Access to a revolving line of credit can make or break a small business, especially during the start-up stage when cash flow can be so difficult to predict. However, finding a bank that's willing to lend to small businesses these days is not an easy task! The reality is not many are left. Fortunately, there are still a few credit card companies that remain committed to providing business owners with small business credit cards, which can serve as an excellent alternative to traditional lines of credit. American Express is not only one of those credit issuers that still offers a suite of small business credit card options, but they also happen to offer one of my favorite no annual fee credit cards for business— the SimplyCash® Business Credit Card. Here's a brief overview of the top things I like, and don't like, about AmEx's SimplyCash® Card:
What I like about the SimplyCash® Small Business Card
- 5% cash back on office supplies and wireless services (Think AT&T, Verizon, or Office Depot expenses).
- 3% cash back on gas (Think gas purchased at standalone gas stations, not your local Costco).
- 1% on all other purchases, and there's no cap on the total amount of cash back cardholders can earn.
- No annual fee, and no cost for additional employee cards either.
- Cash back rewards are automatically credited to your account each month.
What I don't like about the SimplyCash® Small Business Card
- The 5% and 3% rebates are only offered on the first $12,000 spent in each category per year. After that, you'll only earn 1% on your purchases until a new rebate year begins.
- No 0% interest offer for balance transfers.
- It's tough to rely on this as your only business card because some merchants may still not accept American Express.
My Final Take The name, SimplyCash®, really says it all. For no annual fee, you can simply earn competitive cash back rebates from 1% to 5% on all your business expenses. And since your cash back rewards will be automatically credited to your account balance each month, they'll be no need to worry about how and when you should redeem your credit card rewards in order to maximize value. Your cash back rewards will always be enjoyed on autopilot and at the maximum value. If that sounds like exactly what you and your small business needs, consider applying for a SimplyCash® Business Card from American Express so you can start earning cash back on all your business expenses today.