The American Express Business Gold Rewards card is designed for small business owners who have a little extra money in their pocket and are dedicated to credit cards as a main part of day to day spending. The annual fee on this credit card is $295, but you’ll definitely get your money’s worth. To start, you’ll earn 35,000 membership rewards points after you spend $5,000 on eligible purchases within the first three months of membership. That’s a good way to kick start your earnings!
After the welcoming bonus, you can earn four times the membership rewards points on two category selections of your choice. This offer is applicable on the first $150,000 spent on these two categories each year. The categories you can choose from include airfare, US dollar purchases on advertising through media, US dollar technology purchases, US dollar gas purchases, US dollar purchases at restaurants and US dollar purchases on shipping. As you can tell, this card is ideal for business owners who work with US vendors frequently. Unfortunately, after that $150,000 threshold is met, you can no longer earn four times the points. All other purchases earn one point per dollar spent. Points can be used to purchase anything through American Express, but some purchases will have more value than others.
While you’re spending, AMEX offers a flexible payment option to help you manage your cash flow. Essentially, this means you can carry the credit balance from month to month with no additional repercussions aside from interest. For purchases over $100 you can use the pay over time option. For purchases under $100, you must pay the balance in full when it’s due. If you still have some cash flow issues, you can access AMEX’s Working Capital Terms program. This program allows you to obtain additional financing beyond your spending limit on the Business Gold card.
Another notable benefit of this credit card is that it has no foreign transaction fees. As mentioned, this credit card is ideal for business owners who work with a lot of US vendors because you’ll earn more points. While you’re earning those points, you won’t be hit with foreign transaction fees which is a huge plus.
The drawbacks of this credit card include possible lack of spending opportunities within your business and lack of premium travel perks. The point of a credit card with rewards is to get something more out of it than simply a form of payment. If your business doesn’t work with US vendors or doesn’t require lots of travel to the US, you’ll probably want a different credit card. Also, there aren’t many travel perks despite the points earnings on airfare. If you want you and your employees to travel in style, this credit card isn't recommended.
All in all, this credit card is an excellent choice for small business owners who do a lot of work in the US. Even though the annual fee is high, the earnings on US purchases and the lack of foreign transaction fees is totally worth it. Apply for yours today!