AmEx SimplyCash® Plus Business Credit Card Review – Small Business Edition

AmEx SimplyCash® Plus Business Credit Card Review – Small Business Edition
Dustin Clendenen
on May 29, 2018
Read in 4 min

If you’re familiar with American Express, you know the brand is synonymous with world-class service.

What’s more, AmEx business cardholders have come to expect equally impressive perks, such as Purchase Protection, Extended Warranties, and access to the rewarding OPEN Savings Program.

With the combined benefits of a charge card and a credit card, this enhanced version of the original Amex SimplyCash® card is tailor-made for aspiring entrepreneurs and SMBs that value simplicity.

Learn more about Business Credit Cards vs. Charge Cards

With built-in tools for managing expenses while rewarding cardholders with cash back on a variety of spending categories, using the SimplyCash® Plus card can offset operating costs significantly if any of your larger business charges align with the 5% or 3% cash back categories.

Who is the AmEx SimplyCash® card for?

Whether you’re an aspiring entrepreneur or already own a U.S. based small to mid-sized business, this card will be a worthy tool for handling your daily operating costs.

If you have to frequently travel, treat clients to dinner, ship packages or advertise your services, even better—

Because the SimplyCash® Business Credit Card can earn you 3% cash back in one of these categories of your choosing each year.

Our detailed credit card reviews are here to help you identify the options for your small business needs:

AmEx SimplyCash® Review of Benefits

American ExpresSimplyCash® Business Rewards

The SimplyCash® Plus Business Credit Card gives 5% cash back for purchases at office supply stores as well as wireless telephone services; two categories that virtually every business will have to spend in at some point or another.

Plus, with AmEx SimplyCash®, you can earn 3% cash back rewards annually on purchases in one of seven categories:

  • Airfare
  • Hotel rooms
  • Car rentals
  • Gas stations
  • Restaurants
  • Advertising (in select media)
  • & Shipping

A little planning and you can build major savings with this feature!

Access the AmEx OPEN Savings Program with this American Express Business Credit Card

American Express’s legendary OPEN Savings Program grants cardholders up to 5% discounts at select merchants and participating partners.

This can stack on top of other benefits, including the cash back you receive from your purchases.

Merchants participating in the AmEx OPEN Savings Program include:

  • Hertz
  • Hyatt
  • FedEx
  • Hewlett-Packard
  • 1800Flowers.com,
  • Barnes & Noble
  • and more!

Learn more about how the Best Banks For Business May Not Be Banks At All

No Annual Fee on AmEx SimplyCash® 

If you want to enjoy rewards without tacking on any additional expenses, the AmEx SimplyCash® card is still among the best no-annual-fee credit cards available for business purposes.

Spend Tracking & Management, Courtesy of American Express SimplyCash® 

The card dashboard automatically categorizes purchases so you can see where your money is going, and also alert you if you’re going over budget.

Not too shabby…

Learn more about Bad Habits To Break For Gigantic Business Growth

AmEx SimplyCash® Review of Drawbacks

No Rewards on Foreign Purchases with AmEx SimplyCash® 

This card really emphasizes the “American” in American Express.

Though you can earn 3% cash back in categories like airfare, hotels and car rentals, that only applies to domestic flights and lodgings booked in the United States.

AmEx SimplyCash® May Not Be Best for Traveling Abroad

In addition to not being able to accrue cash back rewards made on purchases overseas, you actually get penalized for using the card out of the country.

Each purchase made in currencies aside from the U.S. Dollar has a 2.7% foreign transaction fee tacked on top of it.

Looking for a Business Credit Card with No Foreign Transaction Fees?

Expect High Penalties with this Business Credit Card

Should you default on your balance, you’ll be punished with a steep 29.99% penalty interest rate.

This automatically goes into effect if you have two or more late payments in a 12 month period, or if you have a returned payment.

Paying your bills on time is important no matter what, but especially so with American Express SimplyCash® Plus.

American Express is Not Accepted by All Merchants

Though there are more businesses than ever in the American Express network, it’s still not uncommon to come across merchants who refuse to accept the card.

This means you can’t count on the AmEx SimplyCash® Plus to be your only business credit card.

With American Express’s notoriously high per sales fees, can you really blame merchants for not accepting the card?

SimplyCash® Plus from AmEx Credit Card Details

APR: 13.74% (Prime Rate + 8.99%), 18.74% (Prime Rate + 13.99%) or 20.74% (Prime Rate + 15.99%), based on cardholder’s creditworthiness as determined at the time of account opening.

Grace Period: Your due date is at least 25 days after the close of each billing period.

American Express will not charge you interest on purchases if you pay your entire balance by the due date each month.

If your credit is strong, you may be able to occasionally exceed your spending limit, but that difference will have to be paid in full each month.

Penalty APR: 29.99% (Prime Rate + 25.99%)

Annual Membership Fee: None

Transaction Fees: 2.7% of each transaction after conversion to US dollars.

Late Payment Fee: Up to $38

Overlimit Fee: None

Returned Payment Fees: $38

Final Review: AmEx SimplyCash® Plus Business Credit Card Review

For small to mid-sized business owners, the American ExpresSimplyCash® Plus Business Card is one of the best business credit cards to earn domestic rewards on and track your day-to-day business spending.

Enjoy the freedom to spend like a charge card with the combined benefit of a credit card, impressive for having no annual fee.

AmEx is known for targeting more affluent customers, but it does a pretty solid job of serving the needs of small business owners with the SimplyCash® Plus offering.

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DISCLOSURES:

The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone. Additionally, the opinions of the commenters are not endorsed or supported by LendGenius.com. Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.

Dustin Clendenen Finance Journalist

Dustin Clendenen is an LA-based screenwriter, editor, and all-around storyteller.

He spends most of his time thinking about the “Big Picture” and obsessing over its details.

Follow his musings on Twitter.

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