I earned back my Amex Business Platinum annual fee on a single hotel stay

After much deliberation on which business rewards card would suit my needs, I recently decided to apply for The Business Platinum Card® from American Express.

My hesitation stemmed from the card’s hefty $695 annual fee (see rates and fees). However, an exceptional welcome offer ultimately convinced me to proceed.

I figured I could cover the annual fee and give myself a year to evaluate whether I could fully utilize the card’s luxurious benefits, such as statement credits for Hilton stays (up to $200 per year), airline fees (also up to $200 annually), and Global Entry or TSA PreCheck ($120 for Global Entry every four years or up to $85 for TSA PreCheck every 4.5 years). Note that enrollment is required for select benefits.

If I could take advantage of these perks, I could assess whether paying the fee for a second year made sense.

Surprisingly, a single two-night stay at The Peninsula Hong Kong—one of my favorite hotels—helped me recoup the value of the annual fee through the card’s money-saving benefits.

Here’s how.

Applying for the Amex Business Platinum Card

The Business Platinum Card from American Express is currently offering an enticing welcome bonus:

• Earn 150,000 points after spending $20,000 on eligible purchases within the first three months.
• Earn a $500 statement credit after spending $2,500 on qualifying flights booked directly with airlines or through American Express Travel in the first three months.

While it requires a considerable amount of spending, 150,000 American Express Membership Rewards points are valued at about $3,000, according to Flying Frugal’s May 2025 estimates. Added to the $500 statement credit after qualifying flight purchases, this could yield an impressive $3,500—just by meeting the minimum spending requirements.

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In addition to the welcome offer, I was eager to explore the ongoing benefits of the card, including:

• Annual airline fee statement credit up to $200 from your selected airline each calendar year.
• Monthly statement credits for purchases from U.S. wireless providers (up to $10/month).
• Up to $199 annually in statement credits for a Clear Plus membership for expedited airport security.
• Statement credit for Global Entry ($120) or TSA PreCheck (up to $85) every four years.
• Quarterly statement credits (up to $350 annually) for eligible Hilton purchases (membership in Hilton for Business required).
• Up to $400 annual statement credit for U.S. Dell purchases (semiannually).
• Complimentary Gold status with Hilton Honors and Marriott Bonvoy.
• Access to Amex Centurion Lounges and Delta Sky Clubs (up to 10 visits per year with an eligible same-day airline ticket).
• Cellphone protection (up to $800 per claim, limited to two claims per year).
• Access to the Cruise Privileges and International Airline programs.
• A 35% bonus when using Pay with Points for first-class or business-class tickets on any airline, or economy tickets on one airline per year (up to 1 million points back annually).

Enrollment is required for some benefits.

*Eligibility and benefit levels may vary by card. Terms and conditions apply. Visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

Given my frequent travel, I anticipated easily maximizing most of these perks. However, it does require careful organization to ensure you get the full value of the various statement credits throughout the year.

Exploring Amex Fine Hotels + Resorts with the Business Platinum

One key benefit I was keen to try was the Amex Fine Hotels + Resorts program, which is available to Amex Business Platinum Card members for booking select properties.

Amex Fine Hotels + Resorts reservations come with numerous benefits, including:

• Noon check-in (subject to availability).
• Guaranteed 4 p.m. late checkout.
• Room upgrades upon arrival (subject to availability).
• Daily breakfast for two.
• Complimentary Wi-Fi (if a resort fee includes Wi-Fi, you receive a daily credit equal to the fee).
• Experience credit valued at $100 or more, typically used for dining or spa experiences.

Since I frequently stay at hotels in the Fine Hotels + Resorts portfolio, I believed this benefit could help justify the annual fee. By testing it out during a few stays, I could determine if the card was worth the investment.

As it turned out, just one hotel stay sufficiently covered the card’s annual fee.

Here’s how my recent two-night visit to The Peninsula Hong Kong helped me achieve over $800 in value, solidifying the Amex Business Platinum as a staple in my wallet.

Amex Fine Hotels + Resorts Benefits at The Peninsula Hong Kong

During a recent journey through Hong Kong, one of my favorite destinations, I had the pleasure of staying at The Peninsula Hong Kong—a renowned luxury hotel that has been welcoming guests since 1928.

I have fond memories of my first visit to The Peninsula when I was just 11, enjoying their legendary afternoon tea, complete with an extravagant selection of pastries, live classical music, and an awe-inspiring lobby.

This time, I booked my stay through the Fine Hotels + Resorts program, a first for me at this iconic property.

I closely tracked the value-added benefits received through my Fine Hotels + Resorts booking:

Room Rate Rebate: $320

During my March trip, the hotel offered a 25% discount on standard room rates. Instead of paying $690 per night for a standard deluxe room, I secured a rate of just $530 per night, saving $320 over my two-night stay.

Two-Category Room Upgrade: $460

Upon check-in, I was pleasantly surprised to learn that I received a two-category upgrade to a grand deluxe king room, thanks to my Fine Hotels + Resorts booking. This upgrade would have otherwise cost $230 more per night (not available during the discount).

This offered me a more spacious room and better views of the Kowloon skyline. The elegant decor featured a refined palette, a luxurious king bed, and advanced in-room technology.

The grand marble bathroom with a soaking tub, dual sinks, and premium bath products added to the luxury experience.

Daily Breakfast for Two: $260

Bookings through Amex Fine Hotels + Resorts include daily breakfast for two. At The Peninsula, this sumptuous buffet along with made-to-order omelets typically costs $65 per person. My two breakfasts amounted to $260 in value.

Dinner at Felix: $100

I utilized my $100 experience credit at Felix, a top-floor restaurant with stunning views. My bill was around $230, but I saved $100 thanks to the Fine Hotels + Resorts credit.

Grand Total in Savings: $1,140

In total, my benefits from the Fine Hotels + Resorts program amounted to $1,140. However, there are some considerations to keep in mind.

While I likely wouldn’t have opted for the grand deluxe room upgrade at the listed price, the 25% discount helped make it reasonable. Furthermore, while I saved $100 on dinner, the total expense still exceeded $200 per person. Also, hotel breakfasts can be pricey, so if you typically skip breakfast, this benefit may not be as valuable for you.

Despite these considerations, I found that my Fine Hotels + Resorts booking provided incredible value. I aim to replicate this success on future stays.

Exploring The Peninsula Hong Kong

Though my stay was brief, I look forward to returning to The Peninsula Hong Kong. The hotel offers numerous amenities worth experiencing:

Indulge in the hotel’s esteemed afternoon tea, served in the lavish lobby with live music for a delightful afternoon experience.

The hotel’s exquisite restaurants are also worth visiting. My personal favorites include Gaddi’s, boasting a Michelin star for its refined French cuisine, and Spring Moon, where you can enjoy sumptuous Cantonese delicacies in an opulent setting.

Additionally, a swim in the beautiful indoor pool, decorated in a Greco-Roman style, offers stunning views of the harbor.

The extensive fitness center includes locker rooms, saunas, steam rooms, and bath circuits for added relaxation.

The tranquil spa features treatments with all-natural Irish Voya products and luxurious Margy’s Monte Carlo skin care line.

For a unique experience, consider using the hotel’s bespoke Rolls-Royce Phantoms for transport around the city (transfers cost approximately $200 each way).

Though Fine Hotels + Resorts bookings include the option for early check-in and late check-out, The Peninsula offers “Peninsula Time,” allowing check-in as early as 6 a.m. and check-out as late as 10 p.m., depending on your travel schedule.

Finally, The Peninsula is celebrated for its exceptional service. My stay exemplified this, as nearly every staff member greeted me by name and readily assisted with restaurant bookings, museum tickets, and more. I felt well cared for, creating a perfect balance of hospitality.

Final Thoughts

The Peninsula Hong Kong remains one of my all-time favorite hotels, and my recent stay only added to its storied history in my memories.

What made my visit even better was the substantial value I derived—more than $1,000—simply by booking through the American Express Fine Hotels + Resorts program with my new Business Platinum Card from American Express.

While maximizing the benefits requires staying at luxury properties and spending on meals and spa treatments, those who fit this travel profile can undoubtedly reap significant value from each booking through the program.

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