For small business owners, having a credit card for purchases is a no-brainer. Business credit cards provide them with a revolving line of credit that they can access to make purchases and withdraw much-needed cash.
However, not all credit cards are equal, and some offer more benefits than others. As I was searching for one with high flat-rate rewards, I came across the Blue Business Plus Credit Card from American Express (Amex).
If you’re a small business owner looking for a credit card with great rewards, then this Amex card might be for you. In this article, I will talk about the credit card, its features, associated interest rates and fees, and how to apply for one.
- Overview of the Amex Blue Business Plus Credit Card
- Notable Features of the Blue Business Plus Card from Amex
- Additional Benefits the Blue Business Plus Card Offers
- Interest Rates and Charges to Keep in Mind
- Applying for the Amex Blue Business Plus Credit Card
- Downloading and Installing the Amex Business Mobile App
Overview of the Amex Blue Business Plus Credit Card
The Blue Business Plus Credit Card is among the range of business cards offered by Amex. It piqued my interest because of its generous rewards and introductory 0% annual percentage rate (APR) offer.
It also has an interesting feature that allows the cardholder to use the credit card beyond its credit limit. However, the amount you can spend beyond the limit is not unlimited.
If you’re into earning American Express Membership Rewards points, this business credit card is a good way to do so. It offers bonus points for new cardholders and grants double points to first purchases yearly.
Earning Membership Reward Points
This credit card provides a number of ways to accumulate Membership Reward points. If you’re a new cardholder, you will earn 15,000 points if you spend $3,000 in eligible purchases within the first three months.
Blue Business Plus cardholders also earn two points per dollar on regular business purchases like dinner meetings and office supplies. This multiplier will apply for the first $50,000 spending annually and anything beyond will get 1 point per dollar.
Getting to $3,000 in the first three months isn’t really difficult if you use the card for your purchases. Hitting the $50,000 cap for the bonus points would be a non-issue for most small business owners.
Notable Features of the Blue Business Plus Card from Amex
Aside from earning points, the Blue Business Plus credit card has a lot of other features that I found interesting. One that stood out is its 0% introductory APR on purchases for the first 12 months from account opening.
If you’re planning to make big and frequent purchases upon getting a card, this is a surefire way to earn points and avoid interest.
Once this introductory period ends, a variable APR ranging between 13.24% to 19.24% will be applied, depending on your creditworthiness and other factors that were considered when you opened your account.
Other Card Features
The ability to go beyond the credit limit refers to the Expanded Buying Power feature of the card. This spending amount is not unlimited, however, and is based on your payment history, financial resources, and credit record.
There is no annual fee for the Amex Blue Business Plus credit card. This is a plus for me because I have only used credit cards with no annual fees in the past.
Applying for the card can be done online and in a matter of minutes through the American Express website. Receiving a decision on your application could happen as quickly as 30 seconds after submission.
Additional Benefits the Blue Business Plus Card Offers
Since the Blue Business Plus card is aimed at business owners, it’s not surprising that some employees will be tasked with making some of the business purchases. Luckily, American Express lets you add an additional employee card, which also earns points.
You don’t have to worry about staff spending on personal things or overspending because you can set up alerts and spending limits for their cards. You’ll also receive online statements of the purchase history.
As a business owner, I sometimes have to go on trips, so I need to hand over management to a trusted partner. Thankfully, American Express allows cardholders to designate an account manager who can grant access to the business card.
Other Perks You Can Enjoy
The Blue Business Plus card also offers an extended warranty service that adds up to one year of coverage on top of the manufacturer’s warranty.
The card also provides purchase protection of up to 90 days against theft and accidental damage, which is great for when I buy equipment using the card. In cases of disputes, the card company will provide its assistance to settle them.
Businesses that use the QuickBooks accounting software will be glad to know that the Blue Business Plus card can be enrolled into the auto-expense categorization in the program. This will save time as it automatically tags card transactions.
Interest Rates and Charges to Keep in Mind
When using a credit card, particularly for business, it’s imperative to be aware of the interest and charges imposed on transactions using the card. The introductory APR is 0% and the variable APR after that will be 13.24% to 19.24%.
I must warn against the card’s penalty APR of 29.24%. It will be applied after two or more late payments in a 12-month period, after a payment is returned, or if the minimum payment was not paid at the end of the billing period.
To avoid paying interest on purchases, the entire balance should be paid by the due date of each month. The due date is at least 25 days following the end of each billing period.
Other Fees to Remember
While there is no annual membership fee, there are other fees to take note of when using the card. Foreign transactions have a fee of 2.7% of the transaction amount in US dollars.
Late payment fees can reach up to $39 and returned payment has a fixed fee of $39. There is no over-limit fee imposed on Blue Business Plus cardholders.
I also want to mention that the introductory 0% APR will be lost once a variable penalty APR is imposed. This variable penalty APR will be at 29.99% max.
Applying for the Amex Blue Business Plus Credit Card
To apply for the card, I simply had to click the Apply Now button on its product page on the American Express website. It immediately took me to an online form that required my personal and business information.
The personal information needed includes the applicant’s full name, email address, home address, phone number, date of birth, and Social Security number. It even asked for my total annual income and non-taxable annual income.
For the business, it required the company name, business address, and business phone number.
I also needed to supply the number of years in business, number of employees, annual business revenue, and federal tax ID.
Company Contact Information
If you have questions or concerns about the card, you may call the customer service hotline at 1-800-492-3344, 24 hours a day, seven days a week.
Interested applicants can submit a card application by phone by calling 1-800-519-6736 between 7 AM to midnight EST.
The company’s corporate headquarters is located at Three World Financial Center 200 Vesey Street, New York, New York 10285-4803.
Downloading and Installing the Amex Business Mobile App
Aside from using the American Express website to access and manage your business card account, I also learned that you could manage it using the Amex Business mobile app. It’s available for both Android and iOS devices.
For Android users, you will find the app on the Google Play Store in the Finance category under the name “Amex Business”. It has a rating of 4.5 out of 5 stars based on almost 1,600 user reviews.
The app, currently on version 9.0.1, has a file size of 24 MB and requires Android 6.0 and up to function properly. Tap on the Install button to download and install the app on your device.
Amex Business Mobile App for iOS
Meanwhile, iOS users will find the app on the Apple App Store also under the name “Amex Business”.
The app has a file size of 38.5 MB and requires iOS 13.0 or later for both the iPhone and iPod touch.
To download and install the app on your Apple device, simply tap the Get button.
Conclusion
The Amex Business Blue credit card is an excellent option for small business owners who want to maximize their rewards points from purchases. Its introductory 0% APR and the absence of annual fees are also great ways to save on business costs.
Note: There are risks involved when applying for and using a credit card. Consult the bank’s terms and conditions page for more information.