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|Rewards program||Rewards are underwhelming|
|No interest charges because it’s a charge card||Annual fee of $95|
|Can help build business credit, according to an Amex representative|
Business Green Rewards Card from American Express: The gist
If you’re thinking about applying for the Business Green Rewards Card from American Express, here are some important card features to consider.
It’s packed with business perks
The Business Green Rewards Card from American Express comes with several benefits tailored specifically to business owners. Here are a few.
- Employee cards — You can give your employees their own cards without paying an extra fee. You can also set a spending limit on their accounts — and their purchases will net you rewards.
- Credit reporting — Amex reports your account activity to the business credit reporting agencies as long as your account is in good standing, according to an Amex rep. With healthy card use, this could help you build a business credit history.
- Spend Manager — With this feature, you’ll have the option to add receipts and notes to your transactions, which can help keep you organized with your accounting and tax preparation.
- Other expense-management tools — The card allows you to label and transfer transaction data from your Amex account to your QuickBooks account. It also provides year-end summaries and the option to pay your vendors with your card through Bill.com.
You’re required to pay in full each month
The Business Green Rewards Card from American Express is a charge card, which means that you must pay your statement balance in full each month. That can be a good thing if you’ve had issues with credit card debt in the past and want to avoid the temptation to carry a balance that you’ll have to pay interest on.
If you don’t pay your statement balance in full, Amex will charge a late payment fee of $39 or 2.99% of any past due Pay in Full amount, whichever is greater.
But take note that you may be allowed to carry a balance on eligible purchases with the card’s Pay Over Time feature. If you’re eligible to enroll and need to use this feature at some point down the road, you’ll have the option to pay down a portion of your eligible balance over time with interest.
You’ll earn rewards, but not a lot
The card offers a rewards program, but it’s a little underwhelming. The card currently has a limited-time offer: For the first three months of card membership, you’ll earn three Membership Rewards® points for each $1 spent on eligible purchases at U.S. restaurants as well as both hotel stays and airfare booked directly with the hotels and airlines on up to the first $50,000 in combined eligible purchases in these categories. This limited-time offer ends Nov. 6, 2019.
You’ll also earn two points per $1 spent on eligible purchases at amextravel.com and one point per $1 spent on all other eligible purchases.
If you’re a new business owner without a lot of expenses, getting a big welcome bonus and incredible rewards rates may not be your top priority. But there are other business cards that don’t charge an annual fee — and offer better rewards on everyday expenses.
What else you need to know
In addition to the card’s major features, here are some more benefits you’ll get with the card if you’re approved.
- Rental car insurance
- Insurance for lost, damaged or stolen baggage
- Travel accident insurance
- Purchase protection
- Extended warranty
- Additional statement credits or bonus points through Amex Offers
Note that this card requires a personal guarantee, which means if your business can’t repay any debt you incur, you’ll be personally responsible for paying it off.
Who this card is good for
The Business Green Rewards Card from American Express may be a good choice for a small-business owner who wants a charge card but can’t afford the higher annual fees of other Amex charge cards.
The card’s business-specific perks can also help if you’re a new business owner and don’t have expense-management tools in place already.
But the card’s $95 annual fee may make some cardholders wonder if it’s worth it. After all, you can get the same expense-management tools with any other American Express business card.
And again, if you want to earn more rewards, you could do so with a business card that doesn’t charge an annual fee.
Not sure this is the card for you? Consider these alternatives.
No credit card is perfect, and the Business Green Rewards Card from American Express is no exception. If you’re thinking about applying for this card, take some time to compare other options first. Here are some alternatives to consider.
- The Blue Business® Plus Credit Card from American Express: If you want similar perks but more-valuable rewards, this card could be a good option for you.
- American Express® Business Gold Card: This card might be right for you if you want a charge card with better rewards and can stomach a higher annual fee.
- Ink Business Cash℠ Credit Card: Consider this card if you want a more rewards-focused card with no annual fee.