American Express unveiled an improved version of its Business Gold Card. According to a press release, customers can enroll in perks to earn statement credits and membership rewards in specific business spending areas with the redesigned card.
The announcement comes as several companies, particularly small and medium-sized businesses (SMBs), struggle to obtain financing and use personal credit cards to pay for expenses.
According to Anna Marrs, group president of global commercial services and credit and fraud risk, “The refreshed Business Gold Card helps our card members spend more time on what’s important, running their businesses. The updated Gold Card will assist small businesses in realizing value, whether they’re making purchases for business essentials like advertising, wireless bills, technology expenses, office supplies, or booking travel and dining with customers.”
Additionally, the card enables companies to earn four times as many membership rewards points in the top two qualified categories where they spend the most each billing cycle. The new upgrades also feature annual statement credits worth up to $395 and cell phone insurance.
According to the press release, the adjustments will likely benefit most cardholders in the long run. Plus, new and existing cardholders can enjoy all the additional perks immediately, while the negative changes won’t take effect until February 1, 2024. Nevertheless, some features Amex removes will likely make the card less valuable to some users.
With these modifications, anyone seeking to improve the look of their card can now choose a gold or rose gold card design, which was previously only available on the consumer American Express Gold Card.
The press release also notes that the rewards are applicable for the first $150,000 in combined purchases made each calendar year, including purchases from electronic goods merchants, software and cloud systems, monthly wireless charges, and transit expenditures. For example, businesses can use the card to pay a monthly Walmart+ subscription and get a statement credit for the membership fee.
The financial environment for Main Street businesses is growing more challenging, with 76% of SMBs declaring they would have to shut down within 60 days of a liquidity shortage. However, these adjustments may be advantageous or detrimental depending on how much money your company spends. Yet, businesses that take advantage of the statement credits will almost certainly see these changes as positive.