Small Business News
Amex Revamps U.S. Business Gold Card, Increases Annual Fee
American Express has announced some updates to its Business Gold Card in the United States, including new rewards categories and credits as well as an impending hike in the annual fee.
About the updates:
As it previously has, the Business Gold Card will continue to earn 4x points on the business’s top two eligible spending categories each billing cycle (capped at $150,000 in combined purchases per calendar year). However, the list of eligible categories is being adjusted.
The first new option is monthly wireless phone service purchases made directly with service providers in the U.S. Next, transit — including trains, taxis, rideshare, ferries, tolls, parking, subways, and busses — has also been added as an eligible category. Finally, Amex has slightly reworded one category, which now includes U.S. purchases made from electronic goods retailers and software/cloud system providers. Rounding out the list, purchases at U.S. media providers for select media advertising, gas station purchases in the U.S., and U.S. restaurants including takeout and delivery will remain as eligible options.
This updated list means that airfare purchased directly from airlines will no longer be an eligible option. Additionally, the “U.S. purchases for shipping” category has also been removed. Meanwhile, the card will now earn 3x points on eligible Amex Travel bookings and continue to earn 1x points on all other purchases.
Beyond the rewards updates, the Business Gold Card is also receiving two new credits. Now, the card will offer a $20 per month ($240 per year) Flexible Business Credit. This credit will include purchases from FedEx, Grubhub, and office supply stores. Additionally, Business Gold card members will also now be able to receive a statement credit that covers the full cost of a Walmart+ membership up to $155 a year.
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Best Small Business CardsRounding out the revamp, the card will now offer cell phone protection. This coverage will reimburse up to $800 (with a $50 deductible) toward the repair or replacement of a phone. However, to be eligible, the device in question needs to be listed on the previous month’s wireless bill that was paid using the Business Gold Card.
Finally, in addition to the regular Gold card color option, Business customers will now be able to select a Rose Gold card, similar to that previously offered for the personal version of the Gold card.
With these additions, the card is also raising its annual fee. Effective February 1st of 2024, the Business Gold Card will come with an annual fee of $375. Currently, the card’s fee is $295.
My thoughts:
To be honest, I wasn’t too familiar with the previous version of the Business Gold Card as I only have the personal version. In turn, it’s hard for me to say whether these updates are a win or not. Of course, as always, that answer will vary by business owner as the usefulness of the credits and rewards categories is highly subjective.
With that said, if you are a fan of the updated product, now may be the best time to apply. That’s because, while these changes are now in effect, the increased fee won’t arrive until February. Thus, those who open an account now can lock in a year at the lower annual fee before bumping up to $375 upon renewal.
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