It isn’t enough to simply hold an American Express card. If you want the card to be a worthwhile addition to your business card strategy, you should understand everything they have to offer. Here are a few things to keep in mind that can help you maximize your Amex business card:
Explore Corporate Membership Rewards®
American Express offers access to its renowned Membership Rewards® program on its consumer and business credit cards. It also allows businesses to take advantage of Corporate Membership Rewards. This program lets business owners redeem points for business trips, gift cards, office supplies and more. Some cards in the Corporate Membership Rewards program have an annual fee, but members can redeem points for a credit on their company’s card statement and earn points that don’t expire.
On top of that, members can earn up to 1.25 Corporate Membership Rewards points for every dollar charged to their Amex corporate card for business expenses, such as travel accommodations and utility bills. Plus, they can earn 2 Corporate Membership Rewards points for each dollar spent on foreign currency transactions, computer hardware, software and cloud services and online advertising. Interested business owners and employees can enroll by logging into American Express @Work or contacting their Amex representative.
Use Pay Over Time for large purchases
While we don’t recommend carrying a balance, sometimes it's necessary. With Pay Over Time, you have time to pay off eligible purchases over a set period with interest, instead of paying the entire balance. On the surface, the feature may not have much appeal but when you’re in a tight spot with an unexpected expense, it can be a useful tool.
Make the most of travel credits
Some American Express business cards offer travel credits that can benefit most travelers. Perks include a CLEAR Plus membership credit, hotel credits, airport lounge access and an airline bonus when you pay with points. If your business requires you to travel frequently, you might consider choosing an Amex card with valuable travel perks that can add convenience to your airport experience and help dampen the blow to your travel budget.
Use your Membership Rewards wisely
American Express has one of the highest credit card point values on the market. Bankrate currently values American Express Membership Rewards at 1 cent per point when booking through the issuer and around 2.0 cents per point when transferred to a high-value airline or hotel partner. This means that 50,000 Membership Rewards points could net you an estimated $1,000 in travel value.
Other redemption methods have redemption values worth only 0.5 to 0.7 cents, a downside for business owners who don’t travel often. Although Amex points can be useful for the occasional non-travel redemption, your points are best used for strategic travel transfers.
What you need to apply for an Amex business credit card
Applying for an American Express business credit card is nearly the same as applying for a personal Amex credit card. You’ll navigate a few additional steps if it's your first time applying, but existing Amex cardmembers can sign into their account to expedite the process.
Along with filling out some basic personal information, you’ll also provide details like your company structure, business address, number of employees, federal tax ID and your role at the company. You’ll also disclose your billing address and total annual income, which includes any income you can use to pay your bills and any profits you’ve taken from your business thus far. You can also opt to include your non-taxable annual income, which is optional but may be helpful if you receive any income exempt from federal income tax, like Social Security and disability benefits.