|Business Rating:||3 / 5|
|Annual Percentage Rate||0.5|
In a Nutshell:
The SimplyCash Plus Business Credit Card from American Express is a no-fee rewards card that can be lucrative for businesses who spend a lot on office supplies and wireless services.
Average Yearly Rewards Value ($4,000 monthly spend)
Other Notable Features: Car rental insurance, roadside assistance hotline, baggage insurance, Global Assist hotline, travel accident insurance, free employee cards, free business expense tracking tools, connect to QuickBooks, year-end expense summary, business owners forum, account alerts, online statements, extended warranties, purchase protection, dispute resolution, American Express Offers
If you’re a business owner who wants to earn a lot of cash back on your business purchases, the American Express SimplyCash Plus Business Credit Card could be a great card to get. The card offers 5-percent cash back on the first $50,000 spent at wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores, 3-percent cash back on the first $50,000 spent in a category of your choice (out of eight) each year and 1-percent cash back on all other purchases.
Obviously, this card was tailor-made for business owners with hefty business expenses. By signing up for the card and using it strategically for purchases that pay the most, businesses can score thousands of dollars in cash back each year.
No annual fee
The American Express SimplyCash Plus Business Credit Card offers superior cash back opportunities without charging an annual fee. This makes it an especially good deal for business owners who don’t want to deal with fees or don’t earn enough rewards each year to make an annual fee worth it.
No sign-up bonus
While the lack of an annual fee is a good thing, this card also lacks another important feature — a sign-up bonus. Where many of the top business credit cards offer sign-up bonuses worth a few hundred dollars at minimum, this card offers no incentive to sign up other than its promise of ongoing rewards.
Bonus categories can be confusing
If your business spends a lot of money in the card’s bonus categories, signing up can make a lot of sense. Still, it can be difficult to keep up with bonus categories and spending caps. For example, you have to choose among eight options for your 3-percent category.
Currently, you can choose from the following 3-percent bonus categories:
- Airfare purchased directly from airlines
- Hotel rooms purchased directly from hotels
- Car rentals purchased from select car rental companies
- U.S. gas stations
- U.S. restaurants
- U.S. purchases for advertising in select media
- U.S. purchases for shipping
- U.S. computer hardware, software, and cloud computing purchases made directly from select providers
You may have a general idea of which 3-percent bonus category would benefit you most, but there are many restrictions to the 3-percent bonus. Would the advertising you pay for regularly count as “select media?” You would have to dig through the card’s terms and conditions to find out, and not all business owners want to devote the time to understanding all the ins and outs of a credit card’s rewards program.
Rewards can be lucrative if you spend a lot
While this card’s rewards categories can be slightly confusing and are capped at $50,000 in purchases each year for both the 5-percent and 3-percent categories, you do have the potential to earn thousands of dollars in cash back.
If you maxed out both bonus categories at $50,000 every year, you would earn $4,000 in cash back in those categories alone. Considering this card doesn’t have an annual fee, these categories offer a huge value for those who can muster the spending to take advantage of them.
Finance a new purchase at 0-percent for 15 months
If you need to make a few large business purchases and pay them off over time, this card’s initial offer is a good one. Currently, new cardholders get a 0-percent APR on new purchases for 15 months (then a variable APR of 14.49 to 21.49 percent), meaning you can make a large purchase with your new card and pay it off over 15 months without any interest payments.
Rewards are awarded as a rebate
The way this card’s cash back is awarded could be a pro or a con depending on how you look at it. Once you start earning rewards, your cash back is credited to your statement each month automatically. Basically, your rewards are more of a rebate or discount off your credit card bill.
This setup may be better for business owners who don’t want to deal with redeeming rewards points. All of the work is done for you, so you can just rack up rewards and see them credited to your account automatically each month.
On the other hand, your points may not feel very rewarding if you don’t get to decide how you use them. If you’re someone who enjoys earning points so you can use them for a special redemption, you may want to get a different card.
If you like to travel, these rewards may also leave you feeling underwhelmed. You can’t transfer your points to airline or hotel partners, nor can you redeem them for specific travel expenses.
Plenty of perks
There are a ton of useful benefits that come with this card, which is surprising since there’s no annual fee. Travel perks include car rental loss and damage insurance, roadside assistance hotline, baggage insurance, a Global Assist hotline and travel accident insurance.
The card also offers an array of business-specific benefits, including free employee cards, free business expense tracking tools, integration with QuickBooks, a year-end expense summary, access to a forum just for business owners, account alerts and online statements. Finally, you’ll get extended warranties, purchase protection, dispute resolution, and access to special savings opportunities with American Express Offers.
Why get the SimplyCash Plus Business card?
- You spend a ton of money on office supplies and wireless services.
- You don’t want to pay an annual fee.
- You prefer getting cash back as a statement credit.
- You don’t want to deal with complicated travel rewards programs.
How to Use the SimplyCash Plus Business card:
- Use the card for as much spending as you can within its 3-percent and 5-percent bonus categories.
- Get free employee cards so you can rack up rewards on employee business expenses.
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