The American Express Reserve Card is a premium card with high annual fees, travel protections, and rewards that reward frequent spending
The American Express Reserve Card (officially the American Express® Business Platinum Card®) is a premium business card that costs $695 per year. It's designed for business owners and self-employed people who spend heavily on travel, shipping, and advertising. The card offers points on those categories, travel credits that offset some of the annual fee, and protections like trip cancellation insurance and emergency medical coverage abroad.
Whether this card makes financial sense depends on whether you actually use the benefits it offers. A $695 annual fee is only worth paying if the rewards, credits, and protections save you money or solve a real problem. Many people carry this card and never recoup the fee. Others use it strategically and come out ahead.
Key Takeaways
- The annual fee is $695, and American Express offers a statement credit toward travel purchases that can offset part of this cost if you use it.
- You earn points on airfare, hotels, rental cars, shipping, and advertising — the categories where business owners typically spend the most.
- The card includes travel protections like trip cancellation insurance, emergency medical coverage, and lost luggage reimbursement.
- You need a business to open this card; American Express verifies that you actually run a business before approval.
- The points you earn are worth roughly one cent each when you redeem them for travel, though the value can be higher if you book through American Express Travel.
How the rewards structure works and what categories earn the most
The American Express Reserve Card earns points in specific categories where business owners spend money. You earn 3 points per dollar on flights, hotels, rental cars, and shipping. You earn 1 point per dollar on everything else. The card does not earn bonus points on everyday business expenses like office supplies or utilities.
The 3-point categories are where the card's value lives. If you spend $10,000 per year on airfare and hotels, you earn 30,000 points. If you spend $50,000, you earn 150,000 points. The points accumulate in your American Express account and can be redeemed for travel bookings, statement credits, or transferred to airline and hotel partners. One point is typically worth about one cent, though the value varies depending on how you redeem.
The card also offers a $200 annual statement credit toward airfare, hotels, and rental cars booked directly with the provider or through American Express Travel. This credit reduces the effective annual fee from $695 to $495 if you use it fully. Many cardholders do not use the full credit and end up paying closer to the full $695.
Travel protections and insurance coverage included with the card
The American Express Reserve Card includes several travel protections that come at no additional cost. Trip cancellation insurance reimburses you if you have to cancel a prepaid trip due to illness, injury, or death of a family member. Trip delay reimbursement covers meals and lodging if your flight is delayed more than 12 hours. Emergency medical and dental coverage applies when you travel outside the United States.
The card also includes lost luggage reimbursement, which pays for baggage and personal items if an airline loses or damages your luggage. Emergency evacuation and transportation coverage pays for emergency medical evacuation if you become seriously ill or injured while traveling internationally. These protections are secondary to your health insurance and travel insurance, meaning your primary coverage pays first.
The value of these protections depends on how often you travel and whether you already have travel insurance through your employer or a separate policy. If you travel frequently for business and do not have other coverage, these protections can justify part of the annual fee. If you rarely travel or already have comprehensive travel insurance, they may add little value.
Annual fees, credits, and the true cost of carrying this card
The $695 annual fee is the single largest cost of this card. American Express charges it once per year, typically on your card anniversary. The fee does not decrease if you do not use the card, and it does not refund if you close the account partway through the year.
The $200 annual travel credit reduces the out-of-pocket cost to $495 if you use it fully. To use the credit, you book travel directly with airlines, hotels, or rental car companies, or you book through American Express Travel. The credit applies automatically to may have access to purchases, so you do not have to request it. If you do not spend $200 on travel in a year, the unused portion does not roll over.
To break even on the annual fee, you need to earn enough points to offset the $495 net cost (after the travel credit). If you earn 3 points per dollar on $20,000 in travel spending, you earn 60,000 points. At one cent per point, that is $600 in value — enough to cover the net fee and come out ahead. If you spend less than $20,000 on may be able to access categories, the card likely costs you money.
Who should consider this card and who should skip it
This card makes sense for business owners who spend at least $20,000 to $30,000 per year on flights, hotels, rental cars, or shipping. If you run a consulting firm that travels frequently, or an e-commerce business that ships heavily, the rewards and credits can offset the annual fee. If you spend less than that, or if most of your business expenses fall outside the bonus categories, this card will cost you money.
The card also requires that you actually own or operate a business. American Express verifies business ownership before approval, so you cannot open this card as a personal card or claim self-employment you do not actually have. If you are an employee with a side gig, American Express may still approve you, but the verification process is stricter than for personal cards.
This card is not a good fit if you already have a business card that earns rewards in the categories you spend on, or if you have travel insurance through your employer. It is also not a good fit if you rarely travel or if most of your business spending is on categories that earn only 1 point per dollar.
How to compare this card to other premium business cards
Several other premium business cards compete with the American Express Reserve Card. The Chase Ink Preferred charges $595 per year and earns 3 points per dollar on travel, shipping, and internet/cable/phone services. The Capital One Spark Elite charges $495 per year and earns 2 points per dollar on all purchases. Each card has different annual credits, protections, and earning rates.
To compare, list the categories where you actually spend money and the amount you spend in each. Then calculate the points you would earn with each card over a year, subtract the annual fee, and see which card comes out ahead. Do not assume that a higher annual fee means better value — it depends entirely on your spending pattern.
You can also compare the travel protections and credits each card offers. Some cards offer higher trip cancellation limits, others offer better emergency medical coverage, and some offer credits that are easier to use. Read the terms of each card's insurance to see what is actually covered and what the limits are.
How points work and how to redeem them for maximum value
Points earned on the American Express Reserve Card sit in your American Express account and can be redeemed in several ways. You can redeem them for cash back as a statement credit at a rate of one point per cent. You can book travel directly through American Express Travel and redeem points at a variable rate — sometimes one point per cent, sometimes more. You can also transfer points to airline and hotel partners at a fixed rate, usually one point per airline mile or hotel point.
The highest value redemption is usually through American Express Travel, where points can be worth 1.5 cents or more depending on the booking. The lowest value is cash back at one cent per point. Transferring to airline partners falls somewhere in between, depending on the partner and the redemption you choose.
Points do not expire as long as your account remains open and in good standing. You can accumulate points over multiple years and redeem them in a lump sum, or redeem them as you earn them. There is no penalty for waiting to redeem.
Frequently Asked Questions
Do I have to pay the annual fee every year?
Yes. American Express charges the $695 annual fee once per year on your card anniversary. The fee is mandatory if you keep the card open. You can close the card to stop paying the fee, but you lose access to the rewards and protections.
Can I use the $200 travel credit on any travel purchase?
No. The $200 credit applies only to airfare, hotels, and rental cars booked directly with the provider or through American Express Travel. It does not cover meals, ground transportation, or travel booked through third-party sites like Expedia or Kayak.
What happens to my points if I close the card?
Your points remain in your American Express account and do not expire. You can redeem them even after you close the card, as long as your account is in good standing. You lose access to earning new points once the card is closed.
Is this card worth it if I only travel a few times per year?
Probably not. If you travel fewer than three or four times per year, your spending in the bonus categories is unlikely to exceed $20,000 annually. The annual fee will likely cost you more than the rewards you earn. A card with a lower annual fee or no annual fee may be a better fit.
Can I get the annual fee waived or reduced?
American Express does not waive the annual fee for this card. You can call and ask, but the company rarely makes exceptions. Your only option to reduce the effective cost is to use the $200 travel credit fully each year.