SimplyCash Business Plus Card from American Express Review

By Kevin / September 1, 2016
SimplyCash Business Card from American Express Review

SimplyCash® Plus Business Credit Card from American Express OPEN

Review of SimplyCash Business Card from American Express

CreditShout Rating:

Annual Fee: $0

Credit Required: Excellent

Rewards Program and Signup Bonuses*:

  • ​Earn a one-time $250 statement credit after you spend $5,000 or more in qualifying purchases on your Card within the first 6 months of Card Membership
  • 0% introductory APR for first 9 months
  • 5% cash back (on your first $50,000 of purchases) at office supply stores and on wireless telephone services.
  • 3% cash back (on your first $50,000 of purchases) from one of seven rewards categories you select.
  • 1% cash back on all other purchases and on bonus rewards category spending exceeding $50,000 in bonus category spending.
  • There is no limit on the amount of cash back you can earn.
  • Buying Power: Ability to make purchases above your spending limit without overlimit fees or additional steps to take. And you get cash back rewards on this spending too.
  • Earn additional cash back through OPEN Savings.

Overview

American Express rebranded the SimplyCash Business Card to SimplyCash Plus because it now offers even more benefits. In fact, we think the SimplyCash Plus offers the best cash back program in the industry. Business owners, large and small, should consider this credit card to enjoy generous cash back rewards and discounts on common business expenses with no annual fee.

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The SimplyCash Plus Business card automatically credits rewards to your statement and it has no annual fee. You earn high cash back on wireless phone service, office supplies and a category of your choice, plus 1% back on everything else. Find out why the SimplyCash Plus card from American Express may be a good fit for your business.​

Signup Bonus Offer

Currently, American Express is offering new cardholders a signup bonus offer providing a one-time $250 statement credit after you spend at least $5,000 for new purchases in the first six (6) months after approval.

Rewards Program Explained

The SimplyCash card has one of the most unique cash back programs in the industry, as it can actually be customized. The plan is good for business owners who want to personalize their rewards, as well as those who spend heavily on office supplies and wireless phone service. And the cash back is automatically credited to your statement, giving you one less thing to worry about as you run your business.

And now the card has been plus sized  to allow you to earn even more cash back. This happened because your limits on the earning bonus rewards were increased from $25,000 per year to $50,000!​

With the Simply Cash Business card, you earn 5% back as U.S. office supply stores and wireless phone services. You earn 3% back on the category of your choice from a list that includes airfare, hotel rooms, car rentals, gas stations, restaurants, advertising and shipping purchases. You earn 1% back on everything else without any other limitations.

You should note that there are limitation on the generosity of these programs:

  • You can earn at the 5% and 3% rates up to $50,000 in combined spending on these categories each year in each category. After the first $50,000 in combined spending, , you'll continuing earning 1% for these purchases.
  • Eligible office supply stores are limited to stores like Staples and Office Depot. Even though many businesses now make these purchases through Costco and Amazon, those retailers are excluded.
  • Your 3% bonus category may only be changed annually.

Bonus Spending Categories

You will be able to choose from one of these categories in which to earn your 3% bonus rewards:

  • Airfare purchased directly from airlines.
  • Hotel rooms purchased directly from hotels.
  • Car rentals purchases from select companies.
  • US gas stations.
  • US restaurants.
  • US purchases for advertising in select media.
  • US purchases for shipping.
  • NEW! U.S. computer hardware, software, and cloud computing purchases made directly from select providers

For more details on approved providers, click here.

Over-Limit Buying Power

More than ever, SimplyCash works to provide your business with more buying power and cash back potential than ever.

New for 2016, SimplyCash allows you to buy above your credit limit and get cash back on those purchases as well. You will not be charged with overlimit fees, any you will not need to make calls or take any additional steps for approval. 

There are two things you need to know about this over-limit spending provision:

  • The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the SimplyCash Card, your payment history, credit record, financial resources known to us, and other factors.
  • The amount above your credit limit is due in full each month as part of your minimum payment due.

American Express OPEN and Other Benefits

You can further boost your rewards by taking advantage of relationships that American Express has built with several hotel, transportation, shipping, technology and other partners.

The OPEN Savings benefit works by providing you a 5% discount for each eligible dollar you spend at OPEN Savings merchants. So, if you spend $1,000 with an eligible merchant, you will get a $50 discount in addition to any other cash back rewards you earn on that purchase.

Participating merchants include FedEx, Hertz, HP, Hyatt​, and many other leading retailers and service providers. So you will be able to earn this discount at many common businesses.

Other American Express benefits built in the Simply Cash card include:

  • Baggage insurance provides coverage up to $1,250 for carry-on baggage and $500 for checked baggage that is lost or stolen on a plane, train, ship, helicopter or bus.
  • Travel accident insurance provides up to $100,000 in accidental death and dismemberment coverage while traveling.
  • Purchase protection on up to $1,000 in coverage for eligible purchases that are damaged or stolen within the first 90 days after the purchase ($50,000 annual limit).
  • Extended warranty coverage adds ip to 1 extra year on a manufacturer’s warranty for eligible items that covers up to $10,000 per occurrence ($50,000 annual limit).
  • Car rental loss and damage insurance.
  • Roadside assistance.
  • Return protection can refund you up to $300 per eligible item if a vendor will not accept a return ($1,000 annual limit).
  • Identity theft assistance.

Interest and Fees

Unlike several other American Express business cards, SimplyCash Plus is a credit card, not a charge card. This allows AmEx to offer a 9-month 0% APR introductory financing option for this card. 

The APR after the expiration of the introductory period, and other charges and fees associated with the card, are detailed below.​

Charges and Fees

APR for Purchases

0% intro APR for 9 months from date of account opening. After the intro APR expires, your APR will be 12.49%, 17.49%, or 19.49%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

APR for Cash Advances

25.24%. This APR will vary with the market based on the Prime Rate.

Penalty APR

29.49%. This APR will vary with the market based on the Prime Rate

Annual Fee

None

Cash Advance Fee

Greater of $5 or 3% of the amount of each cash advance

Foreign Transaction

2.7% of each transaction after conversion to US dollars.

Late Payment Fee

Up to $38.

Returned Payment

$38.

The Bottom Line

Owning a business can be expensive. With the SimplyCash Plus Business Card from American Express, you can offset many of your most costly expenses thanks to a cash back program specifically designed for business owners. For absolutely no annual fee, you earn up to 5% cash back on common business expenses like office supplies and wireless service and up to 3% on another category of your choice. Plus, you also will enjoy discounts from many leading merchants.

When you combine the cash back program with no annual fee and a low APR, it is easy to see why so many business owners are relying on the SimplyCash Plus Business Card.

Pros:

  • Intro 0% financing for 9 months
  • Generous cash back rewards
  • Access to OPEN Savings
  • Over-limit buying power - without a fee
  • No annual fee
  • AmEx consumer protection benefits

Cons:

  • Office supply stores excludes Amazon and Costco
  • Foreign transaction fee
  • Requires excellent credit

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