Charles H. Miller
The SimplyCash® Plus Business Credit Card from American Express is not that simple actually. And we love it for that — instead of offering a higher percentage cash back on a predefined category (i.e. office supplies), it lets users select which category will get them 3% cash back. In addition, it offers 5% cash back on wireless telephone services, and 1% back on all other purchases. It has no annual fee, but it does have an introductory APR of 0% which is good for the first 9 months. Here are the details…
Highlights
- $250 sign-up bonus (current promotion)
- 5% cash back on wireless phone services, 3% cash back on the category of your choice, 1% on everything else.
- 0% intro APR on purchases for the first 9 months, after which it goes to 12.49% – 19.49%.
- No annual fee
How It Works?
Cash back: Get 5% cash back on wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores. Also, you get to earn 3% cash back in a category you choose from a list that includes airfare, hotel rooms, car rentals, gas, restaurants, advertising in select media, and shipping. The 3% category must be selected within the first two months of opening the account, and can be changed once a year. If you don’t select a category, you will earn 3% cash back on purchases at U.S. gas stations. The 5% and 3% categories each have a combined maximum of $50,000 per year in purchases, and then you earn 1%. Also, all other purchases get you 1% cash back.
Sign-up bonus: For a limited time, American Express is offering a $250 statement credit after spending $5,000 in qualifying purchases with your card within the first 6 months of account opening.
APR: 0% introductory APR for purchases for the first 9 months. After that a variable APR of 12.49%, 17.49%, or 19.49% applies, based on your creditworthiness.
Employee cards: Add employee cards to get money back from their purchases, as well. You can also set limits on employees’ spending.
ReceiptMatch: Use a mobile app to take photos of receipts, and then label and store them for more efficient expense management.
OPEN Savings: Provides additional savings on purchases or opportunities to earn Membership Rewards points when you shop online with such companies as Hyatt Hotels, HP, FedEx, and others.
Travel benefits: Including baggage insurance for lost or stolen baggage, car rental loss and damage insurance, travel accident insurance, and more. For some reason, however, the card has a foreign transaction fee of 2.7%.
Shopping benefits: Extended warranty that adds an additional year to the length of the manufacturer’s warranty, and purchase protection which covers purchases made with the card in the event they are lost, damaged, or stolen.
Costs
- 0% intro APR on purchases for 9 months, then 12.49%, 17.49%, or 19.49% variable APR
- No Balance Transfer Option
- 2.7% Foreign Transaction Fee
- $0 Annual Fee
At American Express’ secure website
Pros
- Sign-up bonus that, at the moment, is worth $250 (after spending $5,000 with your new card within the first 6 months).
- Introductory APR on purchases – use the first 9 months to finance big(ger) company purchases (i.e. stock up on office supplies or take a business trip).
- 5 + 3 + 1 percent savings – and you get to pick which category will get you 3 percent cash back.
Cons
- Cap on 5 and 3 percent cash back – you should do the math and see whether this card works for you. Perhaps, you are better off grabbing some “all-inclusive 2% cash back card.” Perhaps not.
- Foreign transaction fee – no matter how small, it is still annoying. Makes you want to have a different card for travelling (which is usually the case).
Is This The Card For You?
If you spend a lot on wireless phone services, the answer is YES. You can get 5% of the money you would spend anyway — back. Also, you get to choose a single category to get 3% back, which is neat. You are not forced to say, buy, office supplies or gas. All other purchases will get you 1% cash back. There is no annual fee, and we would say that the APR is reasonable, though that depends on your creditworthiness. Plus, let’s not forget that in the first 9 months, the APR on purchases is 0%, making this card that much sweeter. Especially for businesses looking to make a big purchase in the near future. Check it out.
