American Express SimplyCash Plus Review

Note: This card is no longer available to new applicants.

American Express SimplyCash Plus Overview

As the name suggests, the SimplyCash Plus Business Card from American Express is a simple way to earn cash back on business purchases. With 5% and 3% cash back categories, SimplyCash Plus offers high rewards for certain categories. Very few business credit cards offer a rate as high as 5%, so if you have a lot of expenses in the right categories, you can save a fair amount of money using this card (rather than other options).

Many business owners will also like that this credit card does not have an annual fee and that it offers an introductory rate of 0% APR for the first nine months. On the other hand, SimplyCash Plus does not currently carry a welcome offer, and the only way to redeem rewards is via statement credit.

Is American Express’s SimplyCash Plus Business the card for you? Read on to learn the details and find out how this card compares to some similar competitors.

Rewards & Fees

• SimplyCash Plus does not carry an annual fee, so you don’t have to worry about spending enough to make up for an upfront fee.
• Businesses can earn $2,500 cash back before maxing out the 5% cash back category, and $1,500 before maxing out the 3% category. That’s a total of $4,000 cash back on $100,000 worth of purchases, plus earnings on any purchases in the 1% cash back category.

All cardholders will earn 5% cash back for purchases at office supply stores and on wireless telephone service purchases (up to $50,000 per year). For the 3% category, merchants get to choose one of eight categories:

• Airfare purchased directly from airlines
• Hotel rooms purchased directly from hotels
• Car rentals purchased directly from major car rental agencies
• US gas stations
• US restaurants
• US purchases for advertising in select media
• US purchases for shipping
• US computer hardware, software, and cloud computing purchases

Naturally, terms and restrictions apply to all categories, so we’d recommend looking at the fine print before making your selection. Cardholders can change their category on an annual basis.

Like the 5% category, you can earn 3% on all purchases up to $50,000 a year. After you hit the maximum, all purchases revert back to 1% cash back.

Redeeming Rewards

Cardholders receive cash back as a statement credit. Cash back accrued each month will be applied to the next month’s billing statement.

Amex does not offer the option for cardholders to receive cash back as a check. If you want your rewards for a reason other than statement credit, or you are worried about losing rewards by switching credit cards, you might want to consider other options.

Benefits

Aside from rewards, SimplyCash Plus cardholders gain access to a number of other benefits for both travel and shopping.

Like most American Express business credit cards, merchants with a SimplyCash Plus Business card have expanded buying power — you can spend above your credit limit with no penalty fees. That said, you must pay the full amount above your spending limit each month as part of your minimum payment.

Cardholders also receive these shopping benefits:

• Spend manager (with a mobile app)
• Extended warranty
• Purchase protection

And these travel benefits:

• Global Assist Hotline
• Roadside Assistance Hotline
• Baggage insurance
• Car rental loss and damage insurance
• Travel accident insurance

American Express allows you to order employee cards at no additional expense. You can set spending limits and track expenses for all cards on your desktop or via a mobile app.

Note that this credit card does carry foreign transaction fees. All charges outside the United States are subject to a 2.7% markup.

American Express SimplyCash Plus Business VS Capital One Spark Cash For Business

Spark Cash for Business is a cash back credit card offered by Capital One. Unlike SimplyCash Plus Business, Spark Cash carries flat rate rewards — all purchases receive 2% cash back, with no limit. Spark Cash does carry an annual fee of $95, but it is waived the first year.

If you don’t make a lot of purchases in the categories covered by SimplyCash Plus, or you simply make a lot of purchases outside those categories, Spark Cash might be a good alternative. Merchants might also like that you can receive cash back rewards as a check instead of as a statement credit.

That said, SimplyCash Plus offers higher potential earnings for businesses that put a lot of purchases in the 5% and 3% category options. For example, while business owners can earn $2,000 back on $100,000 worth of purchases from Spark Cash, merchants can earn up to $4,000 on the same amount from SimplyCash Plus (if those purchases are in the right categories). And, because the SimplyCash Plus 3% cash back is a category of your choosing, many businesses will find at least one category that fits their needs.

Head over to our Capital One Spark Cash for Business Review to learn more about Spark Cash.

American Express SimplyCash Plus Business VS Chase Ink Business Cash

Ink Business Cash, offered by Chase, is another cash back option for businesses. This card will work best for businesses that aren’t planning on putting too many charges on their card.

Ink Business Cash offers 5% cash back at office supply stores and on internet, cable, and phone purchases, and 2% cash back at gas stations and restaurants. Both categories max out at $25,000 each, after which purchases revert back to 1% cash back. Because the categories are broader than those offered by SimplyCash Plus, cardholders will find that it’s a little easier to earn the cash back rewards. However, because the high-earning categories max out at $25,000 per year, high spenders might want to seek out a different card.

Ink Business Cash does not have an annual fee. Head over to our Chase Ink Business Cash Review for all the details.

Final Verdict

SimplyCash Plus Business is a good way for businesses to save money without worrying about point values. Because you can choose your 3% rewards category, most businesses will be able to easily take advantage of rewards, and you won’t have to worry about spending enough to make up for an annual fee.

On the other hand, the card might be too simple for some. Because SimplyCash Plus rewards can only be applied as a statement credit, business owners interested in applying rewards where they’ll have the most value — or in receiving cash back as a check — might want to consider other cards. However, if you are only interested in saving a little money, it’s hard to beat the simplicity of this card.

Is the American Express SimplyCash Plus the business credit card for you?

Use SimplyCash Plus if:

• You have a lot of expenses in the 5% and 3% cash back categories (this is easy for many businesses to do because you can choose the 3% category)
• You don’t want to worry about an annual fee
• You don’t care about redeeming rewards as anything other than a statement credit

Don’t use SimplyCash Plus if:

• You don’t spend a lot of money (or spend significantly more than $50,000 annually) in the 5% and 3% categories
• You want to use your rewards for reasons other than a statement credit

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

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