Editor’s Note: American Express is a partner of Fundera.
When you’re on the hunt for the right business credit card for your company, take a step back and ask yourself this: “Why do I want this credit card?”
Do you want to maximize benefits? Take advantage of a high spending limit? Avoid annual fees?
As you search for the right business credit card, it might seem like you have to prioritize just one of these categories and compromise on the others—no credit card is perfect, after all.
But with Amex’s SimplyCash Plus Business Card, that’s not the case.
When it comes to benefits, purchasing power, and no annual fee, the SimplyCash Plus Business Card has it all.
Interested? We thought you might be.
Here’s everything you need to know about Amex’s SimplyCash Plus Business Card.
The SimplyCash Plus Business Card: The Fast Facts
We’ll dive into the details on the SimplyCash Plus Business Card, but here are the 4 fast facts that you absolutely need to know about this business credit card:
- 0% introductory APR for the first 9 months. (With a variable APR of 12.99% to 19.99% thereafter.)
- Earn 1, 3, or 5% cash back on purchases. Choose where you can earn 3% cash back from 8 different spending categories.
- No annual fee.
- Earn a $200 statement credit once you’ve spent $5,000 in qualifying purchases in the first 6 months of Card Membership. Earn another $200 statement credit once you’ve spent an additional $10,000 or more in the first year of Card Membership.
Why You Need the SimplyCash Plus Business Card
Amex has offered the SimplyCash Business Card for a while now. But just this past spring, they made the SimplyCash Business Card even better—introducing the SimplyCash Plus Business Card.
And the SimplyCash Plus Business Card is has a lot to offer small business owners.
When you consider its three most significant benefits, you’ll see why it’s considered one of the best small business credit cards on the market.
1. Earn Cash Back… Lots Of It
The SimplyCash Plus Business Card works on a cash back rewards system. And as the name suggests, your cash back rewards will be simple:
You’ll earn cash back whenever you swipe the SimplyCash Plus Business Card, and that cash will go straight back to your account.
But don’t get us wrong—just because your cash rewards will be simple doesn’t mean they won’t be substantial.
In fact, we think that the SimplyCash Plus has some of the biggest cash back earnings to offer.
Here’s what to expect:
- Get 5% cash back on purchases made at U.S.-based office supply stores and wireless phone service providers—up to $25,000 spent per year. After that, you’ll get 1% cash back on these purchases.
- Get 3% cash back on any of the following categories:
- Airfare (when purchased directly from airlines)
- Hotel stays (when booked directly through the hotel)
- Gas stations in the U.S.
- Car rentals from eligible agencies
- Restaurants in the U.S.
- Advertising in the U.S.
- Shipping in the U.S.
And again, you’ll earn the 3% cash back up to $25,000 in purchases each year. After that, you’ll earn 1% cash back on these purchases.
- Get 1% cash back on all other spending.
If you’re a frequent spender at office supply stores or wireless carriers, the SimplyCash Plus Business Card is a must-have. You won’t find a better rewards rate than the 5% cash back anywhere else.
On top of that 5% cash back, the SimplyCash Plus Business Card’s flexibility really sets this credit card apart from the rest.
As the owner of your small business, only you will know what you spend the most on. American Express recognizes that. With the SimplyCash Plus Business Card, you can customize your 3% cash back rewards according to how you spend for your business. And if spending changes as your business grows, you’re not stuck in one category—you can switch your 3% rewards category every year.
There’s no doubt about it: the SimplyCash Plus Business Card has one of—if not the—best cash back rewards rates available.
Plus, the new SimplyCash Plus Business Card has a much better welcome offer than the SimplyCash Business Card had. For a limited time, you can earn up to $400 cash back as statement credits. You’ll earn a $200 statement credit once you’ve spent $5,000 in purchases within the first 6 months. Plus, you’ll earn an additional $200 statement credit once you spend an additional $10,000 in qualifying purchases within the first year of owning the card.
2. Spend Big on Your Business
Let’s be clear: the SimplyCash Plus Business Card is a business credit card—not a charge card.
But when it comes to its credit limit, the SimplyCash Plus works like a charge card.
Let’s break this down:
A business charge card is different from a business credit card in that it doesn’t have a preset spending limit. With a charge card, you’ll have the flexibility to make large purchases without worrying about a spending limit. On the other hand, business credit cards come with a cap on what you can spend on the card.
The SimplyCash Business Card was just your run-of-the-mill credit card when it came to spending limits.
But here’s the deal with the new SimplyCash Plus Business Card: you’ll have what Amex calls “more buying power.”
This means that, with the SimplyCash Plus Business Card, you have the ability to make big purchases for your business even if they’ll tip you over your credit limit.
You can’t just spend at an unlimited rate. But your limit will adjust with you—depending on your payment history, credit record, income, and so on. As long as you pay off the amount you spent over your limit each month (as you would with a charge card), Amex won’t charge you for going over your spending limit.
If you make large purchases for your business—or you’re planning on doing so as your business grows—you’ll benefit from the purchasing power on the SimplyCash Plus Business Card.
3. Avoid Annual Fees
It’s hard to find a business credit card with significant benefits and no annual fee. But with the SimplyCash Plus Business Card, you’ve found it.
When you use the SimplyCash Plus Business Card, you won’t have to worry about adding up your earnings to see if they make up for the annual fee. Instead, you can pocket everything you earn without dishing it out in fees each year.
4. Take Advantage of a 0% Introductory APR
The SimplyCash Plus Business Card comes with a 0% introductory APR for 9 months.
In a lot of ways, a 0% APR period is like having a free loan for almost a whole year. Think about it—you’re borrowing money to make purchases, but you don’t have to pay any extra on what you spend as long as you’re making the minimum payment due.
The SimplyCash Plus Business Card: What’s Not to Love?
The SimplyCash Plus Business Card’s high rewards rate, purchasing power, and no annual fee makes it one of the most valuable small business credit cards around.
But the cash back rewards are conditional.
You’ll only get the 5% and 3% cash back benefits for the first $50,000 you spend per calendar year. After that, you’re bumped down to just 1% cash back on your purchases.
If you spend much more on your business each year, then you might want to find a business credit card that doesn’t put a cap on your earnings.
Is the SimplyCash Plus Business Card Right for You?
The SimplyCash Business Card was already pretty great. But Amex made it best-in-class when they upgraded it to the SimplyCash Plus Business Card.
For business owners who want significant cash back, no preset spending limit, and no annual fee, the SimplyCash Plus Business Card doesn’t make you compromise. You can now have all of those things.
If you’re a big spender at office supply stores or wireless providers, the SimplyCash Plus is a no-brainer—you’ll benefit significantly from the 5% cash back on those purchases.
Plus, it’s hard to come by a business credit card that gives you a great rewards rate and flexibility. If you don’t want to be told what category you earn cash back on, the SimplyCash Plus Business Card lets you choose it yourself.
The bottom line?
If you want to take advantage of a high rewards rate—without losing your cash back rewards to annual fees—the SimplyCash Plus Business Card is the right choice.
The post The SimplyCash Plus Business Card: How to Save on Every Dollar You Spend appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/simplycash-plus-business-card