How to achieve the Amex Business Platinum’s spending requirement to earn 150,000 points

Credit card welcome bonuses are typically the easiest way to build up a healthy stash of points or miles quickly. They’re often relatively effortless to earn and they can be worth thousands of dollars. However, some of the most lucrative bonuses require you to meet high spending requirements.

The Business Platinum Card® from American Express is currently offering an elevated welcome bonus of 150,000 Membership Rewards points after you spend $20,000 on eligible purchases with the Business Platinum Card within the first three months of card membership. TPG estimates Amex points value to be 2 cents each, making this bonus worth $3,000 — and potentially more if you know how to redeem American Express Membership Rewards for maximum value.

If your small business engages in high spending, this shouldn’t be a problem. For the rest of us, we might need a strategy to achieve this tempting bonus.

When you’re trying to meet a minimum spending requirement, you should funnel all your spending through a single card. If you still don’t think you’ll be able to achieve the spending requirement, this post will help you get creative.

Why it’s worth getting the Amex Business Platinum

The Amex Business Platinum is one of the most benefits-rich cards on the market — particularly with annual statement credits worth over $1,500. Here’s what you’ll get for its $695 annual fee (see rates and fees):

• Up to $400 in annual statement credits on all U.S. Dell purchases up to $200 semiannually* (Ends Dec. 31, 2024)
• Up to $200 in annual airline fee credits on charges on one selected airline*
• Up to a $100 statement credit for either Global Entry or TSA PreCheck application every four years (or up to $85 every 4½ years for PreCheck)
• Amex Global Lounge Collection, which gives you access to airport lounges around the world — including Amex Centurion Lounges
• Up to $360 in annual statement credits on Indeed hiring and recruiting products and services (up to $90 per quarter)* (Ends Dec. 31)
• Up to $150 in annual statement credits on select Adobe purchases, such as Adobe Creative Cloud and Acrobat Pro DC* (Ends Dec. 31)
• Up to $120 in annual statement credits for purchases made directly from any U.S. wireless telephone provider (maximum of $10 per month)*
• Up to $189 in annual statement credits toward Clear Plus membership, a trusted traveler program that expedites airport security*
• Amex Fine Hotels + Resorts, which provides elite benefits such as a room upgrade, free breakfast, late checkout, etc., with an extensive collection of luxury hotels
• Cellphone protection, with a maximum of $800 per claim and a limit of two approved claims per 12-month period; A $50 deductible will apply**
• Access to the Cruise Privileges Program and the International Airline Program
• Upgrade with Points to request an airline ticket upgrade on select airlines
• A 35% rebate when you Pay with Points for a first- or business-class ticket on any airline or an economy ticket on one airline of your choice (up to 1 million points per calendar year)

*Enrollment is required for some benefits, and terms apply.
**Eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.

Here are the earning rates for the card:

• 5 points per dollar when purchasing flights and prepaid hotel rooms through Amex Travel
• 1.5 points per dollar on electronic goods retailers and software cloud service providers, shipping providers, construction materials and hardware supplies***
• 1.5 points per dollar for all purchases of $5,000 or more***
• 1 point per dollar on other eligible purchases

Terms apply.

***The 1.5 earning rates are subject to a combined cap of $2 million in eligible U.S. purchases per calendar year (1 point per dollar thereafter).

You can read our full Amex Business Platinum review to learn more about these benefits.

Strategies for meeting minimum spending

If that minimum spending requirement of $20,000 within the first three months seems daunting, here are some creative ways you might be able to achieve it — while remaining financially responsible.

Prepay expenses

This may fail to move the needle significantly with a spending requirement of $20,000, but there are plenty of bills that you can pay in advance. Things like utilities, car or renters insurance may allow you to overpay. If it’s within your means, you might want to pay your utilities and other bills a few months in advance if it helps you meet the spending requirements for this card.

Add authorized users

The Amex Business Platinum is a small-business card. If you’ve got employees, help them help you by adding them as authorized users — at least during the first three months. Their spending will count toward satisfying the $20,000 spending requirement.

Authorized users on this card don’t actually have to be employees. You can add friends and family members as long as you trust them. Remember, you are responsible for paying off any balances they rack up since you’re the primary cardholder.

Pay taxes

Depending on the nature of your small business, the quarterly or yearly taxes you owe may alone fulfill your $20,000 minimum spending requirement. You can often pay state and property taxes with a card via ACI Payments, Inc. You can also take a glance at the list of IRS-approved tax payment service providers for more options.

Just note that paying taxes by card will draw some unwanted fees. For example, PayUSAtax currently charges 1.82% (with a minimum of $2.69) of your transaction amounts. If you were to pay $20,000 in taxes with this method, you’d pay $364 in fees. That sounds steep, but to earn a welcome bonus worth $3,000 (according to TPG valuations), could be well worth it — especially if you don’t think you can hit the Amex Business Platinum minimum spending requirement any other way.

Pay rent

Some apartment buildings accept a card as payment for rent. This can be a useful aid for those struggling to meet a high minimum spending requirement, as this is likely your single biggest monthly expense. Some landlords may even allow you to prepay for future months of rent.

Paying for rent with a card almost always will incur a convenience fee and/or a transaction fee. That’s why you should avoid this method unless there’s a welcome bonus in your crosshairs. However, some real estate companies waive the fee so it doesn’t hurt to ask. If you’re one of those lucky tenants, take full advantage.

Use Plastiq

You can pay more expenses by card than you think. Whether it’s a car payment, tuition, mortgage or daycare — or even if you rent from a landlord that doesn’t accept cards — you can use Plastiq. In short, Plastiq will charge your card for a stipulated amount and mail a check to whomever you desire.

There are two caveats:

• You’ll pay a fee to Plastiq (2.9% at the time of writing).
• You’ll pay a fixed fee ranging from $0.99 to $39, depending on how your payment is delivered, e.g., bank transfer, check or wire transfer.

Related: Your vendor doesn’t accept credit cards — what now?

Considerations

Don’t overspend

A trap into which you may unwittingly fall is overspending to achieve a welcome bonus. If you don’t remain strict with your budget, you might later realize that you spent more to earn that valuable bonus than it was worth in the first place.

Don’t carry a balance

Overdue balances are the arch-nemesis of card rewards. Interest charges and late fees quickly add up and could negate any points and miles you may accrue from spending if you carry a balance month to month. With the Amex Business Platinum, you could even find your account frozen until you pay off any amounts owed, so be extra careful when it comes to carrying a balance.

Wait to apply at the right time

Again, if you know you’ve got a big purchase in the near future, coordinate that with the Amex Business Platinum’s minimum spending window so that the purchases hit during its three-month time frame. If your big purchases aren’t within the next three months, there’s no harm in waiting to open the card.

Spend organically first

Whether or not you can spend the full $20,000 organically, it’s worth holding off on utilizing any fee-laden methods above until necessary. Perhaps in the first two months of account opening, you could spend $1,000 more than you thought.

Bottom line

If you can’t achieve the spending organically, there are multiple strategies you could utilize to meet the minimum spend requirement on the Business Platinum. These include paying taxes, adding authorized users, using Plastiq to pay bills and prepaying major expenses. Remember, though, that you should not overspend to achieve a sign-up bonus.

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Apply here: The Business Platinum Card® from American Express

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For rates and fees of the Amex Business Platinum, click here.