CreditMe.com

American Express SimplyCashSM Business Card

• Earn 5% cash back on gas, office supplies and wireless services
• Earn 1% on cash back on virtually all other purchases
• Cash back is automatically credited to the statement each month
• No fee with the flexibility to pay in full or carry a balance 0% introductory APR for the first 12 months
• OPEN Savings® : Automatic discounts with FedEx, Delta®, Courtyard by Marriott®, and more

Issuer:  American Express

APR: 7.99% for balance transfer

Introductory Period: 12 months

APR After Introductory Period:  8.25% variable rate

Cash Advance APR: 23.24% variable rate

Annual Fee: $0

Credit Line Possible: $50,000

Insurance included:  Extended car rental insurance and warranty coverage on services for up to a year is part of your agreement with the American Express SimplyCashSM Business Card

Financing Configuration – Interest is calculated on your average daily balance.

Grace Period – You have twenty five days after making a purchase during which you do not have to pay interest on your American Express SimplyCashSM Business Card

The Best Thing About It – You earn from 1% to 5% on every purchase that you make with this card and the cashback is automatically credited back to your credit card statement.   The savings apply to business expenses at Fed Ex, Kinko’s and Hertz Car rentals and other business and travel suppliers.

The Worst Thing About It – Not everybody who applies qualifies.

Credit Rating Needed For Acceptance – Good To Excellent

Who Is It For?

American Express SimplyCashSM Business Card best suits business owners with good credit who prefer to manage all business-related expenses on one credit card, plan to carry a revolving balance and who want a card that gives them discounts and cashbacks sooner rather than later.

The Benefits

 

The cashback benefits are applied back to your American Express SimplyCashSM Business Card account monthly. This is much preferable to the quarterly or even annual application that is practiced by many credit cards.

Cardholders are also granted access to the Membership Reward Options program for no additional annual fee. The program offers cardholders the opportunity to redeem accumulated points for various services and benefits. For those who are not familiar with the Membership Reward Options program, it is one of the most flexible credit card reward programs available as it has no yearly limit and no expiration applied to earned points.

Your American Express SimplyCashSM Business Card account is compatible with accounting software. Your online account is compatible with Quicken Software.

You manage your account online. This card comes with an online account that provides the convenience of paying your credit card bill online. You are also able to monitor what goes on in your American Express SimplyCashSM Business Card account with full access to an online account report.

Duplicate cards are complimentary.  Additional cards for family members who are free and you can earn cash rewards every time they are used as well.

You have a Return Protection Plan. If you try to return a designated item within 90 days from the date of purchase and the merchant won’t take it back, American Express will refund the full purchase price, up to $300 per item.

You have extra protection from theft or loss of your American Express SimplyCashSM Business Card while traveling.  American Express provides quick emergency cash and emergency card replacement should your card be stolen.

You have a great deal of travel insurance. This card offers $100,000 in travel insurance.

The card comes with a Global Assist Hotline. Whenever you travel more than 100 miles from home, you have security and peace of mind 24/7 with medical, legal, financial or other emergency assistance, including medical and legal referrals, visa/passport help, cash access, lost luggage and more

You are not held liable for unauthorized transactions that appear to be conducted on the Internet.  This means that you don’t have to pay the usual $50 fraud liability charge.

The Drawbacks

 

The cash advance fee for the American Express SimplyCashSM Business Card is really high. It is almost a quarter of what you take out of the ATM machine.

Monthly payments are applied to Purchases first.  The amounts that you pay monthly are not applied to the highest interest garnering activities such as taking out a cash advance.  This can make it longer to pay off your debt.

The interest rate for the American Express SimplyCashSM Business Card is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

The grace period is short. The grace period for this credit card is only twenty-five days compared to the usual thirty days before you start paying interest on your purchases.

You cannot earn the 1% cash back on related American Express products. Cash and cash equivalent transactions (including American Express® Travelers and Gift Checks), finance charges, fee’s returned goods or services and account adjustments do not earn a rebate.

The Return Coverage is limited. Coverage is limited to $300 per item, excluding shipping and handling, and up to a maximum of $1,000 annually per Card Account and is subject to additional Terms, Conditions and Exclusions.

Fees To Watch Out For

Late payment fee:  $15 on balances up to $100; $29 on balances of $100 through $1,000; $35 on balances over $1,000

Over The Limit fee: $35

Cash advance Fee: 3%, $5 minimum for Express Cash transactions

Balance Transfers: There is no balance transfer fee associated with this offer. However, future balance transfers may incur a fee as disclosed at the time of the applicable transaction.

To Summarize –

American Express SimplyCashSM Business Card is great for businesses that need accurate records of their expenses and want immediately gratifying cash back program. Those who plan to make qualified purchases to receive the 5% rebate, would like the option to carry a balance, and will take advantage of the introductory offers will benefit most from what the American Express SimplyCashSM Business Card has to offer.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	12 Months	8.25%	None	Yes	Good Credit