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Getting the SimplyCash® Business Credit Card from American Express can be a smart business move, as it can reduce some of your company’s operating costs. If either of the 5% or 3% cash back categories offered by this card align with some of your business’ expenditures, we recommend applying. As always, however, it is prudent to consider other options, to see if another card can be more profitable in the end.
Review: Is the SimplyCash® Business Credit Card from American Express Right For Your Business?
The SimplyCash® Business Credit Card from American Express is one of the best business credit cards, primarily due to the flexibility it offers. The card’s highest rewards cash back category of 5% can be matched by some of its competitors. However, the card also allows you to choose one category, among 7, where you will earn 3% back, for the first $25,000 in purchases each year, and 1% after that. The ability to choose a category that will fit your businesses’ needs, at an above average rewards rate, is a fantastic feature. Furthermore, some of the categories available for the 3% savings are things you won’t find in other cards – such as purchases of advertising in select media, and shipping.
This card is also part of American Express OPEN, with some benefits that offer convenience and savings for your business. Firstly, through OPEN Savings, you can get additional discounts on things like shipping and HP purchases. These can stack on top of the cash back that already comes with the SimplyCash® Business Credit Card from American Express. Through OPEN, cardholders also have the ability to set account managers, browse and interact with a community of business owners – both big and small – and more. We go over Amex OPEN in greater detail below.
If part of your business involves travel, the savings offered through the SimplyCash® Business Credit Card from American Express will only remain competitive domestically. The card comes with a 2.7% foreign transaction fee, which makes it a poor choice for purchases abroad.
Bottom Line: If any of your businesses’ expenses fall into the SimplyCash® Business Credit Card from American Express cash back reward categories, we recommend getting it. The IRS considers these cash back rewards as “rebates”, which means they do not count as income. That means earning these rewards will be pure profit, which you can invest to improve your business.
SimplyCash® Business Credit Card from American Express Benefits & Features
The SimplyCash® Business Credit Card from American Express is a no annual fee, cash back credit card. It earns 5% back on the first $25,000 spent annually at U.S. office supply stores, and on wireless telephone services purchased directly from U.S. service providers. Another 3% in cash back rewards can be earned one category of your choosing, from any of the following:
- hotel rooms
- car rentals
- gas stations
- advertising in select media
Like the 5% rewards, the 3% savings only applies to the first $25k in spending each year, within your select category. All other purchases will earn you an unlimited 1% back.
New cardmembers also have a chance to qualify for $250 in statement credit, provided they spend $5,000 in purchases within the first 6 months of opening their account. That comes out to a minimum rewards rate of 4.2% on the first $6k you charge to the card, provided you can qualify for the bonus. You cannot qualify for this bonus by transferring a balance or performing a cash advance. Additionally, if you had another SimplyCash® Business Credit Card from American Express account opened within the last 12 months, you will be ineligible to receive the bonus.
Business Benefits Through American Express OPEN
As with every business credit card issued by American Express, the SimplyCash® has access to Amex OPEN business solutions. These vary in how much value they add to the card, and you should keep in mind they are not exclusive to this credit card. Still, it is worthwhile highlighting some of the best aspects of OPEN, that you can enjoy by being a SimplyCash® Business Credit Card from American Express cardholder.
OPEN Savings® gives SimplyCash® Business Credit Card from American Express cardholders an additional 5% discount when shopping with participating partners. This benefit can stack on top of other promotions – including the cash back you receive from this card. The list of partners includes:
- Hertz – also limited to a number of participating locations, that can be viewed on OPEN’s site.
- FedEx – 5% discount available on shipping services, up to $20,000 per calendar year.
- HP – you can get 5% cash back on each dollar spent at HP.com, up to $30,00 in purchases each calendar year.
- 1800Flowers.com – unlimited savings of 5% on every $1 you spend through the site.
- Barnes & Noble – the 5% discount here applies only to purchases at BN.com, not at retail stores.
Some of the above retailers, such as Hertz, fall into the cash back categories that by default come with the SimplyCash® Business Credit Card from American Express. If you were, for example, to choose “rental cars” as your 3% category, you could potentially get an 8% discount when shopping at select Hertz locations using your card. This is by far the optimal use of this credit card.
Account Manager & ReceiptMatch
Despite opening this card their own name, or their company’s name, business owners may wish to designate one of their employees or business partners to act as an account manager. This individual will be able to keep track of all spending on the card, as well as handle payments and disputes. No matter the size of your business, you are likely to have at least one person designated to handling the company’s finances, which makes this feature useful for delegating bookkeeping and accounting tasks.
One other Amex OPEN feature which fits nicely with Account Manager, is ReceiptMatch. It allows users to track spending by adding receipts and tags via a desktop or mobile device. You can even sync this data with QuickBooks.