Choose Your Business Rewards: SimplyCash Plus Business Credit Card from American Express

By Christina Majaski. Last updated 3 August 2017. 0 comments

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The SimplyCash® Plus Business Credit Card from American Express stands out among other business credit cards with its unique rewards program that not only awards relevant categories such as office supplies, but also allows you to select from a handful of categories where you earn 3% cash back, allowing you to earn rewards on the things you spend on most.

If the majority of your business expenses fall into the office supply, wireless telephone services, and any of the category options you can choose from, this card can be a significant benefit to your business. (See also: 5 Best Credit Cards for Small Businesses)

Why We Like This Card

  • Welcome Offer: Up to $400 statement credit after meeting spending requirements
  • 5% cash back on purchases at U.S. office supply stores (terms apply)

How This Card Works

Get 5% cash back on purchases made at U.S. office supply stores and wireless telephone services purchased directly from U.S. service providers. You also earn 3% cash back in a category you choose from a list of eight, including airfare, hotel rooms, car rentals, gas, restaurants, advertising in select media, and shipping. All other purchases get 1% cash back. (See also: 5 Best Credit Cards for Office Supply Purchases)

Special offer: Earn a $200 statement credit after you spend $5,000 in qualifying purchases on your Card within the first 6 months of Card Membership. Plus, earn an additional $200 statement credit after you spend an additional $10,000 or more in qualifying purchases on your Card within the first year of Card Membership.  (See also: 5 Best Credit Cards That Offer Bonus Cash for Sign-Up)

You must select your 3% category within the first two months of opening the account, and can change the category once during the annual selection period each year. If you don’t select a category, you will earn 3% cash back on purchases at U.S. gas stations. The 5% and 3% apply to the first $50,000 in purchases per calendar year, then 1% applies thereafter. You can earn unlimited cash back in the 1% category. Cash back received is automatically credited to your statement.

Terms apply.

Other Benefits

Employee cards. Add employee cards and preset limits so your employees can make business purchases on your behalf to earn cash back at the same time.

ReceiptMatch. Allows you to take photos of receipts with your mobile phone, and then label, tag, and store them for more efficient and organized account management.

OPEN Savings. Includes access to OPEN Savings, which provides additional savings on purchases or opportunities to earn Membership Rewards points when you shop online. Retailers that are part of OPEN Savings include Hyatt Hotels, HP, FedEx, and others.

OPEN Forum. OPEN Forum is helpful especially if your business is new. The forum includes tips and tools for managing your business and provides access to experts and other business owners who can answer questions and give advice.

Travel benefits. Includes travel benefits such as baggage insurance for lost or stolen baggage, car rental loss and damage insurance, travel accident insurance, and many others.

Extended warranty and purchase protection. Extended warranty extends the manufacturer’s warranty (up to one year) and purchase protection covers purchases made with the card in the event they are damaged or stolen.

Costs

  • $0 Annual Fee
  • 13.24% - 20.24% variable APR (0% intro APR on purchases for 9 months)
  • No Balance Transfer Option
  • 2.7% Foreign Transaction Fee
  • See rates and fees.

    Considerations

    Choosing a 3% category can be a hassle. Although choosing the category is convenient if you know where you’ll spend the most, it can also become a hassle if your spending varies and changes more than once per year. Furthermore, if you forget to select a category, you could be stuck with the gas category, which might not be one you frequently use. If your spending varies from month to month and doesn’t rely heavily on office supply stores or wireless services, you might earn more cash back with a business card that just awards a flat rate. (See also: 5 Best Cash Back Credit Cards)

    Rebate limit. The maximum limit of $50,000 in purchases may be sufficient for many small businesses, but if you spend significantly more than that per year on office supplies and wireless services, you might want to consider a card without any limitations. 

    Foreign transaction fee. This card is not the best card for foreign purchases because of the 2.7% foreign transaction fee, which incidentally, nearly cancels out the 3% cash back category. Plus, the bonus cash back categories, except for airfare, hotel rooms, and car rentals, all must be with U.S. retailers to qualify. At the very least, if the majority of your purchases are outside the U.S., you should consider a card without a foreign transaction fee. (See also: 5 Best Credit Cards with No Foreign Transaction Fees)

    Who This Card Is Best For

    This card is best for business owners whose spending is primarily domestic and falls into the office supply and wireless services categories, as well as one of the categories you can choose from. Although the limitations are set pretty high, it’s important that you calculate whether the $50,000 cap might affect your earning potential. It is also a great card for both business and travel benefits, and if you need to make a big purchase right away, you can pay it down without any interest for 9 months.

    Terms apply.

    Click here to learn more and apply for the SimplyCash® Plus Business Credit Card from American Express today!

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    Choose Your Business Rewards: SimplyCash Plus Business Credit Card from American Express

 


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