Credit cards can offer a convenient way to pay for your company’s expenses while also building credit and earning valuable rewards. There are considerable variations among small-business cards, so how do you know which is best for you?
If your operations involve frequent business travel, you may gain the most benefit from cards that offer premium travel rewards like the Amex Business Platinum Card. On the other hand, if you spend a lot in specific categories like gasoline or dining, the Amex Business Gold Card may profit your company more.
Both cards are well-known, having been around for years, yet they have updated features to remain relevant in today’s marketplace for small-business reward cards.
Benefits Common to Both Amex Cards
The Business Gold and Platinum Business cards by American Express have overlapping similarities. Your credit card APR on either card ranges from 14.24% to 22.24% based on creditworthiness.
Many fees are also the same, including a $39 late or returned payment fee and a penalty APR that can reach an unpleasant 29.24%.
Other shared benefits:
- Purchase protections — Items purchased with the card are protected for 120 days against theft or damage, up to $1,000 (Gold Card) or $10,000 (Platinum Card). Additionally, any purchased item with a warranty of up to five years will have this period extended by one year.
- Checked and carry-on baggage insurance — If you use your American Express cards for the full cost of travel fare, your bags are covered against theft, loss, or damage. The Gold Card provides up to $500 for checked bags and $1,250 for your carry-ons. The Platinum Card bumps that protection up to $2,000 and $3,000, respectively.
- Amex Card Membership Rewards — Although the calculations are different, both of these cards offer membership rewards in the form of points that you can use for airline miles and hotel reservations.
- Roadside Assistance — Emergency roadside assistance is included up to four times a year to jump your battery, change a flat, or tow your vehicle up to 10 miles.
- Hotel collection program — Get Amex travel-related perks like room upgrades and hotel credits.
- No foreign-transaction fees — Use your cards when traveling abroad for no additional charge.
- Employee cards — Issue cards to your employees for an additional fee ($300 per Platinum Card, $50 for any number of Gold Cards) and set limits to maintain spending control.
- Account alerts — Track due dates, employee card usage, and unusual activity between statements with account notifications.
- No spending limit — As these are charge cards rather than traditional credit cards, there is no spending limit, though you are expected to pay your balance off each month. Eligible purchases over $100 qualify for Pay Over Time. This feature allows you to carry a balance and pay interest as you would with a credit card.
- Sturdy metal cards — Both cards are made of heavy, durable metal rather than plastic.
- American Express Business App — Use your mobile device or computer to log in and manage your activity, adding notes and receipts and even syncing with QuickBooks.
- Year-end statements — American Express summarizes your purchases for the year according to month and category — a great help during tax time.
Ways the Two Credit Cards Differ
The fundamental distinctions between the Business Gold Card and the Business Platinum Card by American Express boil down to cost and rewards. Here’s a breakdown of the differences:
Amex Business Gold Card
The Amex Business Gold Card has a $295 annual fee and a 50,000-point welcome bonus if you spend at least $5,000 in your first three months of card membership.
You earn reward points with every Gold Card purchase you make:
- Receive one point for each dollar spent.
- During each billing cycle, earn 4x your points for every U.S. purchases you make in in two out of the following six bonus categories where you spend the most: Advertising
- The 4x points bonus applies up to $150,000 in eligible purchases per year. Beyond that, your benefits revert to one point for every purchase.
- There is no upper limit to how many total points you can earn.
Amex Business Platinum Card
Your Amex Business Platinum card starts with a hefty $595 annual fee. However, an 85,000-point welcome bonus kicks in when your firm spends more than $15,000 in the first three months. You also earn 5x your regular point earnings (up to an additional 80,000) on U.S. advertising, gasoline, shipping, wireless service, and office supply purchases made in the initial 90 days.
Reward-point accrual works differently with Amex Business Platinum Cards:
- Receive one point for every dollar you or your authorized employees spend.
- Earn 5x membership rewards for flights, and prepaid hotel stays purchased through the American Express travel website, with no maximum limit.
- Get 1.5x your points for eligible purchases (over $5,000) for up to one million bonus points each calendar year.
This business Platinum Card also comes with additional perks like:
- Return protection — U.S.-purchased items that are no longer eligible for return directly with the merchant may qualify for a refund of up to $300 per item from American Express.
- Concierge service — Expert help with dinner reservations, tickets for a show, or gift purchases.
- Premium Global Assist Hotline — Access extra emergency medical, financial, and legal assistance when your travels take you over 100 miles from home.
- Unique benefits at fine hotels and resorts — Extra privileges like early check-in, late checkout, food and drink credits, and car service.
- Trip cancellation insurance — Potential airfare refund if you have to cancel a round-trip flight purchased on the card.
American Express Gold Card or Platinum Card: Which Is Right for You?
The high fees associated with these business cards may be daunting for smaller businesses with few dollars to spare. However, the membership rewards and other benefits can turn out to be a worthwhile investment for your firm.
Your credit score will need to be reliable to qualify for either the Amex Business Gold Card or Amex Business Platinum Card. Though the company doesn’t state a credit score minimum, your consumer credit score will likely need to hit 740 or higher for the Platinum Card and around 700 or higher for the Gold Card to have a competitive application.
The Revenued Business Card Can Help Your Business
If having a high credit score puts these cards out of reach for your business, consider applying for the Revenued Business Card. With sales of $10,000 per month and operational history of six months, you can qualify, even with subprime credit. Contact us today at (855) 943-5363 to find out how you can get started.
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