Review of the SimplyCash® and SimplyCash® Plus Business Credit Cards

Brendan Harkness

Brendan Harkness | Reviews

Jan 26, 2016 | Updated Feb 01, 2016

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This is a review of two related small business credit cards from American Express: the SimplyCash® Business Credit Card and the SimplyCash® Plus Business Credit Card.

The SimplyCash Plus is an upgrade from the more basic SimplyCash card. Neither card has an annual fee, but the Plus version has more spending capacity and an extra reward category.

The Plus card is also unique because it lets you spend over your credit limit each month, giving you a way to handle surprise expenses. You’ll need better credit to qualify for the Plus version.

These cards also include membership in the American Express OPEN program, which provides tools and resources for small business owners.

Note: The SimplyCash Plus is a new card that will be publicly available in Spring, 2016. A select number of businesses have been invited to apply for the card early.

Read on to learn if one of these cards might be a good choice to help fund your small business or LLC.

SimplyCash® Business Credit Card

For People with
Good Credit

  • Annual Fee: $0
  • Interest Rate: 12.49%, 17.49% or 19.49% (Variable)
Quick Card Facts
  • No annual fee
  • 0% intro APR for 9 months
  • 5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers
  • 3% cash back on the category of your choice from a list of select categories and 1% cash back on other purchases
  • American Express OPEN Business benefits
  • Terms and limitations apply

SimplyCash® Plus Business Credit Card

For People with
Excellent Credit

  • Annual Fee: $0
  • Interest Rate: 12.49%, 17.49%, or 19.49% (Variable)
Quick Card Facts
  • No annual fee
  • 0% intro APR for 9 months
  • 5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers
  • 3% cash back on the category of your choice from a list of select categories and 1% cash back on other purchases
  • American Express OPEN Business benefits
  • Terms and limitations apply

The Rewards

SimplyCash Business Card

This card provides:

  • 5% cash back at U.S. office supply stores and on wireless phone services purchased directly from U.S. providers
  • 3% cash back on your choice of 1 category:
    • Airfare purchased directly from airlines
    • Hotel rooms purchased directly from hotels
    • Car rentals from select rental companies
    • U.S. gas stations
    • U.S. restaurants
    • U.S. purchases of advertising in select media
    • U.S. purchases of shipping
  • 1% cash back on all other purchases

Each year, you’ll be able to pick a new 3% reward category if you’d like to switch.

The 5% and 3% cash back categories are limited to the first $25,000 in purchases every year. After that, you’ll earn 1% back in those categories.

SimplyCash Plus Business Card

This card provides:

  • 5% cash back at U.S. office supply stores and on wireless phone services purchased directly from U.S. providers
  • 3% cash back on your choice of 1 category:
    • Airfare purchased directly from airlines
    • Hotel rooms purchased directly from hotels
    • Car rentals from select rental companies
    • U.S. gas stations
    • U.S. restaurants
    • U.S. purchases of advertising in select media
    • U.S. purchases of shipping
    • Purchases of hardware, software, and cloud computing services from select U.S. providers
  • 1% cash back on all other purchases

You can choose a new 3% category each year.

The 5% and 3% categories for this card apply to the first $50,000 in purchases every year. After that, you’ll earn 1% back in those categories.

The Verdict

These cards are almost identical.

The SimplyCash Plus card is better in just two ways:

  • It has an additional 3% reward category you can choose: hardware, software, and cloud computing services.
  • It has more spending power: you’ll be able to earn the 5% and 3% rewards on up to $50,000 in purchases each year, rather than just $25,000.

So if you’re interested in that extra category and expect to spend more than $25,000 per year with the card, the Plus version would be the better choice for you. The Plus card also gives you even more spending capacity, as you can read in the Costs & Fees section below.

The Benefits

These cards offer almost the exact same extra perks and benefits. The only difference is that the SimplyCash Plus card allows you to spend a certain amount over your credit limit, while the SimplyCash card does not.

Check your card’s Guide to Benefits for details on the specific benefits available to you, and how to access them.

Perks

  • 24/7 Customer Service Line

    Dedicated OPEN business representatives are always available.

  • Account Alerts

    Get alerts about account information on your phone.

  • Account Manager

    Give other people permission to manage your account.

  • Mobile & Tablet Banking

    Pay your credit card bill online, transfer funds, check available credit and more.

  • ReceiptMatch℠ with QuickBooks®

    Manage your account more easily by integrating with QuickBooks.

  • Employee Cards Available

    No charge for additional employee cards.

Entertainment

  • Chip-and-Signature Technology

    These cards are equipped with EMV technology for better security and accessibility overseas.

  • Dispute Resolution

    Help with fraudulent and unauthorized transactions.

Shopping

  • Global Assist® Hotline

    When you travel 100 miles or more from home you can get help with travel accidents such as a lost passport, the need for a lawyer, sudden illness, and more. You pay for all third-party service costs.

  • Roadside Assistance Hotline

    Assistance with services such as towing, changing a flat, or boosting a battery in case of emergency. You cover third party costs. Restrictions apply.

  • Car Rental Loss and Damage Insurance

    Stolen or damaged vehicles are covered if you use your card to pay for and reserve the rental, and you decline the collision damage waiver. Not all rentals or vehicles are covered. Provides secondary coverage only, not liability coverage.

  • Baggage Insurance Plan

    When you buy a Common Carrier ticket on your card, eligible lost, damaged, or stolen bags are covered up to $1,250 for carry-on baggage and up to $500 for checked baggage.

The Verdict

As you can see, the benefits offered by these two cards are almost identical. They are meant to help guide your business and protect you when shopping and traveling.

The only difference is that the SimplyCash Plus allows you to spend over your credit limit each month. The amount you can spend will depend on your past usage of the card, along with your credit history, financial records, and other information.

You’ll need to pay back that amount by the monthly due date, along with the regular minimum payment, or else your entire balance will be subject to the high penalty APR.

The Costs & Fees

Card Annual Fee Intro APR for Purchases Regular APR for Purchases Foreign Transaction Fee
SimplyCash Business Card $0 0% for 9 months  12.49%, 17.49% or 19.49% (Variable) 2.7%
SimplyCash Plus Business Card $0 0% for 9 months  12.49%, 17.49%, or 19.49% (Variable) 2.7%
Card Penalty APR Late Fee Returned Payment Fee
SimplyCash Business Card 29.49% (Variable) Up to $38 $38
SimplyCash Plus Business Card 29.49% (Variable) See Terms See Terms

The Verdict

As you can see, the costs and fees for these cards are all identical. Neither one has an annual fee, and you’ll get a 9-month 0% intro rate for both cards.

The only difference will probably be the credit limit you’re likely to get: since the SimplyCash Plus card requires better credit, you’ll probably get a higher credit limit with the Plus card than the basic version.

Insider Tip: 0% intro APRs are great, but take note that if you make a late or returned payment you could lose it before it officially ends, leaving you with the high penalty APR!

The Bottom Line

The SimplyCash Business Credit Card and the SimplyCash Plus Business Credit Card are both valuable rewards credit cards for small businesses and LLCs.

They’re similar in most ways, but they have some very significant differences: if you want that extra buying power and the ability to earn 3% back on computer hardware, software, and cloud computing services, you’ll need the SimplyCash Plus.

If you’re going to use the SimplyCash card to spend over the credit limit, be careful. There are no overlimit fees, but remember that you’ll need to pay back that entire amount, plus the minimum payment, by the next due date.

If you fail to do so your entire balance will be subject to the penalty APR of 29.49%, so this could quickly ruin your plans for saving money (especially if you were planning on using the 0% intro APR).

When used responsibly, these cards are a good choice for earning rewards on business expenses. The ability to choose your own category lets you get 3% back on the purchases you make the most, and you can even switch this category every year to adjust to your changing needs.

Do you use one of these cards? How do you like it? Leave your own review of the SimplyCash Business Credit Card, or leave a review of  the SimplyCash Plus Business Credit Card.

Looking for other credit cards for small businesses? Check out our picks for the Best Business Credit Cards – 2016!
Was this helpful?
  • Jacob Cardenas

    Does that mean that the limit cap on the non-plus is $25k?
    Also, does anybody know if AMEX would combine report pulls if I am considering a personal as well?

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