[Disclosure: Emily and I get a commission if you're approved for the 75,000 point American Express Business Gold Rewards card. You don't have to use our link, but we're always very grateful when you do! The best offer on the American Express website is for only 50,000 points.]
Update: As I suggested, the offer is no longer available and was pulled soon, so I’ve removed the links from the post.
~85% of clicks on my affiliate links yesterday were for the 75,000 Points American Express Business Gold card. There are a lot of comments and questions around the card, so I want to answer them in a separate blog post. And also make you aware of a risk of applying for the card.
Please see these posts on how to:
- Apply for the card if you see only a 50,000 point offer
- Fill out the application for an American Express Business card
1. Is it OK to Apply for the 75,000 Point Card if 91+ days Hasn’t Passed From When I Last Applied for cards?
Some folks usually apply for credit cards, on the same day, in intervals of 91+ days (an app-o-rama). They do that because it is easier to keep track of the card applications and because they believe that there are more chances of approval.
The theory is that recent credit inquiries (what happens when you apply for a credit card) carry less weight after 3 months. And because if you’ve been doing this for years, some of your credit inquiries from 2 years ago will also fall off your credit report every 91+ days.
I’ve personally applied for cards at the same time and also one-at-a-time, and have been approved. So I don’t think it is a big deal if you apply for one card out of the 90+ day schedule.
I’ve listed other cards in my Hot Deals tab, if you’d like to apply for other cards at the same time. But I don’t recommend applying for a bunch of cards if you’ve already applied for 3 to 4 cards in the last 1 to 2 months.
2. Will the Offer End Sooner Than August 12, 2013?
The terms and conditions say that the offer will end on August 12, 2013. And American Express runs limited time offers with 75,000 points after spending $10,000 (compared to the $5,000 with this offer). So we certainly will see the 75,000 point offer back at some time.
But I can’t say how long the offer to get 75,000 points after spending $5,000 will last. I’d guess that it won’t last long, because it takes some folks many tries to get a browser to show the correct 75,000 point offer. This suggests that the offer is targeted and perhaps not intended to be available to most folks for a long time.
And American Express could always pull the offer sooner if they’ve received lots of applications.
3. What do I do If I Don’t Get Approved Instantly?
In my experience, American Express usually approves me via email after a few days of applying for the card. But sometimes your application is “pending.” This can be a sign that they will either ask you to verify personal information and then approve your card (to make sure that you really applied for the card).
Or if they are evasive and mention that you will be contacted by US mail, it almost certainly means that they will ask you to fill out a form 4506-T to verify your income and other information from your tax returns.
4. Can I Get The Bonus For a 2nd Business?
In my experience, you can’t get the sign-up bonus for a 2nd business with a Social Security number if you’ve already got the bonus on the Business Gold Rewards card for a different business with a Tax ID (or vice versa).
Note that American Express will approve you for the 2nd card for a different business, but will not give you the sign-up bonus for the 2nd business after completing the minimum spending, if you’ve already received one sign-up bonus for the Business Gold card and you have not cancelled the card for at least 12 months.
This is a silly policy, because Emily has got the bonus for different businesses with the Chase Ink Bold card, so we’re more likely to spend on the Ink Bold card than on the American Express Business Gold Rewards card.
5. Will American Express Match me to the 75,000 Point Offer?
American Express used to match folks to better offers, and lots of folks claimed to have received a better offer and got matched to large sign-up offers in 2011. This cost American Express a lot, so they no longer match folks to better offers – even if you really did apply for an American Express offer and later received a better offer.
On the other hand, Chase does currently match you to the better offer if you applied for a Chase card within the last 93 days. This is a much better policy, because it makes it easier for folks to apply for Chase cards since they know that they will be treated fairly and get matched to a higher offer (should one appear).
So you’re unlikely to get matched to the 75,000 point offer if you recently applied for the 50,000 point offer. But it doesn’t hurt to ask!
Risk of Applying for the Business Gold Rewards Card
In my previous experience, feedback from readers, and folks on this FlyerTalk thread, you are more likely to get a Financial Review from American Express by spending on the Business Gold card than on any other card. Even legitimate business spending has triggered a financial review.
My best guess is that American Express is really sensitive to high volume of spending on the Business Gold charge card and a sudden ramp up in spending on the card leads to a financial review. But this is only a guess.
All your American Express credit cards are suspended during an American Express financial review and you usually have to fax in a form allowing American Express to review your tax information and sometimes send them your bank statements. I don’t enjoy this, but see this as the cost of doing business with American Express and partaking in their credit card offers. And I do think it is prudent for a bank to verify the income of people to whom they lend money.
I’ve been approved for American Express business cards with only a few hundred dollars in income and readers have been approved for start-up business which aren’t generating any income. But know that your business gold card may be cancelled during a financial review if you don’t have any Schedule C income. Of course, you can always explain that you haven’t yet filed your tax returns for 2012, but the Financial Review folks aren’t the easiest to convince.
Many folks don’t get a financial review with the Business Gold card, but I wanted to point out what could potentially apply.
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