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The SimplyCash® Plus Business credit card is easily one of the best small business credit cards to have, especially if you are a tech company. With no annual fee and rewards rates that climb as high as 3% or 5% on select categories, it’s hard to find a card that provides better dollar for dollar value.
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Review: Is the SimplyCash® Plus Business Credit Card from American Express A Good Investment?
From a pure value perspective, the SimplyCash® Plus Business Credit Card from American Express is one of the best small business credit cards. There is no other credit card on the market that provides 5% cash back rewards on up to $50k in annual spending at no annual fee. Particularly interesting is the potential to earn 3% cash back on U.S. computer hardware, software, and cloud computing purchases made directly from select providers. Eligible providers include Apple, Newegg, Rackspace, Microsoft, and Oracle. Prior to the launch of the SimplyCash® Plus card, the only card to offer a 3% rewards rate on computing purchases was American Express® Business Gold Card, also from Amex. That card, however, comes with a $175 annual fee. Therefore businesses that spend less than $58,500 per year with these vendors would be better off with the SimplyCash® Plus.
American Express, in general, is an issuer favored by many businesses – small and corporate. Amex cards generally enjoy high praise for their customer service, and that means you can expect the same out of the SimplyCash® Plus Business Credit Card from American Express. A major downside to consider, however, is that many merchants may not accept this card. Though Amex sees big acceptance in the United States, it is not quite as widespread as VISA and Mastercard, due to the former having above average credit card processing fees.
Bottom Line: If you have business expenses that line up with the 5% and 3% categories on this card, and your annual expenditures don’t exceed $58k, this will be one of the most rewarding business credit cards you can get. At no annual fee, this is a good investment that is likely to only provide your company with a net savings – as long as you pay your bills on time and in full each month.
SimplyCash® Plus Business Credit Card Benefits & Features
The SimplyCash® Plus Business card provides businesses with cash back rewards on every dollar spent. Using the card to shop at U.S. office supply stores and wireless telephone services purchased directly from U.S. service providers generates the highest returns. In these categories, businesses can earn up to 5% back on the first $50,000 in combined purchases per year, and unlimited 1% back after that. Companies that apply for this card can also earn 3% back on up to the first $50,000 in spending per year on one of the following categories:
- U.S. gas stations
- U.S. restaurants
- U.S. purchases for advertising in select media
- U.S. purchases for shipping
- Airfare purchased directly from airlines
- Hotel rooms purchased directly from hotels
- Car rentals purchased from select car rental companies
- U.S. computer hardware, software, and cloud computing purchases made directly from select providers
The SimplyCash® Plus credit card is one of the few products on the market that offers discounts on that last category – computer hardware, software, and cloud computing. Places such as Apple, Rackspace, and Microsoft are some of the select providers. A full list of which vendor's qualify for each category designation can be found on Amex's website. Prior to the launch of this card, the best rate you could get on these purchases was with American Express® Business Gold Card and a Capital One® flat-rate 2% cash back card – but those come with an annual fee. Tech startups and other businesses that rely heavily on technology solutions can put a decent dent in expenses by charging their expenses in that category to the SimplyCash® Plus card.
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No Preset Spending Limit
The SimplyCash® Plus card is one of the few credit cards with no preset spending limit – a feature typically found on charge cards. Having no preset limit doesn’t mean you can charge as much as you want to the card. You will still have a credit limit placed on the account, it just won’t be fixed. American Express will issue your company a limit that is based on your payment history, and your business's credit score. If you always pay off your bill in full and on time, this limit will inevitably increase allowing you to make big-ticket purchases, should the need arise.
How Does The Amex SimplyCash® Plus Card Compare Against Other Small Business Credit Cards?
In order to walk away with the best credit card for your business, it’s necessary to comparison shop between different options. The decision as to which card will provide you with the best value cannot be made in a vacuum. In this section, we take a look at how the Amex SimplyCash® Plus preforms when compared against some of its leading competitors.
Amex SimplyCash® Plus vs Ink Business Cash℠ Credit Card
The Ink Business Cash℠ Credit Card is the better small business credit card only if you have significant internet, cable, or landline phone expenses. The SimplyCash® Plus Business Credit Card from American Express is the superior card in most other aspects, provided that the merchants you deal with accept cards on the American Express network. Both the Ink Business Cash℠ Credit Card and the SimplyCash® Plus Business Credit Card from American Express have no annual fee, and offer 5% cash back at office supply stores and on cellular phone services – up to $25k and $50k in annual spending, respectively. The Chase business credit card extends it’s 5% savings to landline, and internet services as well. Outside of that, the 3% category on the SimplyCash® Plus Business Credit Card from American Express will always outperform the Ink Business Cash℠ Credit Card, combined with the fact that it has double the limit on its bonus categories.
Amex SimplyCash® Plus vs Capital One® Spark® Cash for Business
The Capital One® Spark® Cash for Business is a more-well rounded credit card that offers unlimited 2% cash back on all the expenses your business charges to it. This can be advantageous in two scenarios – if your business has major annual expenses that exceed $206k or if the categories on the SimplyCash® Plus Business Credit Card from American Express don’t line up with your company’s vendor list. For businesses with small budgets, paying the annual fee on the Capital One® small business credit card won’t make sense, and will result in a net loss. A noteworthy advantage of the Capital One® Spark® Cash for Business is that it comes with no foreign transaction fees, making the card perfect for business travelers who fly to Europe or even Canada. If you wanted to use your Amex SimplyCash® Plus card outside of the U.S. you would be hit with a 2.7% fee each time.