Business Gold Rewards Card from American Express review | finder.com

Business Gold Rewards Card from American Express review – October 2018

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Strong rewards for business purchases in the right categories may outweigh a higher-than-average annual fee.

30-second take

  • Get this card if your business spends significantly in the card’s 3x- and 2x-point categories.
  • Pick something else if you want cash back or don’t want a high annual fee.
  • Apply with a good to excellent credit score of 670 or higher.
Product NameBusiness Gold Rewards Card from American Express
Card TypeAmerican Express
Annual Fee$0 annual fee for the first year ($175 thereafter)
APR (Annual Percentage Rate) for Purchases20.24% variable
Foreign Transaction FeeNone
Cash Advance FeeNone
Late Payment Fee$38
Returned Payment Fee$38
Additional Cardholder Fee$0
Rates & FeesRates & Fees
Minimum Age18 years of age
Welcome OfferEarn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
Reward Value per Dollar1 points

The basics

Curious whether the Business Gold Rewards Card from American Express is a good choice for you? Take a look at the card’s bonus categories. If your business spends a lot there, you could earn significant rewards.

Also consider the card’s steep $175 annual fee, which kicks in with the second year. It’s also a charge card, meaning you need to pay off your entire balance each month.

If you’re OK with that, you’ll find a card with strong travel perks and rewards redeemable for travel, point transfers and more.

What can I redeem Membership Rewards® points for?

Redeem your Membership Rewards® points for a variety of rewards that include:

  • Gift cards.
  • Travel.
  • Statement credit.
  • Experiences and retail products.
  • Points transfers to such frequent-traveler programs as Air France and KLM Flying Blue and Starwood Preferred Guest.
  • Merchandise and services at Amazon, Staples, Grubhub, Expedia and other American Express partners.

Membership Rewards® points tend to be the most valuable when redeemed for travel or transferred to frequent-traveler programs.

The perks

  • Annual fee: $0 intro fee for the first year.

    Take the Business Gold Rewards Card from American Express for a spin for a year, and then decide whether you want to pay for it. Starting the second year, you’ll pay an annual fee of $175.

  • Welcome offer: 50,000 Membership Rewards® points.
    Earn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership. That’s worth $500 at the industry rate of 1 point to 1 cent.

  • Rewards: Up to 3x points.

    Earn 3x points in a category among American Express’s five options, 2x points in the four remaining categories and 1x point on all other eligible purchases.

    The 3x and 2x points apply on up to $100,000 in combined purchases among the five categories each calendar year. After you reach that cap, your rewards rate reverts to 1x points in those categories.

Rewards categories for the Business Gold Rewards Card from American Express

Choose one bonus-reward category from five options to receive accelerated rewards:
  • Airfare purchased directly from airlines
  • US purchases for advertising in select media
  • US purchases at gas stations
  • US purchases for shipping
  • US computer hardware, software and cloud computing purchases directly from select providers

You’ll also like

  • Expense management tools.

    Add employee cards to your account, designate a person to manage your credit card account and use Spend Manager℠ to add digital notes to your transactions via mobile or desktop. You can also label and transfer your transactions from your American Express online statements into your QuickBooks account. These can be useful features for a business owner, especially if you make many monthly purchases.

  • No foreign transaction fees.

    You won’t incur fees when you use your card abroad or on foreign websites. Typically, providers charge a 3% fee each time you use your card for an international transaction. It doesn’t sound like much, but it can add up over a trip spanning several days.

    Because the Business Gold Rewards Card from American Express comes with no foreign transaction fees, it can be a good choice for vacations or business trips.

  • Travel benefits.

    When you purchase the entire fare of your eligible transportation ticket with your Business Gold Rewards Card from American Express, you’re covered by American Express’s Baggage Insurance Plan. The plan insures your bags against theft, damage or accidental loss according to American Express’s terms. You’re also covered by Travel Accident Insurance, which provides accidental death and dismemberment coverage on eligible transportation.

    When you’re more than 100 miles from home, access the Global Assist Hotline for medical, financial, legal and other emergency assistance.

    Finally, you’ll enjoy travel benefits while traveling by car. Call the Roadside Assistance Hotline from the road if you need help with towing, battery charges and more. And when you pay for a car rental with your Business Gold Rewards Card from American Express and decline the collision damage waiver, the vehicle is covered against damage or theft.

  • Purchase benefits.

    The card extends warranties on eligible items you buy with your card. And with Purchase Protection, your eligible items may be covered against damage or theft.

    You can also access Amex Offers for extra rewards and discounts at select retail and dining partners.

What to watch out for

  • Intro annual fee expires after the first year.

    You’ll pay a $175 annual fee starting your second year.

    This is a higher annual fee than many other business credit cards. Several business cards that offer a $0 intro annual fee charge annual fees of just $95 in your second year.

  • No balance transfers.

    American Express does not allow balance transfers for this card. However, many business credit cards do allow you to transfer balances, such as the Blue Business℠ Plus Credit Card and Delta Reserve® Credit Card from American Express.

  • Penalty fees.

    For each late payment, you’ll incur a fee of $38 or 2.99% of any past-due amount, whichever is greater. For each returned payment, you’ll pay a fee of $38.

Best fuel cards for small business

Consider other cards if …

  • Your business spending is concentrated in specific categories.

    Other cards offer better rewards for various types of spending. For example, the Ink Business Preferred℠ credit card offers 3x points in categories like travel as well as Internet, cable and phone services for the first $150,000 in combined purchases, reverting to 1x points after.

  • You want cash back.

    Look into the Ink Business Cash℠ credit card and Capital One® Spark® Cash for Business, which offer lucrative cash back.

  • You don’t want to pay an annual fee.

    Great no-annual-fee business cards include the Ink Business Preferred℠ credit card, SimplyCash® Plus Business Credit Card from American Express and Capital One® Spark® Miles Select for Business.

  • You want an intro APR.

    Excellent choices include the Blue Business℠ Plus Credit Card and Ink Business Cash℠ credit card, which offer market-leading intro APR promotions.

  • You want the same rewards rate for all purchases.

    Consider the Capital One® Spark® Cash for Business or Capital One Spark® Cash Select for Business, which offer flat cash back. If you want a flat rate on travel rewards, try the Capital One Spark® Miles for Business or Capital One Spark® Miles Select for Business.

  • You want to carry balances over time.

    This is a charge card that requires you to pay your balance in full each month. If that cramps your style, consider another business card. You can find solid rewards with a business card that lets you carry a balance from month to month.

Best business credit cards for startups

Compare business credit cards

Updated October 22nd, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.
None (Charge Card)
$0 annual fee for the first year ($250 thereafter)
This charge card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
20.24% variable
$0 annual fee for the first year ($175 thereafter)
Earn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
14.24%, 19.24% or 21.24% variable
0% for the first 9 months (then 14.24%, 19.24% or 21.24% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 14.24% - 21.24% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
17.74% to 22.74% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.74% to 24.74% variable
$0 annual fee for the first year ($99 thereafter)
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
0% for the first 9 months (then 17.74% to 24.74% variable)
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.99% to 25.99% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening.

Compare up to 4 providers

What size business is the Business Gold Rewards Card from American Express good for?

Before getting the Business Gold Rewards Card from American Express, weigh your potential rewards against the high annual fee you’ll pay starting the second year.

Giving each Membership Rewards® point an approximate value of 1 cent, you’ll need to earn 17,500 points to break even on a $175 annual fee.

Here’s how much you’ll need to spend to earn those points:

In your 3x-point category $5,834
In your 2x-point categories $8,750
In your 1x-point categories $17,500

Consider whether your business spends heavily in the card’s 3x- or 2x-point categories. If the answer is no, you may get more out of another rewards card.

What should I know before I apply?

To apply for the card, you must be:

  • At least 18 years old.
  • A US resident.

Information you’ll need

To complete the application, you’ll need to provide information about yourself and your business, including:

  • Your name and contact information, including your email address and phone number.
  • Your Social Security number and date of birth.
  • Financial information like your annual income and your monthly rent or mortgage.
  • The name of your business, its mailing address and its phone number.
  • Your employee count, business type and business structure.
  • Your years in business, annual business revenue and monthly business spending.
  • Your tax identification number.

What credit score do I need?

You’ll have a better chance of approval with a good to excellent credit score of 670 or higher. If you have a healthy business and excellent credit, your likelihood of approval is strong.

A few other factors that might affect your odds of approval:

  • Hard pulls on your credit report. If you have several hard inquiries — or hard pulls — on your report, it could imply you’re having trouble managing your debt. American Express might think you’re desperate for credit and may be less likely to take you on as a customer.
  • Factors that tie into your credit score. Your credit utilization is a major factor American Express considers. The bank prefers a customer with low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it could indicate you’re desperate for credit. It may also give the impression that you’re a flighty customer who’s just hunting for welcome offers.

What do customers say about the Business Gold Rewards Card from American Express?

American Express Company has been accredited with the Better Business Bureau since 1948 and earns an overall A+ rating. However, as of this writing, 90% of its reviews are negative — and it’s attracted nearly 3,000 customer complaints. Amex cardholders in general complain about rude customer service reps, missing statement credits and issues disputing charges.

The company earns a Trustpilot score of 3 out of 10. Many negative reviews cite unhelpful customer service and inflexible company policies. Positive reviews say the company employs pleasant customer service representatives. Overall, your mileage may vary with American Express customer support.

How to apply for the Business Gold Rewards Card from American Express

  1. On the American Express website, click Apply Now.
  2. Complete the application with details like your name, address, annual income, Social Security number and business information.
  3. Review and submit your application.

Business Gold Rewards Card from American Express form

How long will it take to get my Business Gold Rewards Card from American Express?

Because Amex automates conditional credit card approval online, you may get a decision on your application within 30 seconds. If there are issues with your application, it could take a few days to a few weeks to hear back.

After you’re approved, you’ll typically receive your card by mail within 10 business days.

I got the card. Now what?

  • Make payments on time. Register an account on the American Express website to pay your balance online. You can also enroll in autopay.
  • Avoid fees. You’ll pay high fees for late and returned payments with this charge card.
  • Get help. Help documents aren’t easily accessible on the American Express website, but you can call 1-800-528-4800 for support.

Bottom line

The Business Gold Rewards Card from American Express is best suited for businesses that can take advantage of the 3x- and 2x-point categories. Strong rewards come with a decent welcome offer and travel benefits.

Before you apply for a credit card, consider other business cards to find one that best suits your business needs and spending.

Frequently asked questions

Disclaimer

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Images: AmericanExpress.com

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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