From greater purchasing power to pain-free foreign payments, the American Express Platinum Business Card can help make doing business easy.
With the Card being a Platinum, it comes with all the lifestyle and travel benefits we have come to expect from American Express and the best bit is that you will earn valuable American Express Rewards points on all your business purchases.
In this guide, we are going to look at four functional benefits that make this Card great for helping your business to grow.
American Express Business Platinum Card benefits series
- Part 1: Unlocking credit and streamlining FX payments
- Part 2: Earn Membership Rewards points and up to 55 days interest-free
- Part 3: Get comprehensive insurance and up to 99 supplementary cards
- Part 4: Rewards and Lounge Benefits
Note: This guide has been produced in partnership with American Express, a Point Hacks commercial partner.
No Pre-set Spending Limit
Don’t be mistaken – the American Express Platinum Business Card is not just another business credit card. It is, in fact, a Charge Card – which is quite different.
Charge cards require you to pay off the full balance each statement period, which can be up to 55 days from the date of purchase. However, they provide no pre-set spending limits that can give your business greater purchasing power and help improve cash flow.
Despite the title, having no pre-set spending limit does not quite mean unlimited spending. Purchases are approved on a variety of factors including spending patterns, payment history and credit records. Charge cards also do not incur interest, however, fees will be incurred if the amount is not paid off in full each month.
Many businesses these days are asset rich but cash poor, and borrowing against collateral can be considered quite risky. Secured finance requires collateral, usually in the form of residential or commercial property. If you lose your assets, you lose everything.
However, the American Express Platinum Business Card provides access to a corporate credit facility at a minimal cost and, in most circumstances, without the need for additional collateral or security.
The handy American Express AccessLine facility allows your business to make fast and secure payments to merchants even if they don’t accept credit or charge cards. This means you can still earn American Express Membership Rewards points on your spend.
This service works with suppliers both in Australia and overseas and allows you to more easily manage your short-term cash flow and potentially negotiate early payment discounts with your suppliers.
Paying via AccessLine with an American Express Platinum Business Card, as opposed to cash, also gives you up to 51 days to pay for a purchase depending upon when you make the transaction and when your statement is issued.
AccessLine works with transactions made to over 110 countries and provides comprehensive reporting for improved visibility.
American Express allows your business to send and receive international payments to give you the ability to work seamlessly with overseas suppliers and customers. Easy-to-use online global payments solutions offer transparent pricing and flexible workflow solutions.
The company has more than a century’s experience as a trusted FX leader in international currency payments and customer support staff are on hand to assist with international payments Monday-Friday, 24 hours a day.
They also look to offer competitive real-time foreign currency exchange rates, which can help businesses reduce costs for global payments in over 133 currencies. Outgoing money transfers can typically reach a recipient’s bank account on the same day or the next business day.
An American Express Platinum Business Card could help your business work smarter and more effectively. Having no pre-set spending limits can give you greater spending power, while at the same time unsecured credit can help lessen the risks on your assets.
For businesses with international suppliers or customers, AccessLine and cross-border payments can help you send and receive payments in well over 100 currencies with ease. As always, check the terms and conditions and see if this product is right for you.