The Business Gold Rewards Card from American Express OPEN is a high rewards charge card geared to small businesses that offers a generous Membership Rewards® points bonus and plenty of perks to keep cardholders around long after that intro bonus.(American Express is a CardRatings advertiser)
The card offers three times points in one category of your choice from the following list:
You also pick up two times the points on the other four categories that you don't choose for your three times points. All your other purchases earn one point per $1 spent.
You can redeem points with 500 brands in travel, merchandise and entertainment, dinners to take out new or existing clients, and gift cards to reward your employees.
American Express waives the first year's annual fee, but the annual fee after the first year is $175. While that fee is higher than some business credit cards, for all you get in return it could turn out to be well worth it.
And then there's the intro offer: if you spend $5,000 in qualifying purchases in the first three months, American Express will give you 50,000 Membership Rewards® points.
The Business Gold Rewards Card from American Express OPEN offers a "No Pre-Set Spending Limit" situation. This doesn't mean you have unlimited spending on the card, but rather, it adjusts your limit depending on your payment history, credit record and financial resources. And, since this is a charge card, you won't be tempted to let balances roll over and accumulate interest.
The card is great for business-related purchases, especially for travel, such as airline costs and gas, as well as shipping.
The high rewards introductory bonus is a not-to-be-overlooked feature since you can rack up the points quickly if you spend $5,000 in qualifying purchases in the first three months. The Business Gold Rewards Card from American Express OPEN is geared toward business that routinely make big purchases - the three times points and two times points are for the first $100k in EACH of the five categories, so you can amass some serious points if you max out your spending in each of those categories.
Other perks include no foreign transaction fees, which can stretch your international dollar and, perhaps best of all, no interest charges since this is a charge card as opposed to a credit card. You'll be paying off the balance each billing cycle, which does take planning, but should be a wonderful incentive to stay within your budget.
The annual fee of $175 after the first year is hefty, so make sure your business spends enough in the various categories to rack up the rewards that will offset that fee.
Additionally, it's a charge card so you have to pay off the balance each month. If yours is a business that anticipates needing to carry a balance from time to time, you'll want to keep that in mind before applying.
The Capital One® Spark® Cash for Business card's cash-back program isn't as generous as that of the American Express card, but it also doesn't have limitations. You get unlimited 2 percent cash back on all your purchases, so you get the same amount no matter what you buy or how much of it.
Both cards waive the annual fee for the first year, but the Capital One® Spark® Cash for Business card's $59 annual fee is obviously more affordable than the Business Gold Rewards Card from American Express OPEN's $175 fee. The fee becomes irrelevant, of course, if you more than offset it with your rewards.
American Express gives you 50,000 Membership Rewards® points if you spend $5,000 in qualifying purchases in the first three months. Capital One gives a one-time $500 cash bonus once you spend $4,500 within three months of account opening, so the intro bonus are both substantial.
Lastly, neither card charges foreign transaction fees.
The Capital One® Spark® Cash for Business is a regular credit card so you don't have to pay off the balance each month like the American Express charge card. This decision really comes down to where you spend your money and which card will better reward you based on that spending.
The Ink Business Preferred℠ Credit Card offers 80,000 bonus points after you spend $5,000 in the first three months, a substantial bonus. Plus, those are Chase Ultimate Rewards® points - highly valued and easily transferable to a wide range of loyalty programs.
On the Chase card, you earn three points per $1 on the first $150,000 in select categories each account anniversary year, including travel, shipping, Internet, cable and phone services and advertising charges made through social media sites and search engines. You also get one point per $1 on all other purchases with no limit.
The Chase card has a $95 annual fee (the first year fee is NOT waived), and, like the American Express card, the Chase card does not have foreign transaction fees.
Once again, the Ink Business Preferred℠ Credit Card is a credit card so you don't have to pay off the balance each month. This relatively new business card also offers the rare perk of cellular telephone coverage for the primary line on the account as well as any employee phones on the same account as long as the bill is paid with your Ink Business Preferred℠ Credit Card each month.
The first thing the stands out about the Bank of America® Cash Rewards for Business Mastercard® credit card is that there is no annual fee. The card also offers 0 percent APR for the first nine billing cycles, so this is a good card for a business with a big purchase coming up or perhaps for an entrepreneur with some start-up costs on the horizon.
The introductory offer isn't as generous as the American Express card, but you don't have to spend much to take advantage of the offer with the Bank of America card. The Bank of America® Cash Rewards for Business Mastercard® credit card offers a $200 statement credit after $500 in purchases within 60 days of the account opening.
The Bank of America card offers 3 percent cash back on purchases at gas stations and office supply stores up to $250k spent annually; 2 percent on purchases at restaurants; and 1 percent on all other purchases. Note that annual cap of $250,000 on combined gas station and office supply store purchases. You only get 1 percent on those purchases after that limit.
You can redeem your cash rewards for cash back or apply them to a Bank of America savings or checking account.
This probably isn't the best option for businesses that engage in foreign travel as there is a 3 percent foreign transaction fee on all your purchases on the card while abroad.
The Business Gold Rewards Card from American Express OPEN is perfect for people who don't mind paying a high annual fee with the understanding that you get benefits with the card that make the fee worthwhile.
The three times points program is generous, but you'll want to make sure you will spend a lot on one of those five categories.
There are no foreign transaction fees so the American Express card is a great option for small businesses that spend internationally.
One important thing to remember is that the American Express card is a charge card so you have to pay off your balance each month. If this may cause a problem, you should check out other business cards. But if you don't want to pay finance charges and expect to pay off your balance each month, The Business Gold Rewards Card from American Express OPEN could be the right card for you.