Just knowing that you need a business credit card as an entrepreneur is a huge financial step. Why? Building business credit is essential to laying a strong financial foundation for your company, and a business card will help you do just that. Looking for the easiest American Express business card to get is also a good move, as the card issuer offers excellent choices for small business owners.
You’ll be happy to discover that there’s no such thing as a subpar Amex business card. And if you’re worried about qualifying, we believe there are two cards tied for the easiest American Express business card to get. Both of these options get you access to Amex’s strong rewards offerings. Each also comes with the kind of competitive perks that give any top card a run for their money.
We’ll run through the finer details of the cards that are considered the easiest American Express business card to get, and what kind of profile you should have in order to qualify. We’ll also explore alternatives in case you don’t think either of these options are a match.
Let’s find the best business card for you!
Option 1: Amex Business Green Rewards
The first of the cards you’re looking for is the Business Green Rewards Card from American Express OPEN. This card offers business owners entry-level access to Amex OPEN, which includes savings, discounts, rewards, and assistance for small business owners.
Qualifying for the Amex Business Green
One benefit of business cards over small business loans is that card issuers don’t take your time in business into account during the underwriting process. That alone is one of the reasons that business credit cards are such essential financing tools for startups and newer businesses, which don’t have the financial history small business lenders need to assess risk.
Card issuers do care about your personal credit score, though. Your history with debt—which is what your personal credit score reflects—gives the card issuer a good sense as to whether you, as the business owner, will be responsible with your business’s finances, too. We usually recommend business owners with 660+ credit scores consider the Amex Business Green card.
This business card is a charge card, which means that you’re expected to pay off your bill in full every month (or incur costly late fees). But, operating on the assumption that you’ll follow through with your debt obligations, card issuers deem charge card accounts less risky than credit cards. That’s part of why we believe the Amex Business Green is one of the easiest American Express business cards to get.
The Best Perks of the Amex Business Green
For rewards, Amex Business Green offers:
- 2x Membership Rewards Points per $1 spent on amextravel.com
- 1x Membership Rewards Points per $1 spent on everything else
That’s big if you spend on travel—and since there’s no spending limit with a charge card, you can really rack up points. You can redeem these points on more travel, gift cards, and to pay at certain online retailers. Plus, as long as we’re talking points, you’ll be pleased to learn about a 5,000-point welcome bonus. You’ll earn it as soon as you spend your first $1 with the card.
This card is fee-free for the first year, and $95 a year after. But it’s the lowest-price charge card in Amex’s business suite, so take that into account!
Option 2: Amex Business Gold Rewards
The second of the two cards that are usually the easiest American Express business cards to get is The Business Gold Rewards Card from American Express OPEN. Like the Amex Green card, Amex Business Gold is a charge card with no spending limit, and it gives you access to Amex’s OPEN business network.
Qualifying for the Amex Business Gold Rewards
Much like the other cards in Amex’s network, we recommend you apply for the Business Gold Rewards with a minimum credit score of 660+. Your credit score is the biggest factor in qualifying.
The same principle applies as mentioned before; since this is a charge card, and Amex expects you’ll pay off your balance in full, the prospect of approving the card is theoretically less risky for them. We think that helps make the Business Gold Rewards a candidate for the easiest American Express business card to get.
The Best Perks of the Amex Business Gold Rewards
Here’s a look at the Amex Business Gold’s Rewards points-earning structure:
- 3x Membership Rewards Points per $1 spent on qualifying purchases in a category of your choice (you can choose among five categories)
- 2x Membership Rewards Points per $1 spent in the remaining four categories (up to $100,000)
- 1x Membership Rewards Points per $1 spent on everything else (up to $100,000)
The Business Gold Rewards card has a slightly different rewards allocation than the Business Green, but one that can make all the difference for your rewards potential if you pick your card strategically.
Let’s also talk welcome bonus, which is different than the Business Green, too. You’ll need to spend $50,000 within the first three months of having the card to get your bonus—but there are 50,000 points waiting for you when you do. That’s a $500 value.
Finally, fee: Waived for the first year, and $175 thereafter. No foreign transaction fees, either.
How to Pick Between These Two Cards
If these both win the day for being among the easiest American Express business cards to get, and your credit is within range to qualify, which should you choose? The choice comes down to how you’d like your business to be rewarded.
As you can see, the biggest difference between these two cards, especially with a $0 first-year fee, is the way in which your business will earn its rewards.
Choose the Amex Business Green if:
- You want access to the Amex OPEN network for the lowest fee. As the entry-level Amex charge card, you’ll be able to get the perks for the cheapest price.
Choose the Amex Business Gold Rewards if:
- You want to earn more points. Even though the Business Gold Rewards card is only $80 more than the Amex Green card per year, your earning potential is much larger. Not only is there a larger welcome bonus, but the fact you can earn 3x or 2x points on multiple categories means this card will work harder for you if you’re a big spender, and will utilize those points.
One Thing You Must Do Before Applying for Any Business Credit Card
When you apply for a business card, card issuers will do what’s called a “hard pull” on your credit report. These credit inquiries sometimes cause a temporary dent in your credit score, causing it to dip slightly. (The alternative is a “soft pull,” which doesn’t show up on your report or move your score.)
With every business card application comes a credit inquiry—and as those pile up, they start driving down your number. With multiple simultaneous inquiries, you can drop your score pretty substantially.
To protect yourself, you’ll want to find out your credit score before applying to business credit cards. Only apply to cards you’re in range for so you’re not experiencing unnecessary credit inquiries and applying for cards over and over again. (Although your credit doesn’t go down any further if you’re denied a card, you want to be savvy about going for a high-probability card from the get-go.)
2 Alternatives to These American Express Cards
Maybe examining your credit score has made you realize that you’re not yet eligible for either of the easier-to-get Amex cards, or you’d prefer a card that’ll give you a little more buffer if you can’t pay off your bills immediately. You still have options to consider: one from Amex, and one from Capital One.
Best for Business Owners Who’d Prefer Cash Rewards: Amex SimplyCash Plus Business
As another excellent pick from Amex, the American Express SimplyCash Business Plus is built around (probably unsurprisingly) cash rewards. As a cash back business credit card, this card offers a different earning structure than both the Amex Business Green and the Amex Business Gold Rewards: 5%, 3%, and 1% cash back for different categories of spending.
There’s a lot of potential to earn big with the Amex SimplyCash Plus, too. It all comes down to personal preference. Instead of earning Membership Rewards Points to redeem, you’ll get cash back in the form of statement credits.
Another big difference, and one that might tip the balance for you, is that the SimplyCash Plus offers a 15-month 0% introductory APR period. If you’re concerned that you might not be able to pay off your balance every month, rest assured that you can carry a balance on this card for 15 months, without incurring added interest. Just remember that after your 15 interest-free months are up, a variable APR sets in based on both your creditworthiness and the market Prime Rate.
And the last bit of good news? This card is a zero-annual-fee card.
Your personal credit is also one of the biggest factors for approval for the SimplyCash Plus. We also recommend a minimum of a 660+ credit score to apply for this card.
Best for Business Owners with Fair Credit: Capital One Spark Classic for Business
At around a 580+ recommended score, the minimum credit score required to qualify for the Capital One Spark Classic for Business allows entrepreneurs with average credit an excellent tool for business spending and credit building. Compared to the two easiest American Express business cards to qualify for, you have 60 points of additional wiggle room in your credit score. That’s a lot.
In fact, Spark Classic for Business has the lowest personal credit threshold to qualify for a business credit card. So, you can use this card to build your credit score, which will get you into a better position for an American Express card down the line.
Like the SimplyCash Plus, the Spark Classic is a cash back business credit card. You’ll be able to get a flat 1% cash back on all of your purchases, with no cap. Plus, also like the SimplyCash Plus, this card has no annual fee.
The Truth? You Can’t Make a Bad Choice
We said it before, but we’ll say it again: Whether you pick Option 1 or Option 2 of the easiest American Express business card to get, you can’t make a bad decision. With excellent rewards potential, no first-year annual fees, and access to Amex’s OPEN network, both cards are winners.
And even if you can’t yet qualify for these Amex cards, you might still have the chance to qualify for the Capital One Spark Classic—the only unsecured business card for fair credit on the market—and still earn cash back.
If you’re using any of these cards to build credit, just make certain that you’re paying your bills in full and on time. That’s the surest way to get that score up, and help you secure better credit products over time.
The post Looking for the Easiest American Express Business Card to Get? You Have 2 Outstanding Picks appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/easiest-american-express-business-card-to-get/
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