American Express Business Card for New Business

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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peterson
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American Express Business Card for New Business

Postby peterson » Mon Oct 03, 2011 3:32 pm

Hello,

I am currently deciding on whether to open a business credit card with AMEX or with other credit card companies such as capital one.

A bit of background of the business: I am looking to establish an LLC in the US. I do have the same business in Asia but they are two legally separate entity. I am also owning/managing two other family businesses in Asia. As the LLC that I am establishing would be a new company in the US, it would not have any business credit history. I am wondering whether is it possible to get an AMEX business platinum card. I would be the sole owner of this LLC. Also will my companies outside USA would matter in the process of obtaining the said card?

Personally, I have 5 years of excellent credit history. I am currently holding AMEX blue sky, BofA Platinum Plus Visa, Chase Freedom Visa, and CapitalOne Platinum and I do have 4-5 checking/savings account including one with AMEX (but I heard from the representative that it is a separate entity from AMEX card). All of these accounts are in good standing and have been for the past 5 years. Although I had BofA accounts as far back as 9 years ago, I closed them so I guess those history won't no longer matter (those were closed because of relocation, so they were in good standing). I have completed my degree and have zero debt attached to my name.

I had looked at the Plum card because it's 1.5% discount is very enticing for business purposes. However, Since I own/manage international companies, I would have to travel internationally and I don't see my travel frequency to lower anytime soon ( :( to my fiancee dismay). So I thought the platinum card would be a better option since I plan to use the business card for:

- international travel (40+ hours travel time - flight+layovers- can wear you down really fast). I would have luggages (international procurement remember?) and I thought the airline credit would be nice. The past two months I have traveled internationally twice. But I tend not to stick with one airline since ALL US airline tend to have poor customer service so the service value of the airline doesn't justify my loyalty.

- merchandise procurement (I tend to procure small batches of samples because of the nature of the countries I deal with, T/Ts and LCs are not exactly secure, I need to minimize risks or rather mitigate them). Some of the procurements would be a luxury items so they would cost several thousands a piece but these are usually with trusted international vendors. I really like the zero foreign transaction fee feature of the platinum and also offered by capital one.

- I don't have employees driving around so the extra member rewards from gas/groceries are pretty much worthless (this pretty much rule out the gold card).

- I do have other business expenses such as shipping materials, shipping costs, and website hosting costs.

Those are pretty much what I have on top of my head right now. But I tend to put every expenses in my credit card (at I really do mean everything, not just most purchases) when the merchant accepts credit card. I can get a non-us AMEX platinum and they run much cheaper (less than $100 AF) but the perks are pretty much nothing, only the ability to carry platinum amex and 0% foreign transaction fee.

So my question would be: have anyone work on this kind of environment and found the platinum card to be worth the annual fee? and how hard is it to get the business platinum card? I got my blue sky pretty easy on one try, but I won't judge all amex application based on that one experience. And also my fiancee has been telling me that the AF is not worth it considering other card such as Capital One, which also offer 0% foreign transaction fee.

Thanks for the input


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Postby Money card » Wed Oct 05, 2011 10:26 pm

since you own and manage your own business, you can apply for a small business American Express card. do you want airport lounges like the admirals club or deltas club? do you plan on calling the concierge and asking for assistance on getting dinner reservations when when you're out of town? will you be trying to get room upgrades? if yes then you might want to think about the 450 dollar Platinum. if no to these questions then you might want to think about the plum card.

12-16-2013 Update: The Platinum Card will no longer offer access to Admirals Clubs or US Airways Clubs.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Oct 06, 2011 12:51 am

As the LLC that I am establishing would be a new company in the US, it would not have any business credit history. I am wondering whether is it possible to get an AMEX business platinum card. I would be the sole owner of this LLC. Also will my companies outside USA would matter in the process of obtaining the said card?


These days all card issuers in the US require you to apply for a business card with your personal credit, so even if your LLC is new with no history you will still be approved (or at least I assume, given that it sounds like you have a strong personal credit history).

Normally I would advise against the Business Platinum but given your frequent and international travel, the airport lounge access would certainly come in handy. The concierge might not be much help with merchandise procurement as you describe, from overseas vendors, but perhaps I'm wrong.

You also get a $200 annual fee credit on an airline of your choice. Since it sounds like you would be using it, that would make the annual fee seem like $250 ($450 - $200). Furthermore since it's a business card, you should be able to write-off the AF but check with your accountant to confirm. Here is some more info on business credit cards including this one
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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peterson
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Postby peterson » Sun Oct 09, 2011 10:59 pm

Money and Mogul, thanks for the reply.

@money, I am very interested at the plum card, but I guess they don't have 0% foreign exchange fee? or they do and I just didn't read it correctly?

@mogul, have you ever use the platinum lounges? I heard the lounge perk is not that good :(

Although I do most of my business with us based company, but I also do business using other currencies, so the 0% foreign transaction fee do adds up.

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Pete838
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Postby Pete838 » Mon Oct 10, 2011 9:53 am

peterson wrote:Money and Mogul, thanks for the reply.

@money, I am very interested at the plum card, but I guess they don't have 0% foreign exchange fee? or they do and I just didn't read it correctly?

@mogul, have you ever use the platinum lounges? I heard the lounge perk is not that good :(

Although I do most of my business with us based company, but I also do business using other currencies, so the 0% foreign transaction fee do adds up.


I fly primarily DL, so the SkyClub lounge access is a nice perk. Upgraded rental cars (National, Avis, and Hertz) and Starwood hotels is nice, too. Oh, and you can use the $200 airline fee credit on Delta to upgrade from E to E+ (economy comfort).
Correct, 0% FOREX fee. On my recent trip to Germany it was a nice feature, and one that was great to have once the bills came in. I also used my Gold Delta AMEX, which does not have waived FOREX fees, and I ended up paying around $20 worth of fees for spend on that card. Should have used the Platinum for everything.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan

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Postby Money card » Tue Oct 11, 2011 11:02 pm

Hey Peterson thanks for the reply. American Express has made some changes a while ago, on the platinum personal card and the small business cards. there are no foreign transaction fees. just on the personal cards except the platinum. not sure about the Delta reserve? or the corporate cards?



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