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150k American Express Business Platinum Offer
Update: The code no longer seems to be working when calling in. This deal is no longer active.
I had heard rumblings of a 150,000 point offer on the American Express Business Platinum card, but the offer information remained private. Then last night Doctor of Credit decided to share it publicly. I wrote about it briefly as a Quick Deal, but I thought that it warranted a more detailed look here.
Receive 150,000 Membership Rewards points after spending $20,000 during the first 3 months. The $450 annual fee is NOT WAIVED the first year. This offer can only be applied for via the telephone and it expires tomorrow 5/15/2015.
- Call 1-877-628-6736
- Provide them with this offer code: L081-994-816-5743
First Year Value
So lets look at the value of this offer. There is some debate as to the value of Membership Rewards points. Frequent Miler lists them as worth $.01 each on his Fair Trading Prices, while Ben at One Mile at a Time says they are worth 1.8 cents each. Given the transfer bonuses and other factors, a conservative value for me is 1.5 cents each.
If we use a 1.5 cent valuation, the sign-up bonus is worth 2,250. Subtract out the annual fee and you come out $1,800 ahead! There are also other benefits that may add to your value.
- $200 airfare credit per calendar year. (You would be able to get one in 2015 & one in 2016.)
- $100 Global Entry credit
- SPG Gold Status
- Priority Pass, Delta and Amex Centurion Lounge Access
- Other small benefits such as Boingo, etc.
You can find out all of the benefits and more info about the card here.
Factoring in all of the ancillary benefits, this bonus is easily worth $2,000. But of course there is a huge $20k catch. (See below.)
Things to Consider Before Applying
- This is a business card, so do need some sort of a business to apply. With that said, you don’t need an Employer Identification Number. Your social security number will work fine and American Express will judge your application based on a number of factors including credit, personal income and business income.
- You have to spend $20k in the first three months. That is a huge amount for a lot of people. There are many ways to meet this requirement, but the easiest would probably be to buy $500 gift cards for $3.95 each at a mall. When doing this, you would need to purchase 40 cards for a cost of $158. In the end though you would have 170,000 total points. (Another way to think of it is your $158 cost of MS generates $300 in points.)
The $20k Spending Challenge
A couple of bloggers decided to use this deal to start a contest called the $20k Platinum Spending Challenge. These bloggers (and a few readers) will be doing their best to make a profit while hitting the $20k limit. Some of them will be gift card churning while others will be reselling. You can find out more info over at Money Metagame.
This really is a fantastic offer if you can manage the spending requirement. If not, Doctor of Credit has a list of lesser Platinum card offers including a 100k point offer with a $10k spending requirement. Whether or not you get the Business Platinum, it should be fun to follow along and learn a few things about MSing through reselling and churning gift cards! Do you plan on applying? Let me 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.