SimplyCash® Business Card from American Express OPEN Review

The SimplyCash® Business Card from American Express OPEN has no annual fee, offers competitive introductory rates, and makes a great card for small and medium sized businesses.

The Good

No annual fee

The SimplyCash® Business Card from American Express OPEN does not charge an annual membership fee. With some business rewards cards charging as much as $175 per year, having access to a quality rewards program like the one associated with the SimplyCash® Business Card is a smart choice for your business.

Ability to carry a balance

It is not uncommon for organizations to occasionally experience difficult financial circumstances. For those times when finances are strained, the SimplyCash® Business Card allows you to carry a balance forward and pay it off at a later date.

Competitive introductory rates

The Simply Cash® Business Card comes with a 0% intro rate for 9 months. Introductory rates like this are not offered with all business credit cards. For those looking for a little interest relief, the SimplyCash® Business Card is a great option.

Easy access to cash back

Some business rewards credit cards put requirements on receiving cash back, making you wait until you hit minimum rebate levels before you can get your rewards. With the SimplyCash® Business Card, your cash back is automatically placed into your account each month, with no minimum requirements or other stipulations. If keeping track of rewards sounds burdensome to you, automatic disbursement is a great option.

Access to discounts with partner organizations

Every American Express credit card receives access to the OPEN Savings benefit. This benefit gives cardholders 3% – 10% discounts with partner organizations that serve business-specific needs, like travel, hotels, shipping, office supplies, and more. Over time, these additional discounts can result in significant savings.

Limited time offer

You can get a $250 statement credit after you spend $3,000 on qualifying purchases within the first 3 months of Card Membership. To be eligible for this offer, you must be approved by April 28, 2014.

The Bad

Low limit on bonus rates

Although the SimplyCash® Business Card does offer 5% cash back on purchases made at U.S. office supply stores and services from U.S. wireless telephone service providers and 3% cash on the category of your choice. 5% and 3% apply to purchases up to $25,000 per rebate year then 1% thereafter. Cash back earned is automatically credited to your statement.

Limited travel benefits

The SimplyCash® Business Card does include some solid travel benefits like roadside assistance, car rental insurance, and access to a global assistance hotline, but when compared to some competitor cards that offer access to VIP airport lounges and no foreign currency transaction fee, the SimplyCash® Business Card comes up a bit short. If travel benefits are important to you, you will likely be able to find a business rewards credit card that better meets your needs.

The Details

Rates and Fees

  • Annual Fee: $0
  • Balance must be paid in full each month: No
  • Cash Advance Fee: $5 or 3% per cash advance
  • Cash Advance Rate (APR): 25.24%
  • Foreign Currency Transaction Fee: 2.7% per transaction
  • Introductory Rate (APR): 0% for 9 months
  • Standard Rate (APR): 12.24% - 19.24%

Penalty Fees

  • Default Penalty Rate (APR): 27.24%
  • Late Payment Fee: Up to $38
  • Minimum Interest Charge: None
  • Over-Limit Fee: None
  • Returned Payment Fee: $38

Balance Transfer Fees

  • Balance Transfer Fee: N/A (no balance transfers)
  • Introductory Balance Transfer Rate (APR): N/A (no balance transfers)
  • Standard Balance Transfer Rate (APR): N/A (no balance transfers)

Rewards Program

  • Additional Rewards for Cell Phone Services: 5% on wireless telephone services purchased directly from U.S. service providers
  • Additional Rewards for Dining: None
  • Additional Rewards for Gas: None
  • Additional Rewards for Internet Services: None
  • Additional Rewards for Office Supplies: 5% at U.S. office supply stores
  • Additional Rewards for Other: 3% on the category of your choice. 5% and 3% apply to purchases up to $25,000 per rebate year, then 1% thereafter. Cash back earned is automatically credited to your statement.
  • Additional Rewards for Travel: None
  • Bonus Rewards: None
  • Rewards Earnings for All Purchases: 1% cash back
  • Sign-Up Bonus: None
  • Type of Reward: Cash Back

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