Is The American Express Business Gold Worth It?

The American Express Business Gold Card just underwent a revamp and packs a potentially bigger punch for business owners than ever before. However, the new perks come with an increased annual fee. You’re going to be paying $375 a year as of February 1, 2024. With all this in mind, here’s when the American Express Business Gold Card might be worth it: The Earn Rate Got Better With the revamped American Express Business Gold Card, you can now earn 4x points on the 2 categories where your business spends the most each month. The categories you can choose from include: • Airfare purchased directly from airlines • U.S. purchases for advertising in select media • U.S. purchases at gas stations • U.S. purchases for shipping • U.S. computer hardware, software, and cloud computing purchases made directly from select providers You’ll earn 4x points on up to $150,000 per calendar year in combined purchases from the 2 categories you choose. After that, you’ll earn 1x point on these purchases. This means that your chosen categories alone could potentially earn you up to 600,000 points per year. Flexibility to Change Categories One of the standout perks of the revamped American Express Business Gold Card is the ability to change your 2 chosen categories every month to match your evolving business needs. This flexibility allows you to maximize your point earning potential based on where your business is spending the most in any given month. Amex Offers for Business American Express Business Gold Card also gives you access to Amex Offers for Business. This feature allows you to earn extra points or cash back on eligible purchases from select merchants. You can find these offers in your online account or on the American Express mobile app. Membership Rewards Redemption Options Once you’ve earned a stash of points, you have several redemption options available with the American Express Business Gold Card. You can use points to book travel through Amex Travel, transferring points to airline partners, redeeming for gift cards or statement credits, or shopping with points on Amazon. Other Benefits In addition to the new earning structure and redemption options, the American Express Business Gold Card offers several other benefits that can add value to your business: • No foreign transaction fees: If your business takes you abroad, you won’t be charged any additional fees for foreign transactions. • Employee cards at no additional cost: You can add employee cards to your American Express Business Gold Card account at no additional cost. This allows you to earn rewards on employee spending and set spending limits on each card. • Access to expense management tools: American Express offers a suite of expense management tools that can help you track and manage your business expenses. Is the American Express Business Gold Card Worth It? While the American Express Business Gold Card offers some attractive benefits and earning potential, it’s important to consider whether the annual fee is justified for your business. Here are a few factors to consider: • Annual Fee: As of February 1, 2024, the American Express Business Gold Card carries a $375 annual fee. Make sure you can earn enough rewards to offset the fee and come out ahead. • Business Spending: Take a close look at your business spending habits and determine if you spend enough in the categories eligible for 4x points to make it worthwhile. • Redemption Options: Consider how you plan to redeem your points and if the redemption options align with your business needs and preferences. If you’re confident that you’ll be able to earn enough points to offset the annual fee, and that the 4x points categories align with your business spending habits, the American Express Business Gold Card could be a smart choice for your business. Alternatives to Consider If the American Express Business Gold Card doesn’t quite fit your business needs, there are several alternatives worth considering: • American Express Business Platinum Card: This premium business card offers a wide range of benefits and perks, including airport lounge access, statement credits for travel purchases, and more. However, it also comes with a higher annual fee of $595 as of February 1, 2024. • Chase Ink Business Preferred Credit Card: This card offers 3x points on the first $150,000 spent in combined purchases on travel, shipping, advertising, and select online advertising categories each calendar year. It has a lower annual fee of $95 and offers a valuable sign-up bonus. • Capital One Spark Cash for Business: If you prefer cash back over points, this card offers a flat 2% cash back on all purchases. It carries a lower annual fee of $95 and also offers a generous sign-up bonus. Ultimately, the decision to get the American Express Business Gold Card comes down to your individual business needs and spending habits. Consider the earning potential, flexibility, and overall value of the card to determine if it’s worth it for your business.