The Business Gold Rewards Card from American Express OPEN Review
If you are running a well-established business of any size, then the Business Gold Rewards Card from American Express OPEN, a Credit Cards House advertiser, is perfect for you. This is not a credit card but rather a charge card so it has no preset spending limit, giving you access to much needed funds for larger purchases; a must-have feature for many businesses.
Business Gold Rewards Card from American Express OPEN
As a Business Gold Rewards cardmember, you’ll enjoy 50,000 membership rewards points if you spend $5,000 within the first 3 months. Unlike a credit card where you have the option to pay your balance over time with interest, the Business Gold Rewards Card is a charge card, so you don’t pay any interest if each month’s balance is paid in full. The card has a $175 annual fee that is waived for the first year.
You can also pick how you earn rewards by choosing one category to earn 3x points, based on your business’ most popular spending habits. You can choose from one of these five categories:
- Airfare purchased directly from airlines
- Purchases for advertising in select media
- Purchases for shipping
- Gas stations
- Computer hardware, software and cloud computing purchases
In addition to the 3x points on a category of your choosing, you’ll earn 2x points on the other four categories on the list and 1x points on everything else. The 3x and 2x apply to the first $100,000 in purchases in each of the 5 categories per year, you then get 1x point per dollar thereafter.
Business purchases can be turned into big opportunities by redeeming points for rewards inside the American Express membership portal with over 500 leading brands in travel, merchandise, and entertainment. You’ll also be able to redeem points for gift cards, to reward employees for their hard work, and dinners to entertain new or existing clients.
Some other features include:
- $0 annual fee for first year
- No foreign transaction fee
- Welcome offer of 50,000 bonus points
- No pre-set spending limit
This card has many benefits that come with membership, such as travel perks for purchases using this card. For example, a 24/7 global hotline for emergencies and insurance that covers baggage loss, car rentals or accidents that happen while traveling.
Not only that, but benefits such as extended warranties and purchase protection give you the most safeguards against accidental damage or theft after a purchase. In addition to the above-mentioned features, cardmembers of the Business Gold Rewards Card from American Express OPEN will enjoy some additional benefits, including:
- Expense management tool with ReceiptMatch
- OPEN Forum access to chat with other business owners
- Assign a separate account manager
- Earn points from employee card purchases
- Easily connect to QuickBooks
- OPEN Savings benefit to earn a 5% discount or additional 2x points
- Account alerts and year-end finance summary
Although this card has many benefits, it does have a few drawbacks; specifically that you have to pay $175 every year to keep using the card after the first year of opening your account. It also has limited reward categories which may not be beneficial if your business doesn’t make large purchases in categories like gas stations, tech gear, or shipping costs.
Here are a few other drawbacks:
- $175 annual fee after the first year
- Limited bonus rewards categories
- Is a charge card, not a credit card
- Interest charged on any accrued balances
The Business Gold Rewards Card is great for businesses that spend a lot of money on any of the bonus rewards categories mentioned above. If you like the idea of having options in terms of how you earn points, as well having access to the American Express OPEN Forum, you may want to consider the Business Gold Rewards charge card.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by American Express.
First published , last updated
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.