The Business Green Rewards Card from American Express stands as a convenient option for businesses looking to merge spending flexibility with rewards accumulation. With a balance of competitive rates and reward features, it serves as a solid choice for small to medium-sized businesses seeking to manage finances more effectively.
One of its notable features is the Membership Rewards® points system, which allows cardholders to earn valuable points that can be redeemed across various categories, such as travel and business expenses. Additionally, the card offers a flexible spending limit, making it an adaptable option for businesses with fluctuating monthly expenditures.
Key information about the Business Green Rewards Card
How does the annual fee work?
The Business Green Rewards Card comes with a modest annual fee of $95. This fee is not subject to any specific waiver or discount, which means it will be billed annually from the time of account opening.
Given the range of benefits associated with this card, the annual fee can easily be justified through the rewards structure and spending flexibility it offers. While there is no option to break down this fee into multiple payments, businesses may find it an affordable cost considering the savings and rewards they can accumulate over time.
How is the credit limit determined?
One of the standout features of the Business Green Rewards Card is its lack of a preset spending limit. This flexible structure allows business owners to spend in alignment with their financial needs, which is particularly useful for businesses with varying monthly expenses.
The amount you can spend adapts over time based on several factors, including your purchase history, payment behavior, and credit profile. While this does not mean unlimited spending, it provides significant flexibility compared to traditional credit cards with strict credit limits.
Advantages of the Business Green Rewards Card
The Business Green Rewards Card offers several benefits that can cater to the needs of growing businesses. Some of these advantages include:
- No preset spending limit, which offers flexibility for businesses with fluctuating expenses.
- Pay Over Time option, allowing cardholders to carry a balance with interest, which can provide added flexibility for managing cash flow.
- 2X points on flights and prepaid hotels booked through AmexTravel.com, providing substantial rewards for frequent business travelers.
- 1X points on other eligible purchases, enabling businesses to earn rewards on everyday expenses.
- Expense management tools, which help streamline financial oversight and improve budgeting.
- Widely accepted at 99% of places in the U.S. that accept credit cards, according to the 2023 Nilson Report.
Highlighting the Rewards Program
One of the most attractive features of the Business Green Rewards Card is its Membership Rewards® points program. With this program, cardholders earn points on every purchase they make, with enhanced rates on specific categories like travel. For example, spending on flights and prepaid hotels booked through AmexTravel.com earns you 2X points, while other eligible purchases earn 1X points.
These points can be redeemed across a variety of categories, including travel, merchandise, and gift cards, providing flexibility for businesses to use their rewards as they see fit. The points never expire, allowing cardholders to accumulate them over time for larger rewards. For businesses that travel frequently or have significant operational expenses, the Membership Rewards® program can offer substantial value.
Disadvantages of the Business Green Rewards Card
While the Business Green Rewards Card comes with numerous benefits, there are also some drawbacks to consider:
- Annual fee of $95, which, though reasonable, is still an added cost for businesses that may not use the rewards program extensively.
- Variable APR of 19.49% to 28.49%, which can be high depending on your creditworthiness.
- Limited bonus rewards categories, as the 2X points are restricted to flights and prepaid hotels booked through AmexTravel.com.
- Pay Over Time comes with interest, which can add up if balances are not paid in full each month.
Notable disadvantage: High APR Range
One of the major drawbacks of this card is the relatively high variable APR, which ranges from 19.49% to 28.49%. This is determined based on the cardholder’s creditworthiness, meaning that those with lower credit scores could end up paying a higher interest rate. For businesses that plan to carry a balance using the Pay Over Time option, this could lead to significant interest costs, which may outweigh the rewards earned if not managed carefully.
Who is eligible for the Business Green Rewards Card?
To apply for the Business Green Rewards Card, applicants must meet specific eligibility criteria. While American Express does not openly publish a required minimum credit score, a good to excellent credit rating (typically 670 or higher) is generally expected for approval. Additionally, businesses applying for the card should have a legal business entity and be prepared to provide financial documentation that reflects their business’s income and expenses.
Other key requirements include:
- Applicants must be at least 18 years old.
- U.S. residents with a valid Social Security number or Taxpayer Identification Number.
- The business should have a positive credit history, with no recent bankruptcies or major delinquencies.
This card is not typically marketed toward individuals with poor or fair credit, as the approval process may be stringent given the rewards and financial flexibility it offers.
How to apply for the Business Green Rewards Card
Applying through the website
To apply for the card via the American Express website, simply navigate to the Business Green Rewards Card page and click the “Apply Now” button. You will be asked to fill out a detailed application form, including information about your business, such as its legal name, industry, and financial details. After submitting the application, you will usually receive an instant decision, although some applications may require additional review.
Applying through the app
For those who prefer to manage everything on their smartphones, the American Express mobile app also allows users to apply for the card. The application process is similar to the website, and the app provides the added benefit of allowing you to track your application status in real time.
Applying in-store or through an agency
Although less common, business owners can also apply for the Business Green Rewards Card in person by visiting an American Express office or agency. This option may be particularly useful for those who prefer face-to-face assistance or need to discuss additional business services offered by American Express.
