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Amex Business Platinum 250K
Last year I wrote about and completed a 150K bonus on the American Express Business Platinum card. That offer gave 100K Membership Rewards points after $10K in spend during the first 3 months and an additional 50K points after another $10K in spend. I thought it was a great deal, but the spend was a bit steep.
Well, if 150K excited you, look at this offer that Matt Holland posted on Twitter:
— Matt Holland (@turnpike17) April 20, 2016
What Is The Catch?
Well that looks phenomenal. Actually, that looks better than anything I have seen before, but of course there is a catch. Here is the STEEP spending requirement to get the full 250K bonus:
— Matt Holland (@turnpike17) April 21, 2016
So here is the way it works. You earn 50,000 Membership Rewards points for $5,000 in spend. Pretty typical. Then, you earn an additional 20,000 bonus points for each additional $5,000 in spend up to 200,000 additional points. If we add that all up, it equates to 250K after $55K in spend. Wow!
Another Way to Look At It
Update: As others have pointed out, you only earn the additional 20K chunks for each $5K purchase and not a cumulative amount of purchases. That makes this even tougher.
Now let’s compare this offer to the 150K offer I met on the Business Platinum card last year. That card had an initial bonus of 100K after $10K in spend. That is the same ratio as this offer. (50K after $5K.) It then had an additional 50K after $10K in spend. That is slightly better than this offer, but the cap is lower.
Basically after you meet the minimum spend of $5K to get the 50K bonus, you are earning 5X everywhere on the additional $50K in spend. (1X normal earning plus the bonus.) Is 5X very very good? Yes it is, but it isn’t the best earning rate for a sign-up bonus and having to meet that much spend within 6 months could be tough. Since you can only get one sign-up bonus per lifetime on each Amex product, this will be a tempting offer, but one hard to complete for most.
I absolutely think this offer is very good for someone who can easily meet the $55K requirement to scoop up all of the points. I suspect many people wouldn’t be able to do that. Of course this offer is targeted and most of us won’t ever get a chance to apply for it anyway. With that said, is the spend requirement too much? Would you do it or pass? Let us know in the comments!
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.