American Express (a CreditCardForum advertising partner) has been upping the game lately. First, it announced 5X rewards on airfares for its Platinum Card. Then it announced boosted rewards, redemption discount and a 100k Membership Reward point sign-up bonus for its Business Platinum Card.
Now, it’s offering an enhanced sign-up bonus (up to $500 cash back) for its SimplyCash® Plus Business Credit Card.
Until Jan. 25, 2017, eligible applicants can get the following if approved for the SimplyCash® Plus Business Credit Card from American Express (terms apply):
- Earn a $250 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 $250 statement credit after you spend an additional $10,000 or more in qualifying purchases on your Card within the first year of Card Membership. Offer Expires 01/25/2017.
For a card with no annual fee, $500 in cash-back statements in the first year is a competitive offer. The deadlines (six months to reach the first $5,000 threshold, a year to spend an additional $10,000) should also be reasonable for business owners putting every business expense on the card.
Remember, you need to get approved for the card by Jan. 25, 2017 to be eligible for the bonus. American Express also started limiting eligibility for its business-card sign-up bonuses to once in a lifetime in early 2016. So you may not get the bonus if you’ve had the card before.
Enhanced sign-up bonus aside, the SimplyCash® Plus Business Credit Card has some useful benefits for business owners that last for the life of the card, including:
- The ability to go above your stated credit limit. This above-the-limit wiggle room adjusts with your card use, payment history and credit record. AmEx decides behind the scenes how high you can go.
- 5 percent cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers
- 3 percent cash back the category of your choice from a list of eight categories (airfare directly from the airlines; hotel rooms directly from hotels; car rentals directly from select rental companies; U.S. gas stations; U.S. restaurants; U.S. advertising purchases in select media; U.S. shipping purchases; U.S. computer hardware, software and cloud-computing purchases from certain providers.
- 5 percent and 3 percent rewards apply to the first $50,000 in purchases per calendar year (you’ll earn 1 percent thereafter).
- 1 percent cash back on everything else
- Cash back is redeemed automatically as a statement credit (AmEx knows you’re busy)
- Access to the American Express OPEN Savings program, which gives you automatic cash back on purchases with companies like FedEx, Hertz, HP and more.