Key Takeaways
- Earn 4X points on your top 2 spending categories (up to $150,000/year), 1X on others.
- Get 3X points on flights and hotels, no foreign fees, and trip delay insurance.
- Manage expenses with QuickBooks, employee cards, and year-end summaries.
- Annual fee is $375, with up to $240 in select service credits.
- Requires good credit (700+ FICO score), $3,000+ monthly revenue, and solid business credit.
- Includes cell phone protection, extended warranties, and purchase protection.
Have you considered applying for the Amex Business Gold card, but not sure what you’d be getting yourself into? In business, the sheer number of financial management options can be overwhelming, but let’s simplify to determine if this choice is right for you.
In this Amex Business Gold card review, you’ll find what the card is, see a company overview, explore the benefits, and find out if (and when) it might be worth it to apply.
This is what’s in store:
- What is the Amex Business Gold Card?
- Amex Business Gold Benefits Worth Exploring
- Frequently Asked Questions
- Conclusion: Is Amex Business Gold Worth it?
Now, let’s dive in.
What is the Amex Business Gold Card?
The Amex Business Gold card is a premium business credit card from American Express with a handful of standout features, including:
- Rewards on spending
- Expense management tools
- Travel perks
- Business services
It also offers cash flow flexibility with revolving credit, which you can pay over time when needed, along with no preset spending limit. When you apply for the card, it won’t impact your personal credit, because approval is based on your business credit score.
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Amex Business Gold Requirements
Wondering how to get an Amex Business Gold card? Well, as you may know, the requirements are fairly stringent. However, they’re not clearly specified anywhere.
So, here’s what I know is required:
- Solid business credit score
- FICO (personal credit) score above 700
- Average monthly revenue of at least $3K
The more revenue you have and the higher your business and personal credit scores, the more likely you are to qualify for an Amex Business Gold card.
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Business Credit Score Impact
When you apply for the Business Gold card from Amex, your business credit score might take a small hit because Amex may check it during the application process. Your personal credit score won’t be affected at this stage.
However, If you’re approved and decide to accept the card, it may impact your personal credit, because you’ll likely need to guarantee the account. This means that, if the account defaults, you’re on the hook.
This card could offer a good way to build business credit if you manage it well, but be sure you’re comfortable with any potential impact on your personal credit before accepting.
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Amex Business Gold APR and Fees
The Amex Business Gold Card offers 0% APR for the first 6 months, so no interest accrues during this time. Be mindful that the introductory 0% APR doesn’t apply to cash-like transactions or fees, and this is an intro offer, which can change any time.
After that, the APR will range from 18.74% to 27.74%, based on your credit and the Prime Rate, which can change with the market. Then, if you miss payments or have returned payments, a 29.99% Penalty APR might apply for at least a year. Paying on time helps you avoid this.
Interest is calculated using the average daily balance method.
So, let’s say you spend $20,000 in a year using the Amex Business Gold Card and only make minimum payments—Here’s what you might expect:
- First 6 months: You pay 0% interest during the intro APR period. Assuming you spend evenly, your balance after making minimum payments (~$300/month) is about $8,200.
- Next 6 months: The remaining balance and new charges start accruing interest at around 21.74% APR. You’d pay about $1,130 in interest over this time.
- After a year: You’ll have paid about $5,300 in minimum payments but still owe $15,830, including interest.
Paying only the minimum can add up quickly. To save, pay more than the minimum, especially after the 0% intro APR period ends. And, to avoid interest, you can pay your balance in full by the due date, which is at least 25 days after the billing cycle closes.
The card also has an annual fee of $375, but no foreign transaction fees. Late payments or returned payments can cost $39 or 2.99% of the past due amount, whichever is higher.
Amex Business Gold Benefits Worth Exploring
Now, let’s take a closer look at some of the benefits of being an Amex Business Gold cardholder, including rewards, tools, travel perks, and business services.
1. Amex Business Gold Rewards
This card rewards you with 4X Membership Rewards points on the top 2 categories your business spends the most in each billing cycle, from options like restaurants, gas stations, transit, software providers, and more (up to $150,000 per year; 1X points after). All other purchases earn 1X points.
Here’s an example scenario of how this might stack up:
- Let’s say your business spends $2,000 on software subscriptions and $1,500 at restaurants in a billing cycle. These would be your top 2 categories, so you’d earn 4X points on those purchases, giving you 14,000 points (4 points per dollar).
- If you also spend $500 on office supplies, you’d earn 1X points for that, adding 500 points.
- In total, you’d earn 14,500 Membership Rewards points for that billing cycle. The top 2 categories adjust each cycle based on where you spend the most.
You can also get up to $240 annually in statement credits for eligible purchases at FedEx, Grubhub, and office supply stores, plus a monthly credit for a Walmart+ membership (up to $12.95/month).
This could be a great way to earn points and save on business essentials.
2. Expense Management Tools
The Amex Business Gold Card offers tools to simplify expense management.
With this card, here are the tools you could get:
- A year-end summary to simplify expense tracking
- Employee cards to control spending and earn rewards
- QuickBooks integration to auto-categorize expenses
You can also take advantage of Vendor Pay by Bill.com to streamline payments and assign an Account Manager to handle tasks like payments and transaction reviews. Plus, you can stay on top of spending with account alerts, online statements, and the Amex app, which lets you track expenses and manage your account in real-time.
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3. Travel Perks for Cardholders
The Amex Business Gold Card enhances travel with 3X Membership Rewards® points on:
- Flights
- Prepaid hotels
- Packages booked through AmexTravel.com
There are no foreign transaction fees, which can make international business travel seamless.
Plus, you can enjoy perks from The Hotel Collection (like a $100 experience credit and potential room upgrades for stays of two nights or more), Global Assist® Hotline for emergencies, baggage insurance for lost or damaged items, and car rental insurance for theft or damage (secondary coverage).
Finally, If your trip is delayed by 12+ hours for a covered reason, Trip Delay Insurance may provide assistance. These features can make business travel smoother and more rewarding.
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4. Business Services from Amex
The card also offers valuable business services to protect and support your operations.
Some of the services include:
- Cell phone protection up to $800 per claim
- Dispute resolution for fraud and unauthorized charges
- Extended warranties (up to 5 years) on eligible purchases
- Annual purchase protection up to $50K per year
- 24/7 support through Relationship Care®
These features can help safeguard your purchases and simplify some aspects of managing your business.
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Frequently Asked Questions
Does the Amex Business Gold card have a limit?
The Amex Business Gold card has a flexible spending limit that adjusts based on your usage, payment history, and other factors–This means your spending capacity can vary over time.
Is the Amex Gold a luxury card?
The American Express® Gold Card is considered a premium card, offering substantial rewards on dining and groceries. However, it doesn’t provide the extensive luxury perks found in higher-tier cards.
Does the Amex Gold Business have lounge access?
No, Amex Business Gold doesn’t include airport lounge access. But, it does offer other travel perks like trip delay, baggage claim, and car rental loss insurance. Lounge access is typically reserved for luxury cards like the Amex Platinum.
Is it hard to get approved for the Amex Business Gold card?
Amex Business Gold approval generally requires good to excellent credit. American Express evaluates credit history, income, and other factors during the application process.
What income is recommended for the Amex Business Gold card?
While American Express doesn’t specify a minimum income, higher revenue can improve your approval odds. They consider your overall financial profile, including income, existing debts, and both business and personal credit scores.
Conclusion: Is Amex Business Gold Worth it?
The Amex Business Gold card offers a suite of features that can be worthwhile if you think you’ll take advantage of them. But, a $375 annual fee isn’t going to work for everyone.
If you think the benefits can outweigh the cost for you, this is a high-value card from a reputable servicer. If you’re looking for more perks like lounge access, consider a platinum card instead. If you want something with no annual fee, keep shopping around—the right card is out there.
Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!
