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Top 5 Questions on the 75,000 Point The Business Gold Rewards Card From American Express OPEN [Expired]

Top 5 Questions on the 75,000 Point The Business Gold Rewards Card From American Express OPEN [Expired]

Million Mile SecretsTop 5 Questions on the 75,000 Point The Business Gold Rewards Card From American Express OPEN [Expired]Million Mile Secrets Team

We devote thousands of hours of research to help you get Big Travel with Small Money. You support us by signing-up for credit cards through partner links which earn us a commission. Here’s our full Advertising Policy.

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 Point The Business Gold Rewards Card from American Express OPEN.  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:

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75,000 Points From The Business Gold Rewards Card From American Express OPEN Can Get You Big Travel!

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.

You can call the reconsideration line at 866-314-0237 if you’re not immediately approved.

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 from American Express OPEN 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 Rewards Card from American Express OPEN 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 Business Gold Rewards Card from American Express OPEN.

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 From American Express OPEN

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 Rewards Card from American Express OPEN 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 this 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 Rewards Card from American Express OPEN, but I wanted to point out what could potentially apply.

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Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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Great article. Thanks for the info, you have made it easy to understand. BTW, if anyone needs to fill out IRS form 4506, I found a blank form here http://goo.gl/yVbKTM. This site also has some tutorials on how to fill it out and a few related blank tax forms.

Hi D,

Im planning to apply for american express first time. Do you know how to get at least 80k reward point with american express? what type of card and time period to apply? Thank

Author
Million Mile Secrets

@Kevin – I’d wait for a limited time 75,000 point offer if you’re looking to get lots of points.

Hello MMS, thanks for your reply. I do sporadic selling of clothes to others and I may earn only 50 to 200 bucks on that. Theoretically, sole proprietor business needs to be run yearly and continually according to IRS definitions. So, does that mean that I am not really qualified for a business credit card?

As you mentioned in your post, Amen may do financial review and may shut down the card if they do not see Schedule C income. So, to prevent this, should I include that 50 bucks of income on Schedule C? Thanks for replying.

Author
Million Mile Secrets

@new – That’s a question for your accountant!

75K offer is available again, but with 10,000 spend over 4 months. go to ebay.com and click on the AMEX ad. Offer says it expires 4/17 with all the usual T&C.

Author
Million Mile Secrets

@KennyB – Thanks!

If i upgraded to the plat. to get 25000 points can I downgrade back to gold and still not have an annual fee for first year?

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