Business Gold Card from American Express® Review

The Business Gold Card from American Express® is tailored for business owners who seek flexibility and robust rewards to support their enterprises. With its distinctive rewards structure and a variety of travel perks, this card aims to provide business owners with the tools they need to maximize their spending and manage their finances efficiently. In this comprehensive review, we will delve into the features, benefits, and potential drawbacks of the Business Gold Card, providing you with the insights necessary to determine if this card aligns with your business needs.

Business Gold Card from American Express® Key Takeaways

– Reward Structure: Earn 4x points on the 2 select categories where your business spends the most each billing cycle, up to $150,000 in combined purchases each calendar year. Earn 1x points on all other purchases.
– Welcome Offer: 70,000 Membership Rewards® Points after spending $10,000 on eligible purchases within the first 3 months.
– Annual Fee: $295
– APR: Variable rates range from 19.49% to 27.49%
– Foreign Transaction Fees: None
– Credit Score Requirement: Good to Excellent (670-799)
– Additional Perks: Travel benefits, purchase protections, and various insurance options.

Business Gold Card from American Express® Pros and Cons

Pros

– No Foreign Transaction Fees: Ideal for businesses that operate internationally or frequently travel abroad.
– Flexible Rewards System: The 4x points on the top two spending categories each billing cycle caters to your business’s unique spending patterns.
– Generous Welcome Offer: 70,000 Membership Rewards® Points can significantly boost your rewards balance early on.
– Robust Travel Benefits: Includes 25% Airline Bonus, The Hotel Collection perks, and various travel insurances.
– Comprehensive Purchase Protections: Covers purchases with extended warranty and purchase protection.

Cons

– Annual Fee: At $295, the annual fee may be steep for some small businesses.
– No Intro APR Period: There’s no introductory APR offer for purchases or balance transfers.
– Lack of Balance Transfer and Cash Advance Options: This card doesn’t support balance transfers or cash advances, limiting its flexibility in certain financial situations.

Business Gold Card from American Express® Benefits

Reward Points

The standout feature of the Business Gold Card is its flexible rewards structure. You earn 4x points on the two select categories where your business spends the most each billing cycle. This applies to the first $150,000 in combined purchases from these categories each calendar year. After hitting this threshold, you earn 1x points per dollar spent. For all other purchases, you earn 1x points.
The categories eligible for 4x points include:
– Airfare purchased directly from airlines
– Advertising in select media (online, TV, radio)
– Gas stations
– Shipping
– Computer hardware, software, and cloud computing purchases made directly from select providers
– Restaurants
This flexibility allows you to maximize your rewards based on your business’s unique spending patterns. Whether you’re frequently traveling, investing in advertising, or purchasing tech equipment, this card adapts to your needs.

Welcome Offer

New cardholders can earn 70,000 Membership Rewards® Points after spending $10,000 on eligible purchases within the first three months of card membership. This is a substantial welcome offer that can quickly add value to your rewards balance.

Travel Benefits

The Business Gold Card is packed with travel benefits that can enhance your business trips:
– 25% Airline Bonus: When you book flights using Membership Rewards® Pay with Points through American Express Travel, you get 25% of those points back, up to 250,000 points per calendar year.
– No Foreign Transaction Fees: You can make purchases abroad without incurring additional fees, making this card suitable for international business.
– The Hotel Collection: Book stays at participating properties and receive benefits such as a $100 hotel credit and room upgrades when staying at least two consecutive nights.
– Global Assist® Hotline: Access to 24/7 emergency assistance and coordination services when traveling more than 100 miles from home. This includes medical, legal, and passport referrals, as well as emergency cash wires and luggage assistance.
– Baggage Insurance Plan: Coverage for lost, damaged, or stolen baggage when purchasing the entire fare on a common carrier vehicle ticket (e.g., plane, train, ship, or bus) with your eligible card. Coverage includes up to $1,250 for carry-on baggage and up to $500 for checked baggage.
– Car Rental Loss and Damage Insurance: Coverage for damage to or theft of a rental vehicle when you use your card to reserve and pay for the entire rental and decline the collision damage waiver.

Additional Protections

– Trip Delay Insurance: If an unforeseen event delays a trip, this insurance can cover some related expenses.
– Purchase Protection: Eligible purchases are covered against accidental damage or theft for up to 90 days from the date of purchase.
– Extended Warranty Protection: Extends the manufacturer’s warranty on eligible purchases.

Rates and Fees

The Business Gold Card has a variable APR ranging from 19.49% to 27.49%, depending on your creditworthiness and other factors. There is no introductory APR period for purchases or balance transfers, and the card does not support balance transfers or cash advances.

Fees

– Annual Fee: $295
– Late Payment Fee: $39 or 2.99% of any past due Pay in Full amount, whichever is greater
– Returned Payment Fee: $39
– Penalty APR: 29.99%
To avoid paying interest, ensure that your due date is at least 25 days after the close of each billing period and pay your entire balance by the due date each month.

Fraud Protection

American Express provides robust fraud protection features, including instant fraud alerts and zero liability for unauthorized charges. This ensures your business is safeguarded against fraudulent activities.

Payment Flexibility

The Business Gold Card offers payment flexibility through the Pay Over Time feature. This allows you to carry a balance with interest on eligible purchases, giving you more control over your cash flow.

Conclusion

The Business Gold Card from American Express® is a powerful tool for business owners looking to maximize their spending and enjoy a range of travel and purchase protection benefits. The card’s flexible rewards structure, generous welcome offer, and comprehensive travel perks make it an attractive option for businesses with significant spending in specific categories.
However, the $295 annual fee and lack of an introductory APR period may be prohibitive for some small businesses. Additionally, the card’s inability to support balance transfers and cash advances could be a drawback for those seeking more financial flexibility.
Overall, if your business frequently spends in the eligible 4x points categories and you can leverage the travel benefits, the Business Gold Card can provide substantial value. As always, it’s important to assess your business’s specific needs and spending patterns to determine if this card is the right fit for you.
By carefully considering these factors, you can make an informed decision that aligns with your business goals and financial strategy.