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If you’ve been holding off on signing up for the SimplyCash® Plus Business Credit Card from American Express, now’s the time to consider applying. Because the welcome bonus has increased to up to $500 in statement credits after meeting tiered minimum spending requirements!
Previously, the welcome bonus was $400 after meeting the same tiered spending requirement. And this offer matches the highest public offer we’ve ever seen on the card!
Business owners who want the simplicity of cash back rewards can do well with the AMEX SimplyCash Plus card. Because you can choose your cash back bonus category to suit your businesses spending!
And qualifying for a business credit card is easier than you realize. You don’t need a multi-million dollar corporation to be eligible!
I’ll share details of the increased AMEX SimplyCash Plus offer, and help you decide if this card is right for your situation.
What’s the Deal?
You’ll earn a $250 statement credit after spending $5,000 in qualifying purchases on your card within the first 6 months of card membership. And you’ll earn another $250 statement credit after spending an additional $10,000 or more in qualifying purchases on your card within the first year of card membership.
Because you’re limited to earning AMEX bonuses once, per card, per lifetime, it usually makes the most sense to apply for offers when they’re at their highest. And this is as big a public offer as we’ve seen!
You’ll also get:
- 5% cash back at US office supply stores & on wireless telephone service purchased directly from US service providers on purchases up to $50,000 per calendar year (1% after that)
- 3% cash back in the category of your choice (from a list of 8) on purchases up to $50,000 per calendar year (1% after that)
- 1% cash back on all other purchases.
- No annual fee
- Terms and limitations apply
Your 3% cash back category can be 1 of the following:
- Airfare purchased directly from airlines
- Hotel rooms purchased directly from hotels (excluding timeshares, banquets, and events)
- Car rentals purchased from select car rental companies
- US gas stations
- US restaurants
- US purchases for advertising on select media
- US purchases for shipping
- US computer hardware, software, and cloud computing purchases made directly from select providers
You can change your bonus category once a year between December 1 and January 31 by calling the number on the back of your card or by logging into your AMEX Account. So if your business expenses change, you can adjust your bonus category to match your needs!
If you just signed up for the card, you have 2 months from when you were approved to choose your 3% cash back category.
Is This the Right Card for Your Business?
If you spend the $50,000 maximum each year at US office supply stores and wireless phone service providers, that’s an extra $2,500 in cash back a year ($50,000 in spending X 5%)! And the ability to customize your 3% cash back category to suit your business spending makes it easy to earn an additional $1,500 in cash back each year ($50,000 in spending X 3%)!
That’s $4,000 in cash back ($2,500 in 5% category + $1,500 in 3% category) a year with a no-annual-fee card!
Plus, you’ll earn 1% cash back on all your other purchases. So if you like the simplicity of earning cash back rewards and you expect your business spending to change as you grow, this could be an ideal card for you.
The AMEX SimplyCash Plus card is a good choice if you are just starting out or looking to grow your business.
When you start your business, you’re more likely to be spending on advertising and expenses like computer hardware or software. So those might be good 3% bonus categories to choose for your first year or two. But as you expand your business, your expenses might change. If you’re shipping more products or traveling to visit clients, you could change your bonus category to shipping, airfare, or hotels.
Ability to Spend Above Your Credit Limit
If you have a larger purchase coming up, the AMEX SimplyCash Plus card gives you the option of going over your credit limit without any extra fees!
Maybe you have a $5,000 credit limit, but you need to spend $8,000 on computer equipment. You could use your “Expanded Buying Power” to go over your credit limit by $3,000 ($8,000 purchase – $5,000 credit limit), and you wouldn’t be charged any over-limit fees! Plus, you’ll earn cash back on the purchase!
Any amount that exceeds your credit limit must be paid in full each month or you will be charged a penalty rate. And you can NOT spend an unlimited amount above your credit limit. The amount changes based on how much you use your card, your payment history, credit score, and other factors.
AMEX Business Card Benefits
AMEX small business cards do NOT appear on your personal credit report. So they won’t count toward your Chase “5/24” limit! Team members Jasmin & Keith are using this trick to get under the “5/24” rule so they can earn lucrative Chase sign-up bonuses again.
And the AMEX SimplyCash Plus comes with a wide range of other benefits. For example, you can make bookkeeping simple by connecting your card to QuickBooks online. And with the AMEX OPEN Savings program, you can get a 5% discount at FedEx, HP, Hertz, or 1800Flowers.com.
The card also comes with a basic roadside assistance 24-hour hotline that can arrange services for you, like a tow or jump start. But you’ll have to pay for any services provide and it won’t cover a rental car.
You’ll also get secondary rental car insurance for free. But I suggest enrolling in the American Express Premium Car Rental Protection program. You’ll pay ~$25 (~$18 for California residents) per rental for up to 42 consecutive rental days (30 consecutive rental days for Washington State cardholders).
Even though it’s not free, like other rental car insurance perks, it can be useful if you’re renting a car for 31 to 42 days. Because other cards’ insurance benefits sometimes only cover rentals of 31 days or less. And paying ~$25 will be a LOT less than buying insurance from the rental company.
You’ll also get travel accident insurance of up to $100,000 when you pay for your entire fare with the card.
AMEX Card Purchase Benefits & Discounts
And with the AMEX SimplyCash Plus card, you’ll get an extended warranty and purchase protection for certain purchases, which can save you money because you won’t need to pay for a retailer’s extended warranty.
AMEX is constantly adding new offers, so it’s easy to save $100s a year on purchases you were going to make anyway! Team member Jason saved over $700 just on hotel stays last year thanks to his AMEX Offers.
How to Qualify for a Business Card
The first business card application you fill out can be confusing and intimidating. That’s why I put together a step-by-step guide on how to complete an AMEX small business card application.
The 2 most common questions I get asked are:
- Can I use my name as the legal business name?
- What if I don’t have a business tax ID?
The good news is you can use your own name as the legal business name if you are a sole proprietor. And if you don’t have an EIN (Employer Identification Number) or other tax ID, you CAN use your social security number as your business tax ID on the application.
You don’t need a million dollar business to be approved for an AMEX card. In the past, Emily was approved for a small business card even though she reported revenue of less than $100! And lots of folks start businesses as a side hustle, NOT a full-time job.
Even though AMEX business cards won’t appear on your personal credit report, they will check your credit score. So I only recommend applying if your credit score is ~700 or higher and you can afford to pay off your credit card balance in full each month.
The AMEX SimplyCash Plus card has an increased welcome bonus of up to $500 in statement credits after meeting tiered minimum spending requirements! This matches the highest public offer we’ve seen on the card!
This card is great for folks who are just starting out with their small business, because you can change your 3% cash back bonus category yearly. So as your business changes, your credit card can keep up!
And the AMEX SimplyCash Plus gives you the flexibility to spend beyond your credit limit when you need to invest in your business.
Qualifying for a small business card isn’t as complicated as it may seem. You don’t need to be in business full-time or have thousands of dollars in revenue. And if you’re a sole proprietor, you can use your own name and social security number as your legal business name and tax ID on your application!