American Express announced today the launch of a new small business credit card offering 2 Membership Rewards points for every dollar charged to the card (on up to $50,000 per year). The Blue Business Plus Card also offers a 0% interest rate on purchases and balance transfers for the first 15 months after acceptance. (Transferred balances will incur a 3% fee, however.)
Cardholders who spend more than $50,000 on the card in a year will drop down to earning just 1 point per dollar on those purchases over $50K.
The Blue Business Plus Card has no annual fee. The interest rate on the card will depend on an applicant’s credit history, with potential rates offered being 11.99%, 15.99%, or 19.99%.
American Express Membership Rewards points can be worth anywhere from a half-cent per point to 1 cent per point. Cardholders should take this into consideration when evaluating the rewards program, because many competitors have points programs in which almost all redemption options give you one penny per point.
The other small business credit card issued by American Express that is not associated with a partner company (such as an airline or hotel chain) is the SimplyCash Plus Business Card, which offers its rewards as cash back: 5% on wireless services and office supply store purchases, 3% back on a purchasing category of your choice, and 1% back on everything else. For many potential small business customers, this card is the better deal if rewards are your priority, but each individual needs to figure the potential rewards based on their own spending patterns and the worth of the rewards being given. The SimplyCash Card also has a less generous zero- interest introductory offer.
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