An excellent business card with tiered cash back of up to 5%.
30-second take
- Get this card if you like a cash back card with no annual fee and if your business spends a lot in the categories qualifying for bonus cash back.
- Pick something else if you want more extensive perks and benefits, you need a longer 0% APR period, you want more consistent cash back.
- Apply with a good to excellent credit score of 670 or higher.
| Product Name | SimplyCash® Plus Business Credit Card |
|---|---|
| Card Type | American Express |
| Annual Fee | $0 |
| APR (Annual Percentage Rate) for Purchases | 14.49%, 19.49% or 21.49% variable |
| Introductory Purchase APR | 0% for the first 9 months (then 14.49%, 19.49% or 21.49% variable) |
| Introductory Balance Transfer APR | N/A |
| Foreign Transaction Fee | 2.7% of the transaction value |
| Interest Free Period | Up to 25 days |
| Late Payment Fee | Up to $38 |
| Returned Payment Fee | $38 |
| Rates & Fees | Rates & Fees |
| Minimum Age | 18 years of age |
|---|
| Rewards | 5% back at US office supply stores and on US wireless telephone services, 3% on a category of your choice. 5% and 3% back applies on up to $50,000 in annual purchases, then 1%. 1% on all other purchases |
|---|---|
| Base Rewards | 1% cash back |
| Rewards Points Expiry | Never |
The basics
The SimplyCash® Plus Business Credit Card features a superb 5% cash back on office supplies and wireless services purchased at US retailers — a strong reward for small businesses and startups. A highlight among similar cards, you’ll also earn 3% cash back on purchases within a bonus category of your choosing, with the ability to change your option each calendar year.
As of this writing, categories include:
- Airfare purchased directly from US airlines.
- Hotel rooms booked directly with US hotels.
- Car rentals from a select list of US providers.
- Gas stations in the US.
- Restaurants in the US.
- Advertising in selected US media.
- Shipping purchased in the US.
- Select computer software, hardware and cloud services purchased in the US.
You’ll earn cash back in the 5% and 3% categories on up to $50,000 in combined purchases, after which each category reverts to 1% cash back for the remainder of the year.
For all other purchases, you’ll earn 1% cash back. And with no annual fee.
Another perk among similar cards: a 0% introductory APR on purchases valid for the first 9 months your account is open, reverting to a variable rate of 14.49%, 19.49% or 21.49% depending on your creditworthiness.
With this card, Amex also allows you to spend above your credit limit by an amount that’s subject to eligibility.
Another card with cashback categories
The perks
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Cash back: 5% on wireless and office supplies through US providers, 3% in a bonus category and 1% on everyday spending.
Running a business today requires more than pens and paper. Get 5% cash back on that and more at office supply stores and on wireless providers in the US and a bonus 3% cash back in a category of your choice on up to $50,000 in combined purchases each year. After that, you’ll continue to earn 1% cash back.
For all other purchases, earn 1% — all with no cap on how much you can earn.
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Intro APR: Save with a 0% intro APR on purchases for 9 months.
The SimplyCash® Plus Business Credit Card offers a 0% introductory APR on purchases for the first 9 months your account is open. After, your purchase rate reverts to 14.49%, 19.49% or 21.49% variable.
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Annual fee: $0.
Pay no annual fee to reap rewards for as long as you own the card.
You’ll also like
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Automatic cash back.
Amex credits all earned rewards to your statement automatically.
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Spend over your limit.
Take advantage of expanded buying power on large purchases, spending over your stated limit without penalty and repaying the difference with the next month. The specific amount you’re able to spend over you limit depends on how you use your account and your overall credit.
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Complimentary travel benefits.
Pay for airfare with the card and get baggage insurance. You’ll also get complimentary car rental and travel accident insurance of up to $100,000.
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American Express perks.
Cardmembers enjoy access to Amex Offers, with some purchases qualifying for purchase protection and extended warranties.
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$0 annual fee on employee cards.
Get a card for every employee that needs one.
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Management tools.
Manage business expenses across multiple cards through the Spend Manager app, including a year-end summary and QuickBooks integration.
What to watch out for
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Cash back categories.
If you’re not able to take full advantage of the 5% or 3% cashback categories, this card is effectively a 1% cashback card. Other cards offer higher cash back on all purchases.
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Cap on bonus cash back.
The 5% and 3% cashback categories are limited to on up to $50,000 in combined spending each year, after which the card reverts to 1%. If your business charges more than $50,000 in these categories, you might find stronger rewards elsewhere.
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Limited intro APR.
This card’s intro APR on purchases expires after 9 months — shorter than the 12 to 15 months you’ll find with other balance transfer cards.
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Fees on foreign transactions.
If you use this card abroad, you’ll pay a fee of 2.7% on your purchases.
Consider other cards if…
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Your business expenditure is broad-based.
Does the bulk of your business spending lie outside the bonus categories? If so, consider the Spark® Cash from Capital One®, which offers 2% cash back on all purchases with a $95 annual fee. Or skip the annual fee and get 1.5% cash back on purchases with the Spark® Cash Select from Capital One®.
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Your business requires extensive travel benefits.
If your employees travel frequently, consider the Business Platinum Card® from American Express, which includes airline lounge access, tier status with top hotel chains and complimentary Boingo Wi-Fi.
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You spend a lot abroad.
You’ll pay 2.7% on transactions outside the US with this card. You can avoid this fee, and also earn 2% cash back on spending through the Spark® Cash from Capital One®, but you’ll pay an annual $95 fee. Spark® Miles Select from Capital One® charges no foreign currency conversion fees and no annual fee, and offers 1.5x miles on purchases.
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Your credit history isn’t spotless.
Amex approval is difficult without solid credit. Instead, consider the Spark® Classic for Business, which earns 1% cash back with no annual fee or foreign transaction fees.
Compare business credit cards
Best American Express Cash Back Cards — March 2019
Who is the SimplyCash® Plus Business Credit Card good for?
Bonus cashback limits on this card means that midsize and larger businesses could quickly find their purchases stuck at the fallback 1% rate. That’s because you earn 5% and 3% cash back on up to $50,000 in combined purchases for supplies and wireless services and a bonus category of your choosing, which calculates to less than $4,200 a month. For combined expenses exceeding that amount, the card reverts to 1%.
Smaller businesses might make the most of this card’s cash back constraints, not to mention no annual fee.
What to know before you apply
To apply for the SimplyCash® Plus Business Credit Card, you must be a permanent resident of the US who’s at least 18 years old. Your business must also be headquartered in the US.
Required documents and information
To apply you must be:
- Legal business name, business address and income details
- Federal Tax ID number
- Your name, home address and income details
- Your Social Security number and date of birth
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.
What do customers say about the SimplyCash® Plus Business Credit Card?
This card earns a 4.5 out of 5 stars on American Express website, on par with other Amex business cards. Customers praise the generous cash back but caution that merchants must bill to specific categories, or you miss out on bonus rates.
That American Express isn’t always accepted at your local stores or wireless providers is also something to keep in mind.
As for American Express more generally, the company earns a 3.1 out of 10 on Trustpilot. Customers cite customer services issues that range from delays in opening an account to frustrations with refunded transactions. Others love easy access to customer service and the overall benefits that come with Amex.
How to apply for the SimplyCash® Plus Business Credit Card
- Find the SimplyCash® Plus Business Credit Card on the American Express site, and click Apply.
- Enter details about your business, including your Federal Tax ID.
- Enter personal contact information, your Social Security number and your income.
- Review and submit your application.
How long will it take to be approved?
American Express automates online approvals, which means that many applicants can see a decision in minutes. If your application requires a manual review, you might need to wait a few weeks.
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I got the card. Now what?
- Pay on time. Enroll in autopay to avoid the fee of up to $38 on late payments.
- Pick a bonus category. Analyze your business spending and call American Express or visit the American Express website to choose the 3% bonus cashback category that best fits your needs.
- Avoid interest. You get 25 days after the close of each billing cycle to pay off your purchases without interest.
- Manage your finances. Install the Spend Manager app to organize transactions, upload receipts and make notes. Or integrate your account with QuickBooks.
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Bottom line
With no annual fee and generous cash back, the SimplyCash® Plus Business Credit Card can earn big rewards for small and medium-size businesses.
Compare this card to the many other business credit cards to find the card that best fits your business needs.
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
