Finding the right business credit card is a strategic step in shoring up cash-flow for a large number of small companies. A revolving credit account with a relatively high limit, comparably low interest rate and a solid rewards program can be a lifesaver for entrepreneurs when revenue does not perfectly align with cash outlay over a given time frame. The Simply Cash Plus Business credit card offered by American Express has the potential to be the saving grace for certain business owners who need or otherwise want access to credit for their business spending needs.
American Express has a consistent reputation among business owners for providing credit accounts that are not only simple to manage, but also offer a wide range of perks that can be used in a myriad of ways. The Simply Cash Plus Business card is a strong contender among business credit cards because of its cost effective maintenance, cashback rewards program, and a slew of added benefits not found with similar business credit cards. Let’s first take a look at the basics of the Simply Cash Plus Business credit card.
The best feature of the Simply Cash Plus Business credit card by American Express is there is no annual fee assessed for cardholders. For the cost-conscious business owner, not needing to pay for use of your credit card each year is a helpful perk. In addition, the Simply Cash Plus Business credit card currently offers up to a $500 cash back bonus for purchases made within the first six months after account opening. This equates to a 2% cash back bonus, paid via statement credits, on up to $25,000 in purchases made with the credit card. Cardholders qualify as long as the account is opened on or before August 3, 2016.
The upfront benefits of the Simply Cash Plus credit card are attractive to business owners who utilize credit for the majority of their spending, but the ongoing rewards are what make the credit card shine. Cardholders earn 5% cash back on wireless telephone services purchased directly from service providers (within the United States), as well as any office supply store purchases. Cash back of 3% is also earned on a category of the cardholder’s choice, including the following options:
- Hotel stays
- Car rentals
- Gas station purchases
- Restaurant meals
- Computer hardware or software
If a category is not selected, gas station purchases are the default option for earning the 3% cash back. For both the 5% and 3% cash back categories, cardholders receive a statement credit for accrued rewards at the end of each monthly billing statement, and earnings are limited to $50,000 of purchases annually. All other purchases that do not fall into the higher percentage categories will earn 1% cash back with no spending limit.
Simply Cash Plus Business credit cardholders have a number of additional perks on top of no annual fee and high cash-back potential. For a limited time, American Express is offering a 0% introductory interest rate on all purchases for a period of nine months after account opening, saving account holders who spend heavily on the card a great deal in interest charges. Additionally, the Simply Cash Plus Business credit card allows cardholders the ability to repay over time, instead of requiring the full charged amount to be paid in full at the end of each billing cycle. This flexibility is an important feature for business owners with substantial spending in certain months, and smaller charges in others.
Cardholders also gain access to helpful business management tools when utilizing the Simply Cash Plus Business credit card. American Express offers a tool called ReceiptMatch, which helps business owners keep track of transactions in a clear, concise way. Also, employee cards are available at no additional cost, and account alerts can be easily added to control spending for all authorized users. American Express also offers account manager access through the Simply Cash Plus Business credit card, which allows either a trusted employee or an outside business partner full access to previous statements, payments, and charge dispute processes. Finally, cardholders also receive a year-end overview of all charges, making accounting for spending a breeze.
The Fine Print
For business owners considering the Simply Cash Plus Business credit card offered by American Express, it is necessary to understand the fine print. First, American Express requires excellent credit to qualify for the credit card, so business owners with lackluster credit scores or personal credit history may not be best suited for the card. For those who qualify, the regular purchase APR ranges from 12.49% up to 19.49% after the nine-month introductory rate expires. A rate of 25.49% applies to any cash advances taken against the credit card, and the penalty APR is 29.49%. American Express does not offer a balance transfer feature with the Simply Cash Plus Business credit card, so business owners seeking that benefit should look elsewhere.
While there is no annual fee associated with the Simply Cash Plus card, there are other transactional charges of which cardholders should be aware. Any foreign transactions are assessed a 2.7% fee, regardless of the denomination in which the purchase the made. Cash advances also bear fees – the greater of $5 or 3% of the total advance amount. Any late payments or returned payments for insufficient funds result in a $38 fee.
The Simply Cash Plus Business credit card offered by American Express is a strong business credit card for business owners who plan to spend frequently on wireless telephone service providers or on office supply store purchases within the United States. For those who want additional flexibility in cash back earnings, the Simply Cash Plus card is a great choice given its 3% cash back categories available to cardholders. No annual fee and relatively low interest rates make the card an affordable choice – an added perk for cost-conscious business owners. However, because the cash back rewards are paid through a statement credit only, and earnings are capped at $50,000 of annual spending, this business rewards card may not be everyone’s cup of tea. Prior to applying for an utilizing the Simply Cash Plus Business credit card, business owners should weigh these options against other available cards on the market.