Topic: General Posts
I have been approached by American Express to use their Premier Platinum Business Card for payment to certain of our vendors. We would recieve 1% - 1.5% back in "points" that can be used for account payment and other travel related benefits. AMEX has stated that they already have agreements in place for many of our vendors that will accept payment from AMEX as it provides them with faster payment than they get with our general terms. Another benefit to us is the consolidation of payments and addtional days of cash float.
Does anyone have experience with this AMEX card program that could share the pros and cons of this program. I am having difficulty believing that there are not costs for this program that I am overlooking.
Any comments or help with this would be greatly appreciated.
Total Transportation Services, Inc
Subject: Re:American Express Premier Platinum Business Card
I just saw your note. I did a review for an advertising company and it came out on top in terms of my recommendation - that said, I had the purchasing lady ask vendors as she dealt with them if they would accept AMEX payments - most were reluctant and didn't take AMEX. This was a creative ad company. I told them even if a small number accepted it - it would be worth trying it. For T&E - even AMEX told me it's not accepted 100% everywhere - so for employees we left them on Chase Cards. Not sure where they ended up but my recommendation was to put the owner and his leadership team on the AMEX Platinum. We had a competitor though - and they had many people that used the card, put tens of thousands of dollars of spending on it - and those employees got all the "points" - they loved it. We hired one of their guys and he was frustrated because he gave us all those "points" working for us.
Right now I'm wrapping up an interim assignment - the owners at this privately held company both had AMEX Platinum when I arrived - it's primarily their T&E Card and spur of the moment purchasing card - they love it, it works and I use it every chance I have. The NC DMV accepts it and we do $30,000 a year there on registrations.
The ealier advertising company I mentioned - had about a $1million a year they could put on the card - I forget their spending by category - but when the owner saw my analysis he was shocked and impressed - it was justified - even with the annual fees. I also stressed it was a "perk" for other employees - and they needed to decide as owners who gets the points earned - the business? or the employee using them.