The Business Platinum Card® from American Express Review 2024

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Key takeaways

The Business Platinum Card® from American Express offers exceptional travel rewards and benefits, ideal for frequent travelers.
The card provides valuable statement credits and comprehensive purchase protections, adding significant value for businesses.
Its high annual fee and travel-focused perks make it best suited for businesses that can fully utilize its premium features.

The Business Platinum Card® from American Express

The Business Platinum Card® from American Express

Earn Rewards on Every Dollar Spent

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Rates and Fees

5X Membership Rewards® points on prepaid flights and hotels booked on AmexTravel.com Earn statement credits on select business expenses Enjoy access to the Global Lounge Collection

Annual Fee

$695

Intro APR

N/A

Regular APR

19.49% to 28.49% Variable

Credit Score Range

Good to Excellent

The Business Platinum Card® from American Express offers premium travel rewards and perks. It’s a good card for big and small business expenses.

APR: 19.49% to 28.49% (Variable)
Annual Fee: $695
Late Payment Fee: $39 or 2.99% of any past due Pay in Full amount, whichever is greater.
Returned Payment Fee: $39
Foreign Transaction Fee: None
See Rate and Fees

Optimal score range: 690-850 (Good-Excellent)
No preset spending limit: Your spending limit is flexible and changes based on your purchase, payment, and credit history.
Pay Over Time feature
Reports payments to Experian, Equifax, and TransUnion
Use your card anywhere American Express is accepted

What we like about the Business Platinum Card® from American Express is its exceptional travel perks, including access to over 1,400 airport lounges worldwide and valuable statement credits. The benefits make it ideal for businesses with significant travel expenses.

“I love my AMEX business card. I have been in business four years, have a 719 Experian FICO score, and this card truly has the best benefits for our business since we have to travel all over the state often. Originally they only allowed us to spend about $5,000 a month in purchases, but after calling them and asking for charges to be approved they did. Since then the spending limit has been much more flexible and not a hard credit line. I would highly recommend this card to business professionals!”

John B., WalletHub Review

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Rates and Fees

The Business Platinum Card® from American Express is a popular business card for good reason. It offers a number of valuable benefits and perks for small business owners who travel frequently. Earn lucrative rewards for travel spending and other purchases, get access to exclusive airport lounges, and enjoy statement credits for select business purchases.

It’s a clear choice for business travelers in search of luxury perks. The question is, are all the benefits worth the high annual fee? It all depends on how you use the card and redeem the rewards.

Quick Facts
Why get the Business Platinum Card® from American Express?
The Business Platinum Card® from American Express rewards
What benefits does the Business Platinum Card® from American Express offer?
Pros and cons of the Business Platinum Card® from American Express
Is the Business Platinum Card® from American Express right for you?
Bottom line

Quick Facts

Earn 150,000 Membership Rewards® points when you spend $20,000 in eligible purchases with the Card within the first three months of membership.
5X Membership Rewards® points on flights and prepaid hotels through American Express Travel.
1.5X Membership Rewards® points on eligible purchases at U.S. construction material and hardware suppliers, U.S. electronic goods retailers and software and cloud system providers, U.S. shipping providers, and on purchases of $5,000 or more on up to $2 million per card account per calendar year.
1X Membership Rewards® points on other purchases. Terms and limitations apply.
Access the American Express Global Lounge Collection.
Earn over $1,000 in statement credits on select purchases. Enrollment required.
$200 Airline Fee Credit: Select a qualifying airline and earn up to $200 in annual statement credits for incidental fees charged to your Card by that airline. Terms apply.
$199 CLEAR® Plus Credit: Get up to $199 in annual statement credits for your CLEAR® Plus Membership (subject to auto-renewal) when you use your Business Platinum Card®. Terms apply.
$695 Annual Fee
Terms Apply. See Rate and Fees

Why get the Business Platinum Card® from American Express?

The Business Platinum Card from American Express is tailored for business owners who seek premium travel benefits. With this card, you can access a suite of perks that elevate your business operations and travel experiences.

For frequent travelers, the card offers exceptional rewards, including 5X Membership Rewards points on flights and prepaid hotels booked through Amex Travel. You’ll also enjoy complimentary access to over 1,400 airport lounges worldwide, making business travel more comfortable and productive. The card offers complimentary Gold status with Hilton Honors and Gold Elite status with Marriott Bonvoy. Additionally, you get elite car rental status with multiple programs, including Avis and Hertz. Enrollment is required to access certain perks.

In addition to travel benefits, the card provides credits for select business services and offers purchase protection and extended warranty coverage on major business purchases.

The Business Platinum Card® from American Express rewards

Welcome offer

American Express’ Business Platinum Card offers a generous welcome offer. New applicants can earn 150,000 points after spending $20,000 in the first three months. The exact points and spending requirements can vary, so it’s essential to check the current offer when applying.

Earning rewards

With the Amex Business Platinum Card, you earn Membership Rewards points on eligible purchases.

Earn 1.5X points on up to $2 million per card account in eligible purchases in the U.S. during a calendar year in the following categories:

U.S. Electronic goods retailers and software
U.S. Cloud system providers
U.S. construction materials and hardware supplies
U.S. Shipping providers
Purchases of $5,000 or more

The card offers 5X points on flights and prepaid hotels booked through Amex Travel, including Amex Fine Hotels + Resorts.

Other purchases earn 1X points. Terms and limitations apply. See Rate and Fees

This reward structure is designed to maximize points on the spending categories that matter most to your business.

Redeeming rewards

Membership Rewards® points are flexible, meaning cardholders have an array of redemption options. You can transfer points to other loyalty programs, including Amex’s 21 hotel and airline partners. You can also use them for statement credits, gift cards, or merchandise at select retailers.

An easy redemption option is to utilize American Express Travel’s Pay with Points feature. You receive a 35% rebate when you use points to purchase a first or business-class flight on any airline or an economy ticket on a selected airline. The 35% rebate is capped at 1 million points per calendar year, and you need the full number of points in your account at the time of booking.

The versatility of redemption options ensures you can tailor your rewards to suit your business needs.

Rewards potential

The Amex Business Platinum Card’s rewards potential is significant, especially for businesses that frequently travel or make large purchases. You can accumulate points rapidly by strategically using the card for airfare, hotels, and large business expenses. When coupled with the welcome offer, the rewards potential of this card can provide substantial value, effectively offsetting the annual fee and contributing to your business’s bottom line.

What benefits does the Business Platinum Card® from American Express offer?

Statement credits

The American Express Business Platinum Card offers various statement credits that can help offset the card’s annual fee.

Statement credit	Annual amount	How it works
Dell Technologies	Up to $400	Earn up to $400 in statement credits each year for U.S. purchases until 12/31/24. Enrollment is required.
Indeed	Up to $360	Get up to $360 in statement credits per year until 12/31/24.
Adobe	Up to $150	Earn up to $150 in statement credits for qualifying auto-renewing annual business subscription purchases by 12/3/24. Enrollment is required.
Wireless Telephone Service	Up to $120	Receive up to $120 in statement credits each year for wireless telephone service purchases made directly with your provider. Enrollment is required.
CLEAR Plus	Up to $199	Get up to $199 in statement credits per calendar year to cover the cost of a CLEAR Plus membership when you pay with your Card, excluding applicable taxes and fees.
Airline Fee	Up to $200	Choose one qualifying airline and earn up to $200 in annual statement credits for incidental fees, such as baggage fees, charged by that airline.

Enrollment is required for select benefits. Terms and conditions apply.

These statement credits can add up to significant savings, allowing you to reinvest more into your business while enjoying premium services.

Travel benefits and protections

The Amex Business Platinum Card shines in its travel benefits, offering extensive protections and privileges for frequent travelers.

Earn 5X Membership Rewards® Points on flights and prepaid hotels booked through AmexTravel.com. Terms apply.

With the American Express Global Lounge Collection, you can access over 1,400 airport lounges in over 500 airports worldwide, including Centurion® Lounge and Priority Pass™ networks. Enrollment is required.

Enroll in Marriott Bonvoy Gold Elite Status and receive 25% points on your stay, plus room upgrades, and a 2 p.m. late checkout, subject to availability. Enrollment is required. Terms apply.

Take advantage of Hilton Honors™ Gold Status to get room upgrades when available, complimentary breakfast and beverage credit at participating hotels, and more. Enrollment is required. Terms apply.

Access the Amex Fine Hotels + Resorts program and receive perks valued at $550¹² when you book through American Express Travel. Terms apply.

Perks include:

Room upgrade (subject to availability)
Daily breakfast for two
Noon check-in (subject to availability)
Late 4 p.m. checkout
Complimentary Wi-Fi
An amenity valued at $100 (food and beverage credit)

Trip Delay Insurance¹³ offers financial reimbursement of up to $500 for reasonable expenses (meals, lodging, personal items) when your qualifying trip is delayed by over 6 hours. Terms apply.

Trip Cancellation and Interruption Insurance¹⁴ provides reimbursement for eligible prepaid expenses when your trip, purchased with your card, is canceled or interrupted due to covered reasons like severe weather or injury. Terms apply.

The Baggage Insurance Plan¹⁵provides coverage if your luggage is lost, damaged, or stolen, up to $3,000 for checked and carry-on bags, provided you purchase your full fare using your card. Terms apply.

Car Rental Loss and Damage Insurance¹⁶ is provided when you pay in full with your card and decline the rental agency’s coverage. It protects against theft or damage to your rental car but does not cover other vehicles or injuries. Terms apply.

Get Elite Car Rental Status with Avis, Hertz, and National, including complimentary upgrades when available. Terms apply.

Enrollment is required for select benefits.

Shopping benefits and protections

The card offers a range of shopping benefits and protections that safeguard your purchases. These protections ensure your business investments are secure, providing added value and security.

Earn 1.5X Membership Rewards® points on eligible purchases up to $2 million per calendar year.

Earn 1X Membership Rewards® points on other purchases. Terms and limitations apply.

Get up to $1,600 in cell phone protection¹⁷ for damaged, lost, or stolen cell phones. Amex allows up to 2 claims per 12-month period, up to $800 per claim, with a $50 deductible. To be eligible, your phone bill from the previous month should be paid using your Amex Business Platinum Card. Terms and conditions apply.

Extended Warranty¹⁸allows for one additional year of warranty on items purchased with your card with a manufacturer’s five-year or less warranty. Terms and conditions apply.

Purchase Protection¹⁹ offers coverage up to $10,000 on eligible purchases in the event of theft, loss, or damage. Terms apply.

No foreign transaction fees mean you can shop at international merchants or use your card abroad without incurring additional fees. See Rate and Fees.

The Pay Over Time feature lets you carry a balance- subject to interest – on qualifying purchases.

Pros and cons of the Business Platinum Card® from American Express

Pros:

Generous Welcome Offer: New cardholders can earn a high-value welcome offer.
Excellent Travel Rewards: 5X points on flights and prepaid hotels through Amex Travel.
Extensive Travel Benefits: Access over 1,400 airport lounges and various travel credits. Enrollment required.
Automatic Elite Status: Enroll and get elite status at select hotels and car rental services.
Comprehensive Protections: Includes purchase protection, extended warranty, and travel insurance.
No Preset Spending Limit: Your spending limit is flexible and changes based on your purchase, payment, and credit history.
Valuable Statement Credits: Annual credits for airline fees, select business services, and more.

Cons:

High Annual Fee: The card comes with a substantial annual fee.
Limited Rewards Categories: Membership Reward points are mostly tied to travel-related purchases.
Complex Rewards Program: Maximizing points and benefits requires careful management.
Overwhelming for Small Businesses: The card’s benefits may exceed the needs of smaller or less travel-intensive businesses.
Redemption Limitations: Some redemption options offer less value for points.

Is the Business Platinum Card® from American Express right for you?

The Amex Business Platinum Card is an excellent choice for business owners who frequently travel and can take full advantage of its extensive travel benefits and rewards program. If your business involves regular flights, hotel stays, and large purchases, the card’s 5X points on travel booked through Amex Travel and the array of statement credits can make it well worth the annual fee.

However, the card’s high annual fee and focus on travel-related perks may not be suitable for every business. If your business expenses are not concentrated in the card’s rewards categories, you don’t travel much, or if you prefer cash-back or simpler rewards structures, you might find more value in a different business card. Ultimately, the Amex Business Platinum Card is best suited for businesses that will maximize its rewards and benefits.

Frequently asked questions

1. What credit score is required for the Business Platinum Card^® from American Express?

To qualify, you typically need a good to excellent credit score, which generally means a FICO score of 690 or higher. While a strong credit history and financial profile are important, American Express also considers other factors when evaluating applications.

2. How much does the Business Platinum Card^® from American Express cost per year?

The American Express Business Platinum Card has an annual fee of $695. This fee is relatively high, but the card comes with a wide range of premium benefits, including travel perks, statement credits, and rewards opportunities that can offset the cost for businesses that frequently utilize these features.

3. What perks are offered by the Business Platinum Card^® from American Express?

The card has numerous perks, including access to over 1,400 airport lounges worldwide, 5X Membership Rewards® points on flights and prepaid hotels booked through Amex Travel, and up to $200 in annual airline fee credits.

4. Do you have to pay your bill in full every month with the Business Platinum Card^® from American Express?

You must pay your bill in full each month unless you sign up for the Pay Over Time feature. This feature allows you to carry an interest-accruing balance up to a certain limit. Purchases over $100 are automatically classified as Pay Over Time (once you activate the feature), while purchases less than $100 or over your Pay Over Time limit become Pay In Full.

5. How do you qualify for the Business Platinum Card^® from American Express?

To qualify, you must have good to excellent credit and an eligible business. Eligible businesses include freelancers, sole proprietors, and gig workers who can demonstrate business-related expenses. American Express will evaluate your business’s revenue, expenses, and overall financial health. While there’s no strict income requirement, demonstrating the ability to afford the card’s annual fee is crucial for approval.

6. Does the Business Platinum Card^® from American Express have a credit limit?

The Amex Business Platinum Card does not have a traditional credit limit. Instead, it operates with no preset spending limit, which means your spending limit can adjust based on factors like your payment, purchase, and credit history. This flexibility allows for higher spending when needed. It’s important to manage your account responsibly – pay on time and don’t over charge – to avoid unexpected declines.

Bottom line

The Amex Business Platinum Card is an excellent choice for businesses that travel a lot and want to enjoy luxury perks. The travel benefits – airport lounge access, travelers insurance, and more – are hard to beat and can outweigh the card’s high cost. However, the card’s lofty annual fee and focus on travel rewards mean it’s not the right fit for every business. If you’re not going to take advantage of the perks, there are better business cards on the market for you. For companies that frequently travel, the Amex Business Platinum Card can be a powerful tool.

For rates and fees of the Business Platinum Card® from American Express, please visit this page.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

MoneyFor has partnered with CardRatings for our coverage of credit card products. MoneyFor and CardRatings may receive a commission from card issuers.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

The Business Platinum Card® from American Express Review 2024

Key takeaways