American Express SimplyCash® Plus Business Credit Card
Cashback credit cards aren’t just for consumers. With the SimplyCash Plus Business credit card from American Express, you can get cash rewards for every purchase you make to help offset the cost of running a business. And the bonus categories for purchases are for what you already spend most of your money on—office supplies, wireless phone service and more.
As a small business owner, the last thing you need is to spend extra money on annual fees, and with this card it’ll cost absolutely nothing to earn rewards. You can also choose one of your bonus categories from a list of eight, which gives you more earning power and flexibility. The cashback rewards can be used toward anything in the form of statement credits.
Unfortunately, there isn’t a sign-up bonus, but the higher earning potential can make up for it in the long run.
Bonuses and Benefits
Knowing what benefits come with a credit card can help you decide if it’s a good fit for you. Here we cover the bonuses and perks that the SimplyCash® Plus Business Credit Card offers and the value of the AMEX cashback you earn.
The card doesn’t offer a welcome bonus to new cardholders. On the bright side, it doesn’t charge annual fees, either. It’s a good option for those business owners looking to build a credit history and earn some money back in the process.
What You Get
- 5% cash back at office supply stores and for wireless telephone services
- 3.0% cash back for one category of your choice
- 0% APR on purchases for 9 months
- Free employee cards
- No annual fee
Cashback rewards earned with the SimplyCash Plus Business Card do not expire. In fact, the rewards automatically get credited to your statements every month, as long as the minimum payment is made before the due date. There’s no need to worry about reaching a certain redemption threshold or remembering to redeem manually.
What is the value of American Express Cash Rewards Points?
Cash back earned with the American Express SimplyCash Plus Business card applies automatically to your bill every month starting on the second statement. You will receive 5, 3 or 1 percent back on every purchase, depending on the merchant category. Every purchase earns rewards.
The Best Ways to Redeem American Express Cashback
The only way to redeem cash rewards earned with the SimplyCash Amex card is for statement credits. This credit card does not participate in the Membership Rewards program, and rewards cannot be transferred to any travel partners. Cash back is credited to your monthly bill automatically, so you don’t even have to do anything to reap the rewards. It’s all done for you as long you submit the minimum payment every billing period.
Everyday Earnings with SimplyCash® Plus Business Credit Card
The SimplyCash Plus Business card earns 5 percent cash back at U.S. office supply stores and on wireless phone services purchased directly from the U.S.-based providers. Another 3.0 percent cash back can be earned in one of eight categories: airfare purchased directly from airlines, hotel rooms purchased directly from hotels, car rentals booked directly with car rental agencies, U.S. gas stations, U.S. restaurants, U.S. advertising in select media, U.S. shipping, or computer hardware, software and cloud computing services purchased from U.S. providers. You get to choose the category that fits your spending habits the best. All other purchases earn 1.0 percent cash back.
Keep in mind that 5 and 3.0 percent back is limited to the first $50,000 in purchases in bonus categories annually.
- Office supply stores
- Car Rental
- Wireless phone services
- All Other Purchases
Foreign Transaction Fee
You’ll have to pay a fee of 2.7% for each transaction made outside of the U.S.
Fees: the cost of Having SimplyCash® Plus Business Credit Card
Although there are many risks involved with opening a small business, opening this business credit card account isn’t one of them. The Amex SimplyCash Plus Business card doesn’t charge annual fees and is easy to keep year after year. Every $1,000 worth of spending in the highest bonus category will give you $50 back on your bill. If you spend a lot at office supply stores, you might as well earn some of that money back with the SimplyCash rewards card.
- Annual Fee
- Foreign Transaction Fee
- 2.7% of each transaction in U.S. dollars
- Late Payment Fee
- Up to $38
The SimplyCash Plus Business credit card is a no-fee card. You do not have to earn a certain amount of rewards in order to cover the cost since it’s free. It’s still good to know roughly how much you’ll be earning, though. We’ve broken out our estimates for the first- and second-year net earnings.
These estimates are based on an annual monthly spend of $2,000
Top 5 Benefits of the SimplyCash Plus Business Credit Card
The SimplyCash Plus Business card is one of the most rewarding credit cards for small business owners on the market right now. Let’s take a look at its top five benefits.
- No Annual Fee: Not everything you need for your business requires an investment. This cashback card costs nothing and helps your business build its own credit history.
- Lucrative Earning Potential: Every purchase earns at least 1 percent cash back, and purchases in select categories earn up to 5 percent.
- Hassle-Free Redemptions: Cash rewards automatically turn into statement credits toward any business expense. All you have to do is pay your bill on time.
- 0% Intro APR: The SimplyCash Plus card offers 0% APR on purchases made in the first 9 months of card opening.
- More Buying Power: In addition to 0% APR, this card offers the option to spend above your credit limit without paying extra fees, which gives you a bit more flexibility.
Should You Get the SimplyCash Plus Business Credit Card?
If you enjoy no-hassle cashback rewards and run a small business or start-up, the SimplyCash Plus Business credit card is a pretty good choice. Although there isn’t a sign-up bonus, the card offers some bonus spending categories that earn up to 5 percent back. Business owners who spend the most on office supplies and wireless phone services can really maximize their return by using this card. And the option to choose another bonus category just gives you more control over your earning potential.
The fact that this card offers a high cap on bonus spending and doesn’t charge annual fees is just mind-blowing. You’ll earn up to 5 percent back in certain categories on up to $50,000 of spending a year. If you prioritize value above all else, this might be the best rewards card for your business, especially if most of your business spending falls into the bonus categories.
The only drawback of this card is that American Express is the issuer, which is not universally accepted by all merchants. However, if most of your spending is in the U.S., you shouldn’t have many problems using your card. Also, the card charges foreign transaction fees and is not the best option for international business travelers.
Need more info? Check out our frequently asked questions. If you have other questions, please click on “Ask Now” below.
- The SimplyCash Plus Business card is a credit card, which means the balance can be paid over time. We do not recommend accumulating interest because doing so can erase the value of your rewards, but the card also offers 0% APR on purchases made in the first nine months of card opening.You can also buy above your credit limit should you need to make a large purchase. Not having a pre-set limit offers flexibility and gives your business more spending power.
- Applying for a small business card is a good way of establishing credit history for the business and keeping personal and business expenses separate. All of the SimplyCash card’s bonus categories are business related, and paying those expenses with a business card can make your quarterly or yearly taxes much easier to file. All business spending is organized in one place and easy to access.It is also beneficial to issue employee cards that are attached to a single business account so that employees don’t have to deal with reimbursement forms later.
- No, additional employee cards do not cost a dime with the SimplyCash Plus Business credit card. Issuing employee cards is a great way of generating even more rewards, which accumulate in the primary account. Employee cards earn bonus points in the same categories as the primary cardholder.Employee cards also save the hassle of using personal cards and filling out paperwork for reimbursement afterward. Just remember that the primary cardholder will be responsible for all the charges made on employee cards.
When it comes to rewards cards, American Express knows what cardholders need. Besides the SimplyCash Plus card, the issuer offers business owners the Plum card and the Blue Business Plus credit card, among others.
Other American Express Business cards
To help your business meet its needs, The Plum card offers 1.5 percent back if you pay early, with the option to instead carry a balance for up to 60 days without interest. Take your pick. You can also choose your billing cycle and issue employee cards at no additional cost. The Plum card waives the annual fee of $250 for the first year.
Blue Business Plus from American Express charges no annual fees and earns two Membership Rewards points per dollar spent in all categories on up to $50,000 annually. This business card also offers 0% introductory APR on purchases and balance transfers for the first 15 months of account opening. If your business spending varies across multiple categories, it’s hard to beat this card’s earning rate.
Compare SimplyCash Plus to Other Cards
The SimplyCash Plus Business card from Amex is one of the best business rewards cards that charge no annual fees. All the cards below earn cash rewards and offer various redemption opportunities.
The Spark Classic for Business MasterCard from Capital One earns 1.0 percent cash back on every single purchase you make with your card. It’s not the best earning rate, but this card charges no foreign transaction fees, so you can rest assured your international purchases will not accrue extra charges. The Spark Classic for Business presents a great opportunity to build and improve credit for your business without having to pay annual fees.
The Business Edge Cash Rewards World Elite MasterCard from U.S. Bank earns 3 percent cash back on cell service, gas and office supply stores, and 1.0 percent cash back on everything else. The card comes with a sign-up bonus of $200 cash back after spending $1,000 on eligible purchases in the first 90 days of card membership. Additionally, the Business Edge card awards a 25 percent bonus on your previous year’s rewards, for up to $250 per year. This card also doesn’t charge annual fees.
Whenever you apply for a credit card make sure you read the terms and conditions of the card and the rewards program to find out about minimum spend requirements and any restrictions to ensure you can successfully obtain the card and earn the rewards it offers.
Card Terms and Conditions
While it's easy to focus on the rewards offered by the SimplyCash Plus Business credit card, it's worth taking a closer look at the terms and conditions. There's a lot to consider as you think about how you're going to use the card. Will you carry a balance, get a cash advance or maybe make a big purchase? Below is a rundown of the various interest rates, purchase protections, security features and mobile banking options that come with this Amex card.
- Intro APR:
- 0.0% introductory APR for the first 9 months
- Intro APR for balance transfers:
- See Terms and Conditions
- Ongoing APR:
- 13.24% to 20.24% Variable±
- Minimum Grace Period:
- 25 days
- Extended Warranty Protection:
- The benefit extends the terms of the manufacturer's warranty of five years or less for one additional year. Coverage is limited to $10,000 per occurrence and $50,000 per calendar year. To be eligible for claim payment, the account must be in good standing.
- Purchase Protection:
- The benefit protects eligible purchases made with your card if items are lost, stolen or damaged within 90 days of purchase. To be eligible for claim payment, the account must be in good standing. Coverage is limited to $1,000 per occurrence and $50,000 per calendar year.
Cash Advance Features
- Ongoing APR:
- See Terms and Conditions
- Cash Advance Fee:
- See Terms and Conditions
Security and Protections
American Express provides members with all the security features they would expect. The SimplyCash Plus Business card comes with chip technology, account alerts, a mobile app and access to a FICO score to help protect customers against unauthorized transactions and identity theft.
- Account alerts:
- Set up alerts to be notified when large transactions occur, if there’s an unauthorized withdrawal and when your bill’s due.
- Banking On the Go:
- Track your account with the mobile app
- EMV Chip Technology:
- Get global acceptance and enhanced security at merchants that use chip-enabled terminals.
- Credit Score Reports:
- Monitor your credit history for unusual activity, including recently opened accounts and inquiries made on your history.
American Express cards are compatible with NFC payment options, such as Apple Pay, Android Pay and Samsung Pay. The feature is easy to set up, safe to use and is convenient as more and more stores allow customers to pay via mobile wallet apps. It’s possible to use a mobile wallet in stores and online at participating merchants.
Additional Cardholder Benefits
American Express Travel Benefits
- Roadside Assistance:
- Premium roadside assistance covers cardholders up to 4 times per year when they're in their car and need towing (up to 10 miles), winching, lockout service, battery jump, flat tire change or fuel delivery (up to 2 gallons). Coverage is available in the United States, District of Columbia, Canada, Puerto Rico and the U.S. Virgin Islands.
- Travel Accident Insurance:
- The benefit covers unexpected events, bodily injuries and loss of life when using a common carrier to travel. To be covered, card members must purchase the entire fare with the SimplyCash Plus Business card. The plan pays up to $50,000 for loss of one hand or one foot or sight in one eye and up to $100,000 for loss of both hands, feet, eyes or life.