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Update: The special welcome offer for the The Blue Business℠ Plus Credit Card from American Express has expired, but you can learn more about best available offers here.
A week ago today, American Express introduced The Blue BusinessSM Plus Credit Card. As soon as I saw the details of this card I was amazed by how generous the card is — it really seems too good to be true. I know lots of you have already applied for this card, while others have been on the fence and often take a bit more convincing.
So in this post I wanted to share eight reasons even very small business owners should pick up the Blue Business Plus Credit Card.
2x Membership Rewards points per dollar spent
The new Blue Business Plus Credit Card offers 2x Membership Rewards points on the first $50,000 spent on the card in each calendar year. The way I see it, that makes this card the single most lucrative one for everyday, non-bonused spend. I value Membership Rewards points at ~1.7 cents each, so this card offers the equivalent of a ~3.4% return on the first $50,000 spent annually.
This is even better for non-bonused spend than cards like the Chase Freedom Unlimited®, which I otherwise consider to be the most rewarding.
No annual fee
Not only does this card offer the most generous return on everyday spend, but it has no annual fee.
20,000 point sign-up bonus
The card is offering a sign-up bonus of 20,000 Membership Rewards points after spending $3,000 within three months. This offer is only available through American Express affiliates — if you go directly through Amex’s website, you’ll see that the card has no sign-up bonus. This might not sound like a huge sign-up bonus, but for a card with no annual fee that’s hugely lucrative for everyday spend, I highly doubt we’ll see a higher sign-up bonus anytime soon.
The card earns “premium” Membership Rewards points
There are two types of Membership Rewards points. There are the “premium” Membership Rewards points, which can be converted into airline and hotel points, and then there are more limited Membership Rewards points, which can’t be converted into airline and hotel points.
The Blue Business Plus Credit Card is one of the few no annual fee cards that earns full Membership Rewards points, which can be transferred to all Membership Rewards airline and hotel partners. That makes this a fantastic card to hold onto, in case you decide you want to cancel a premium Amex card.
For example, if you have The Platinum Card® from American Express but decide you want to cancel it, having the Blue Business Plus Credit Card will let you preserve the full value of those points.
Applying doesn’t count against Chase’s 5/24 rule
Many people try to limit their credit card applications to stay under Chase’s 5/24 rule. Essentially Chase won’t approve people for many of their cards if they’ve opened more than five cards in the past 24 months. Generally speaking, applying for Amex business cards won’t count towards that limit, so you can apply for this card without impacting your chances of being approved for a Chase card in the future.
Another card that gives you access to Amex Offers
As I wrote about in a post yesterday, one of the best perks of having Amex cards is access to Amex Offers. This is a program offered by American Express where you can score discounts and bonus points with select retailers. The more cards you have, the better your odds of scoring the best Amex Offers. So you can actually sort of make money by holding onto many no annual fee Amex cards, given the huge money savings available through Amex Offers.
You can’t convert existing Amex products to the Blue Business Plus
Some people might prefer converting an existing card to the Blue Business Plus Credit Card rather than applying new (even though you don’t get the sign-up bonus then). However, as of now it looks like American Express isn’t letting people product change to this card. So if you want the Blue Business Plus, you have to apply for it directly. I think that’s the best option anyway, but…
Applying for the card is (usually) risk free
The first thing to be aware of is that generally Amex business cards are among the easiest business cards to be approved for. I’ve written in the past about applying for Amex business cards as a sole proprietorship using your social security number. If you’ve never had a business card before, this is a great card with which to start, and you might be surprised by how easy it is to be approved for.
If you haven’t had a business card before and are concerned about the possibility of a rejection, keep in mind that if you’re an existing Amex cardmember and get denied, it typically won’t be reported to credit bureaus. That’s because Amex uses existing customer data to conditionally approve people for credit cards, and only after conditional approval do they pull your credit score, to see if anything major has changed.
So not only is the card easy to be approved for (even if you haven’t had a business card before), but if you’re an existing cardmember and get denied, there likely won’t even be an inquiry showing on your credit score.
The new Blue Business Plus Credit Card is no joke — to me it’s the most exciting new card since the Chase Sapphire Reserve. This is the most lucrative card for the first $50,000 of annual, non-bonused spend, but beyond that, there are so many more reasons to get this card. If you haven’t yet applied for this card, I’d highly recommend doing so.