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The Business Gold Rewards Card from American Express OPEN is an interesting and flexible card, designed to help fund your business expenses.
Unlike most rewards cards, which have a set of categories that you have to either take or leave, the Business Gold card has 5 category options. You can pick the one you’d like to earn the most rewards in, and then you’ll earn fewer points in the categories you don’t choose.
This is a fairly unique offer, letting you customize the card to fit your business’s most frequent expenses. You’ll also get a nice signup bonus, and quite a few extra benefits to take advantage of.
The Business Gold card is a charge card, which means that you can’t carry a balance from month to month. You’ll need to pay it off in full every billing period. Also, take note that this is a business card, so it’s a bit different than other cards.
Is this a good card to help you pay for business expenses, while earning a bit back and getting something out of the other benefits? Keep reading to find out!
For People with
- Annual Fee: $175 (waived for the first year)
- Interest Rate: Not Applicable - Paid in Full Monthly
Quick Card Facts
- Get 25,000 Membership Rewards® points after you spend $5,000 in purchases on the Card within the first 3 months of Card Membership
- Get 3x points - Choose 1 out of 5 categories
- Plus, 2X points on the 4 remaining categories and 1X points on other purchases
- Redeem points for everyday business expenses, to help with travel costs or to reward employees and entertain clients
- Track, organize, and stay on top of your business expenses with powerful expense-tracking tools
- New: No foreign transaction fees
- $0 introductory annual fee for the first year, then $175
- Terms and limitations apply
- 3X points per dollar in the category of your choice:
- Airfare purchased directly from airlines
- U.S. purchases for advertising in select media
- U.S. purchases at gas stations
- U.S. purchases for shipping
- U.S. computer hardware, software, and cloud computing purchases made directly from select providers
- 2X points per dollar on the 4 remaining categories
- 1X point per dollar on all other purchases
- 25,000 bonus points for spending $5,000 in qualifying purchases in 3 months
As you can see, this card is pretty versatile. You’ll be able to choose the category that you’ll spend the most in to get 3X points, and still get 2X points in the others.
The 3X and 2X points apply to the first $100,000 spent in each category per year. After that, you’ll earn 1X point in that category.
After you pick your 3X category, you’ll be able to switch it once per year.
Exclusive access to ticket pre-sales and card member-only events in your city.
OPEN Business Services
Online community for small business owners to connect with each other.
Extra savings on eligible purchases from participating merchants.
ReceiptMatch with QuickBooks®
Track expenses with ReceiptMatch with QuickBooks®.
Get alerts about account information on your phone.
Ability to give other people permission to manage your account.
Help dealing with fraudulent and incorrect transactions.
For warranties of 5 years or less, get up to 1 extra year added to the original manufacturer’s warranty.
Items purchased with your card are protected against accidental damage and theft within 90 days of the purchase.
If a merchant won’t take back an item within 90 days, American Express may refund the purchase price (restrictions apply).
Global Assist® Hotline
When you travel 100 miles or more from home, provides help with travel accidents like lost passports, the need for a lawyer, sudden illness, and more. You pay for all third-party service costs.
Baggage Insurance Plan
Eligible lost, damaged, or stolen bags are covered up to $1,250 for carry-on baggage & checked bags together and up to $500 for checked baggage only.
Travel Accident Insurance
Up to $100,000 in financial security if accident or death is caused when traveling by Common Carrier plane, train, ship, or bus.
Car Rental Loss and Damage Insurance
Stolen or damaged vehicles are covered if you use your card to pay and reserve the rental, and you decline the collision damage waiver.
Premium Roadside Assistance
Assistance with services such as towing, changing a flat, or boosting a battery in case of emergency (no cost for the first 4 times per year).
The Costs & Fees
|Annual Fee||Purchase and Balance Transfer APR||Cash Advance APR||Foreign Transaction Fee|
|$175 (waived for the first year)||Not Applicable - Paid in Full Monthly||N/A||0%|
|Penalty APR||Late Fee||Returned Payment Fee|
|N/A||Up to $38 or 2.99%, whichever is greater||$38|
This is a charge card, so you won’t find any interest rates here. You’ll need to pay off your entire balance in full every billing period, starting fresh each time.
This helps save money compared to credit cards, which charge interest every month that you hold a balance. The only fee to worry about, other than the penalties, is the annual fee after the first year, and the rewards you earn should help take care of that.
Insider Tip: You may be able to get the annual fee on this card waived. Just call customer service and ask nicely to have it waived, explaining that you’ve been a good, responsible customer for some time. Or, if you’re thinking of canceling the card, you can let them know that you’d consider staying with them if they waive the fee. In some cases they may offer a different incentive, like bonus points.
And if you’re in the military on active duty, you can submit an online request for SCRA benefits, which will probably include having the annual fee waived.
The Bottom Line: 5 Out Of 5 Stars
The Business Gold Rewards Card from American Express OPEN is definitely a contender if you’re looking to earn points on your business expenses.
Take a look at the reward categories – do you spend a lot of money in at least a few of these? If you travel often, there are some great options here. You’ll be able to pick the reward category that you spend the most in, and still get points in the others (the airfare and gas rewards are especially useful if you spend a lot of time on the road or in the air).
The extra benefits are pretty nice too, especially the business resources you can use to learn and talk with other owners. Remember the OPEN Savings program, which provides additional rewards at a few participating retailers. There aren’t many, but if you spend a lot with FedEx, Hertz, or HP, this could be very valuable to you.
The annual fee may seem high at first, but if you take into account the rewards you can earn and the value of the benefits, the cost should seem pretty reasonable. Just make sure that you’ll use the card enough to make the fee worth it – you can help get there by assigning cards to your employees, gaining rewards whenever they spend.
We gave this card 5 out of 5 Stars because it’s one of the better high-level options out there for business owners. The ability to choose your own reward category is pretty unique, and the options are all potentially valuable to a wide variety of businesses. American Express also provides educational resources and good quality customer service.
Do you use the Business Gold Rewards Card from American Express? How do you like it? Click here to leave your own review, we’d love to hear from you!