January 22nd, 2013
Review: Limited Time Offer from Business Gold Rewards Card from American Express OPEN
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This card is not for the casual credit-builder. The Business Gold Rewards Card from American Express OPEN is a charge card for the small business owner wanting to earn rewards for his entrepreneurial expenses. And now, for a limited time, you can get 75,000 membership rewards points when you spend $10,000 in the first four months of card membership.
American Express OPEN – Earn Big Rewards for Your Small (or Big) Business
The American Express OPEN Business Gold Rewards Card is a charge card, meaning the balance must be paid in full each month. But it could be a great fit for a business owner or entrepreneur wanting to kick off his new company. Here are the details:
- LIMITED TIME OFFER: Earn 75,000 Membership Rewards points when you spend $10,000 in the first four months of card membership.
- 3x points on airfare.
- 2x points on purchases in the U.S. for advertising in select media, gasoline at U.S. stand-alone gas stations and shipping.
- 1x points on other purchases.
- Points are earned only on eligible purchases. Bonus points limitations apply.
- $0 introductory annual fee for the first year, then $175.
- Introductory annual fee for additional Gold Cards in the first year is $0; then, $50 for the first additional Gold Card and no fee for other additional cards.
- Terms and restrictions apply. Offer expires Jan. 28, 2013.
Before taking this offer, take note of a few things. First of all, you’re not eligible for the limited time offer if you’ve had this product or any other Business Gold, Green or Platinum Card account within the past 12 months.
Additionally, you have to meet a spending requirement if you get this card, and it’s hefty: $2,500 a month. If you’re really ramping up your business—or you already have substantial monthly expenses—this might not be a big deal. But it can be tough for some small business owners.
Charge Cards and Your Credit
Charge cards like the American Express OPEN Business Gold Rewards Card are a little different from traditional credit cards. They don’t have a credit limit or interest rate and you have to pay off the balance each month. Therefore, charge cards on your credit report don’t affect your credit card utilization rate. You can read more about this in our post “Can Credit Card Limits Hurt Your Credit Score?”
But even though your utilization won’t be affected by your new charge card, your percent of on-time payments will be. So if you do get this card, make sure to stay on top of your payments, and your credit will remain in good shape.
Bethy Hardeman is the Social Media Manager and Writer at Credit Karma, where she’s been since February 2011. When she’s not writing about credit and finance all over the web, you can find her playing her guitar, catching the latest movie, training for her next race or just exploring the city of San Francisco. Say “Hi” on Twitter: @bhardeman.
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