American Express Business Gold Rewards Card Review

The perks

• Welcome offer.

Earn 40,000 Membership Rewards points. Earn a Welcome Bonus of 40,000 points after spending $7,500 in purchases within the first 3 months. Plus, earn 10,000 bonus points when you charge $20,000 in net purchases to your card each calendar quarter (that's up to $400 in value every year).

• Earn Membership Rewards points.

Earn 1 Membership Rewards point for every $1 spent on purchases.

• 99% recycled plastic.

As part of Amex’ commitment to sustainability, this card has been created using 99% recycled plastic.

• Card with No Pre-set Spending Limit

Your purchases are approved based on a variety of factors, including your credit record, account history and personal resources. No Pre-set Spending Limit on purchases does not mean unlimited spending.

You’ll also like …

• Travel insurance coverage.

Access Travel Emergency Assistance, and up to $100,000 Travel Accident Insurance, Lost or Stolen Baggage Insurance, Flight Delay Insurance and Baggage Delay Insurance when you fully charge your tickets to your card. Plus, save money when travelling with complimentary Car Rental Theft and Damage Insurance.

• Business solutions and coverage.

Maximize your cashflow and manage your business better with a suite of business solutions offered by American Express. Get access to business insurance coverage, expense management reports and a range of other helpful business tools. In addition, explore offers and discounts for dining, travel, business supplies and services from popular brands.

• Mobile device insurance.

Access Mobile Device Insurance of up to $1,000 in the event of theft, loss or accidental damage, anywhere in the world, when you fully charge or finance the purchase price of an eligible mobile device on your card.

• Purchase coverage.

Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection Plan. Plus, double the manufacturer’s original warranty up to 1 additional year with the Buyer’s Assurance Protection Plan.

• Fraud protection guarantee.

If your card details are stolen, online or offline, you won’t be held responsible for the fraudulent charges. The American Express customer service team will assist you in remedying the situation.

• Exclusive American Express perks.

American Express offer a range of opportunities to cardholder-only experiences and preferred seating at select events. You can enjoy concert, theatre, film, dining, shopping and travel perks. It lets you transfer points to frequent flyer and hotel programs, including one-to-one to Aeroplan and Avios.

• Flexible payment option.

This charge card has both Due in Full and Flexible Payment Option balances. All Due in Full balances must be paid each month. Interest rate of 30% applies to each delinquent Due in Full charge. This rate is effective from the day account is opened. Interest rate of 21.99% applies to your Flexible Payment Option balance. This rate is effective from the day the Flexible Payment Option is first available on your account.

What to watch out for

• The steep annual fee.

There is a $199 annual fee charged for the American Express Business Gold Rewards Card. However, this fee may be tax deductible and the value of the rewards and perks can often outweigh the hefty fee – if you use them.

• Additional cards cost $50.

If you’re looking to hand out cards to your employees, each additional card will cost you $50.

• Not as widely accepted overseas.

Compared to Visa and Mastercard, American Express is much less widely accepted in locations across Canada, the US and around the world. This might provide you with less opportunity to use the card, and therefore less opportunity to reap the rewards.

American Express Business Gold Rewards Card interest rates

Interest Type	Interest Rate
Purchase interest rate	21.99% - 28.99%

Consider other cards if …

• You don’t want to pay an annual fee.

With a hefty annual fee of $199, this card is only worth the value if you take advantage of the Membership Rewards program, the business solutions and the host of insurance coverage. If you don’t want to pay an annual fee, or such a high annual fee, you may want to consider a different business credit card.

• You want cash back.

Although you can redeem your Membership Rewards points for statement credit, other rewards credit cards offer cash back. Some cards offer between 1-5% cash back, depending on the type of purchases you are making.

Compare other American Express credit cards

What should I know before I apply?

To apply for the American Express Business Gold Rewards Card, you will need to meet the following criteria:

• Be at least 18 years old, or the age of majority in your province or territory.

• Be a Canadian citizen or a permanent resident.

• Have a valid Canadian credit file.

What credit score do I need?

When applying for a credit card, it’s beneficial to have a good to excellent credit score of 650 or higher. This will give you a better chance of your application being approved.

Other factors that might affect your odds of approval include:

• Having a high income. Having a relatively high annual income may be beneficial for approval. Some lenders also consider the combined annual income of the household, which can improve your odds of being approved for a variety of credit cards.
• Few hard inquiries on your credit report. Having several hard pulls listed on your credit history can indicate to lenders that you’re desperate for credit or have trouble managing your current debt. The provider may be less likely to approve your application if this is the case.
• Factors that tie into your credit score. Your credit utilization ratio can play a major factor in the approval of your application. Customers who have low balances relative to their credit limits are usually preferable to providers.

What do customers say about this credit card?

Customers that use the American Express Business Gold Rewards Card note that it offers a good points to dollar ratio and a helpful host of travel perks including insurance coverage and access to plenty of experiences and rewards.

On the other hand, some negative reviews state that the company has inflexible policies. In addition, the annual fee for the card is very steep, however customers seem satisfied with the rewards and benefits of the card.

How to apply for the American Express Business Gold Rewards Card

1. Click Go to site on this page to be directed to the American Express Business Gold Rewards Card Card page, and click Apply Now Securely.
2. Complete the application with information including your full name, home address, finances and business details.
3. Review and submit your application.

I got the card. Now what?

• Make your repayments.
  Register for an account on the American Express website to pay your balance online and enroll in autopay.

• Avoid fees.
  Late and returned payments will incur fees, so be sure to pay on time. If you’re enrolled in autopay, be sure to have enough funds in your account to pay off your balance.

• Contact American Express.
  If you’re unable to find what you need on the American Express Canada website, call 1-800-268-2639 to speak with a customer service representative.

Bottom line

The American Express Business Gold Rewards Card lets you use your business spending to reap travel benefits and rewards points. Although it comes with a hefty annual fee, its rewards, business solutions and host of insurance coverage set it apart.

Pictures: americanexpress.com/ca