recommend before starting the personal?

[@imperium2000]

Huh? Not really sure what you're asking. You get the cards you need and can make minimum spend taking 5/24 and other rules into account. Business cards have higher credit score requirements, spend requirements for bonuses, you have less rights and many of the benefits(travellers/rental insurance etc.) are limited for legitimate business purposes only(you can't use it for vacations). I have 2 business cards, 1 actually use for my business. The other was purely for a sign on bonus but since it has no annual fee, I just keep it around.

[@grzegorzszul4195]

imperium2000 can i apply for business card even though i work for corporation and i dont have my own business?

[@imperium2000]

Sebastian has a video on this. Basically yes. You can apply for a business account based on your personal credit.

[@ferginatorr]

Please do a retention offer video!

[@peteskeet9443]

Yes retention call please!

[@mikefisher84]

How'd you get Hamilton tickets cheaper?

[@AskSebby]

They've gone down considerably since we talked about them but with Amex Platinum you have access to pre-sale tickets without going through the crazy queue.

[@will52nd1]

How you doing my name is Willie and I've been following you about two months I've been trying to get my credit score higher I don't have any credit cards only thing I have is a Automobile loan and two negative reports on my credit reportI applied for Chase card and was denied any help

[@AskSebby]

Get a secured card from BoA, Discover, Citi, or Capital One.

[@hfsiddiqui]

Sebby, I need your advise, so much for limtless. I recently got my Mercedes platinum so with in few days i was able to buy 7500 and then my card declined because system see my spending habit, so i pay 7K righ away then i start using after 2K they get declined again so they say the system sees using habit and you need to build history. I am with amex for 17 years and i dont like the answer of this restriction so called Limitless ( my ass) . i have decided i cant do this any more i have many card ( reserve, preferred, whatever) its more embarrassment because i am constantly thinking if the card will work of i have to call. Any advise to calm me down would be appreciated. possible use the point then to downgrade ?

[@AskSebby]

What you can do is call them before making a big transaction or use the checker (don't use it more than once in a 24-hour window or your account will get flagged for financial review).

[@twinkiemp]

lol your little dog on the desk... :)

[@graywolf2600]

I was JUST wondering this!

[@CaradhrasAiguo49]

Quite likely since the effective 1/0.65 ~ 1.538 CPP for airline portal redemptions is not that much greater of a marginal value compared to the CSR's 1.5 CPP all the while incurring a larger effective AF with the Business Platinum.

[@jeremiahjohnson3808]

You're the best

[@menash23]

So you got the card to see Hamilton and go to sfo lounge? Are you serious?? At year 3 you would be paying the annual les the airline but most lily 0 retention bonuses bcs they see the “leach” pattern of calling every year to ask for favors.. out you energy in better places dude

[@joeevora1674]

Your decision is clearly rewards based. But you didn't speak to how pretty much every dollar spent with the biz card is a 100% write-off. You'd only be able to write-off a small percentage with the personal. Just food for thought. Thanks for the content!

[@AskSebby]

Write-offs aren't a function of the type of card you use though. i.e., business expenses through personal cards are still deductible. Personal expenses through a business card (i.e., eating that's not business related) are NOT deductible.

[@stevenmiller7747]

Need to do a video on Chase's new policy that you can no longer have 2 Safire cards. If you have the Reserve you can't also get the Preferred and if you have a Preferred you can't get the Reserve. You have to cancel or product change one, wait 24 months and then apply. SUCKS!!!!!

[@imperium2000]

Chase has effectively unified the Sapphire cards into 1 product line since the sign up bonus is the same. Kind of sucks since I have the CSP and was thinking of signing up for the CSR once my 5/24 goes away in 4months. I guess I can product change now if I wanted to...although the missus doesn't have a Sapphire card...hmmm

[@stevenmiller7747]

imperium2000 and I have the CSR and was going to product change to the Freedom after I got my 2nd $300 travel credit and before I paid another $450 AF and get the CSP. Now I'll have to wait about 30 months to do that. Not happy.

[@AskSebby]

It should only be 24 months; 2 years from getting the last Sapphire bonus (as long as you don't currently have a Sapphire product). I'll cover this in tomorrow's video in detail.

[@Devenrow]

What credit Bureau does Amex pull from?

[@AskSebby]

Depends on your state. I would Google for data points.

[@jrdnfla]

Thanks for the advice, instead of applying for business plat, think I'll just upgrade to gold premier from amex green. Now trying to figure out when to apply for Schwab Plat, I already have personal plat.. but believe I would see better value with Schwab version.

[@AskSebby]

Hold off on the upgrade until this weekend. By upgrading, you lose out on the PRG signup bonus (unless you've already gotten it) which is non-optimal.

[@GigiS3odoon]

Do you think Platinum AMEX is worth it?

[@AskSebby]

See if the Amex Platinum is worth it for you: www.asksebby.com/blog/is-the-550-amex-platinum-worth-it

[@jermanesviewsTV]

a video on retention calls please sebby

[@anitap2286]

👍😃👍😃👍😃👍

[@micahgarcia9017]

I liked it better when you talked fast. You seemed hyped. Like "this credit stuff will change your life let's get started!" And now it's droll 😫 ty for the info though. Love your vids

[@jeremiahjohnson3808]

Bro its obviously night time in the vid(mind the blinds) Sebby does not use KZbin for monetary gains. He does it to provide information to us who love the vids. Cut the guy a break, everyone has to utilize their days differently. Including you and I. I did not perceive him to talk any differently than prior videos && I thoroughly enjoyed watching this entire vid. Sorry you perceive life differently maine

[@yasiru221]

First to like the video