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American Express Business Gold Rewards Card Review

Let your big business spending collect Membership Rewards points that can take you around the world.

Earn a Welcome Bonus of 50,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months.
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N/A

Purchase Interest Rate

$250

Annual Fee

Details

Product NameAmerican Express Business Gold Rewards Card
RewardEarn 2 Membership Rewards points for every $1 spent on eligible purchases at select American Express merchant suppliers in Canada (choose 3 suppliers), and earn 1 Membership Reward point for every $1 spent on eligible purchases elsewhere
Welcome OfferEarn a Welcome Bonus of 50,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months.
Purchase Interest RateN/A
Cash Advance RateN/A
Balance Transfer RateN/A
Interest Free Period up to 55 days
Apply now
More Info

30-second take

  • Get this card if you spend big on business purchases and want to reap travel and membership rewards.
  • Pick something else if you want to pay your balance off over time and don’t want to pay a steep annual fee.
  • Apply with a good to excellent credit score of 650 or higher.

The basics

Designed for the small business owner, the American Express Business Gold Rewards Card offers access to rewards points, business solutions, and travel, entertainment and dining experiences.

The American Express Business Gold Rewards Card is a charge card, which means you’ll need to pay off your entire balance every month or else you’ll face a steep 30% APR on the balance. In addition, this card comes with a $250 annual fee.

The perks

  • Welcome offer.
Earn a Welcome Bonus of 50,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months.
  • Earn Membership Rewards points.
Earn 2 Membership Rewards points for every $1 spent on eligible purchases at select American Express merchant suppliers in Canada (choose 3 suppliers), and earn 1 Membership Reward point for every $1 spent on eligible purchases elsewhere
  • up to 55 days interest-free.
up to 55 days interest-free when you pay your balance off in full each billing cycle. This allows you to maximize your cash flow and benefit from holding onto your cash longer. In addition, this card adjusts automatically with usage, meaning you can have more or less spending power depending on how often you use the card.

You’ll also like …

  • Travel insurance coverage.
Receive up to $100,000 Travel Accident Insurance, Car Rental Theft and Damage Insurance, Hotel/Motel Burglary Insurance, Flight Delay, Lost and Stolen Baggage and Baggage Delay Insurance. Travel Emergency Assistance is also provided through round the clock customer service.
  • Business solutions and coverage.

Maximize your cashflow and manage your business better with a suite of business solutions offered by American Express. Get access to business insurance coverage, expense management reports and a range of other helpful business tools.

  • Purchase coverage.

Extend warranties on eligible items you buy with your card (usually up to one year longer than the manufacturer offers) and potentially qualify for a refund from American Express if a merchant won’t accept a return within 90 days of purchase. Your eligible items are also covered against theft and accidental damage with Purchase Protection.

  • Dynamic purchasing power.

As your business grows and you consistently make your repayments on time and maintain a good credit score, you will be rewarded with increasing purchasing power. As you frequently use your card over time, your spending power will automatically increase.

  • Fraud protection guarantee.

If your card details are stolen, online or offline, you won’t be held responsible for the fraudulent charges. The American Express customer service team will assist you in remedying the situation.

  • Exclusive American Express perks.
American Express offer a range of opportunities to cardholder-only experiences and preferred seating at select events. You can enjoy concert, theatre, film, dining, shopping and travel perks.

What to watch out for

  • The steep annual fee.

There is a $250 annual fee charged for the American Express Business Gold Rewards Card. However, this fee may be tax deductible and the value of the rewards and perks can often outweigh the hefty fee – if you use them.

  • It’s a charge card.

Since the American Express Business Gold Rewards Card is a charge card, you’ll need to repay the entire balance each billing cycle. If you prefer to hold a balance from month-to-month on your card, a regular credit card may be better suited.

  • Additional cards cost $50.

If you’re looking to hand out cards to your employees, each additional card will cost you $50.

  • Not as widely accepted overseas.

Compared to Visa and Mastercard, American Express is much less widely accepted in locations across Canada, the US and around the world. This might provide you with less opportunity to use the card, and therefore less opportunity to reap the rewards.

Consider other cards if …

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

With a hefty annual fee of $250, this card is only worth the value if you take advantage of the Membership Rewards program, the business solutions and the host of insurance coverage. If you don’t want to pay an annual fee, or such a high annual fee, you may want to consider a different business credit card.

  • You want cash back.

Although you can redeem your Membership Rewards points for statement credit, other rewards credit cards offer cash back. Some cards offer between 1-5% cash back, depending on the type of purchases you are making.

    Compare other American Express credit cards

    Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
    American Express Cobalt Card
    30,000 points
    Up to 5 points per $1 spent
    19.99%
    $120
    Min. recommended credit score: 700
    Earn up to 30,000 bonus Membership Rewards points in your first year as a new Cobalt Cardmember.
    SimplyCash Card from American Express
    4% cash back
    Up to 1.25% cash back
    19.99%
    $0
    Min. recommended credit score: 700
    Earn 4% cash back on purchases (up to $200 cash back) for the first 6 months of Cardmembership.
    Choice Card from American Express
    10,000 points
    1 point per $1 spent
    19.99%
    $0
    Min. recommended credit score: 700
    Earn 10,000 Bonus Membership Rewards points within the first 3 months as a new Cardmember.
    American Express Aeroplan Card
    75,000 points
    Up to 5x points
    30% annual interest rate applies to balances not paid in full each month
    $120
    Min. recommended credit score: 700
    Earn up to 75,000 Aeroplan Points. Plus, earn a total of 5X the points on eligible eats & drinks purchases in Canada for the first 6 months of Cardmembership (up to a maximum of 25,000 points). New Cardmembers can earn up to $1,600 in value within the first year. Spend applies to bonus point offers valued at up to $1,500. Apply by August 3, 2021.
    SimplyCash Preferred Card from American Express
    10% cash back
    2% cash back
    19.99%
    $99
    Min. recommended credit score: 700
    Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership.
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    What should I know before I apply?

    To apply for the American Express Business Gold Rewards Card, you will need to meet the following criteria:

    • Be at least 18 years old, or the age of majority in your province or territory.
    • Be a Canadian citizen or a permanent resident.
    • Have a valid Canadian credit file.

    What credit score do I need?

    When applying for a credit card, it’s beneficial to have a good to excellent credit score of 650 or higher. This will give you a better chance of your application being approved.

    Other factors that might affect your odds of approval include:

    • Having a high income. Having a relatively high annual income may be beneficial for approval. Some lenders also consider the combined annual income of the household, which can improve your odds of being approved for a variety of credit cards.
    • Few hard inquiries on your credit report. Having several hard pulls listed on your credit history can indicate to lenders that you’re desperate for credit or have trouble managing your current debt. The provider may be less likely to approve your application if this is the case.
    • Factors that tie into your credit score. Your credit utilization ratio can play a major factor in the approval of your application. Customers who have low balances relative to their credit limits are usually preferable to providers.

    What do customers say about this credit card?

    Customers that use the American Express Business Gold Rewards Card note that it offers a good points to dollar ratio and a helpful host of travel perks including insurance coverage and access to plenty of experiences and rewards.

    On the other hand, some negative reviews state that the company has inflexible policies. In addition, the annual fee for the card is very steep, however customers seem satisfied with the rewards and benefits of the card.

    How to apply for the American Express Business Gold Rewards Card

    1. Click Go to site on this page to be directed to the American Express Business Gold Rewards Card Card page, and click Apply Now Securely.
    2. Complete the application with information including your full name, home address, finances and business details.
    3. Review and submit your application.

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

    Pre-approval for an American Express credit card is automated on the website, which means you may get a decision on your application within just 60 seconds. If there are issues with your application, such as missing information or more information required, it may take within 10 days to hear back.

    Once your application has been approved, you’ll typically receive your card in the mail within 5 to 10 business days.

    I got the card. Now what?

    • Make your repayments.
      Register for an account on the American Express website to pay your balance online and enroll in autopay. Since this card is a charge card, you will need to pay off the entire balance each billing cycle. Any balances not paid in full will have a interest rate applied.
    • Avoid fees.
      Late and returned payments will incur fees, so be sure to pay on time. If you’re enrolled in autopay, be sure to have enough funds in your account to pay off your balance.
    • Contact American Express.
      If you’re unable to find what you need on the American Express Canada website, call 1-800-268-2639 to speak with a customer service representative.

    Bottom line

    The American Express Business Gold Rewards Card lets you use your business spending to reap travel benefits and rewards points. Although it comes with a hefty annual fee, its rewards, business solutions and host of insurance coverage set it apart.

    However, if you’re used to using a regular credit card and like to carry a balance from month-to-month, switching to a charge card may not be easy. You may be better suited to a different rewards card if you think you’ll be unable to pay of your balance in full each billing cycle.

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    Frequently asked questions about the American Express Business Gold Rewards Card

    Pictures: americanexpress.com/ca

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