Big Cash Back Bonus for Amex SimplyCash Business Card
This week, we saw the Amex SimplyCash Business Card increase its sign-up bonus to $250 after you spend $5,000 in the three months after opening the card. There are some great benefits to holding this card in your wallet if you're a small business owner (or even if you aren't).
For one, there's no annual fee for the Amex SimplyCash card, so holding it in your wallet will cost you nothing if you pay off your bills on time each month. It's rare for a business card to not have an annual fee, and to offer a sign-up bonus of $250 or more in value.
Since this is a business card, there are cash back bonuses for spending at office supply stores and on wireless phone services, at 5% (or 5 cents per dollar) back. This is maxed out at $25,000 per year. In addition, there are 3% bonuses (or 3 cents per dollar) on a CATEGORY OF YOUR CHOICE, like airlines, hotels, car rentals, gas stations, restaurants, shipping, or advertising. Keep in mind you must purchase travel directly from the airline (so no Expedia or Hotels.com). You'll receive 1% back on everything else.
In addition, this card has 0% APR for 9 months, so you can take your time paying off a big purchase for your business (just don't forget!).
If you choose your "category of choice" to be hotel spending at 3% cash back up to $25,000, and use AMEX OPEN on Hyatt spending (3%-10%), you could "double up" on your cash back, saving you between 6% and 13% on each hotel purchase you make. Same goes for shipping and Fedex.
In addition, if you anticipate having a lot of credit card expenditures, and have cash on hand to pay off your card bill, you could max out spending at office supply stores by buying AMEX gift cards, at $505.95 each for each $500 card. You'll spend $297.50 and receive $1250 in cash back, or a $952.50 bonus. That, coupled with the $250 sign-up bonus, means $1202.50 in cash back. This option should only be used by "power users" who know that they can spend $25,000 in gift cards safely, and have the necessary funds to pay off their bills. If you have a small business, this could be possible!