If you’re looking for a simple no-annual fee rewards card that earns you a fixed rate on ALL transactions, the AMEX BBP credit card might just be the one for you.
Who can get the card?
Unlike a Personal Credit Card, a Business Credit Card is not accessible to all those who apply for it. However that doesn’t mean you need to necessarily own a physical (business) store in order to be eligible for this card. If you run a side gig such as freelancing (photography, writing, advising, etc…) or selling items/services online, you will be able to apply as a sole proprietor based on your SSN (Social Security Number) if you do not have an EIN (Employment Identification Number) issued by the IRS.
Even if you have a blog you write on the side (like me) you can apply for this card too. You would have to enter an estimated revenue figure and as a rule of thumb, just enter atleast half of what you expect to potentially earn in the next one year. (In my case, I entered the lowest possible figure: $1000). Whether or not you meet that figure isn’t as important as long as you actively put relevant expenses on that card.
American Express offers this card aimed at small businesses like sole proprietorship and/or start-ups which don’t have high initial revenue numbers to show for. Due to this, the card offers a 0% intro APR on purchases and balance transfers for 12 months.
Does it bypass the Chase 5/24 rule?
As a rule of thumb, all business cards bypass the Chase 5/24 rule (if more than 5 accounts opened in the last 24 months, application to any Chase card gets automatically rejected). This is good news for those who are trying to add cards to their portfolio but wish not to add more personal cards and increase their 5/24 time.
Does it have a sign-up bonus?
If you use the public link, then NO. However, if you use this link, you will receive 10,000 MR points when you spend $3000 in the first 90 days. While the sign-up bonus isn’t as good as the AMEX Personal Gold Card you stay under 5/24.
This card earns a flat 2 MR points per dollar spent (upto $50,000 in spend, then 1 MR point) irrespective of categories and with an average valuation of ¢ 2/point, you potentially earn ¢ 4/dollar spent. This valuation comes into play when you transfer points out to travel partners and redeem points towards flights/hotels.
I have gotten over a 3 CPP (Cent Per Point) value per MR point and by just transferring it out as cashback, you can get atleast ¢ 1/1$. If you open a Charles Schwab Platinum account (personal Credit Card), you can cash out your points at a 1.25 cent per point rate.
What benefits does the card offer?
Like most AMEX cards, it offers the following as standard:
- Rental Car Insurance
- Baggage Insurance
- Travel Accident Insurance
- Extended Warranty
- Purchase Protection
- AMEX Offers (highly underrated perk, but VERY valuable)
Additionally, niche to this card, AMEX offers the following:
Expanded Buying Power: which allows you to spend over your set credit limit for larger than normal amounts. The additional amount does have to be paid in full when your statement posts otherwise you will be charged horrible interest. This however does not warrant crazy charges like $20,000 on a $9000 limit.
Employee Cards: function the same as authorized user cards but allow upto 99 users as well as make it easy to track their expenses.
Introductory APR: of 0% on purchases and balance transfers for 12 months helps you better manage debt and not pay heavy interest. If you are on this boat (dealing with debt), point earning should not be your top priority, instead it should be paying off debt as fast as possible.
Is this card for right for you?
If you’re someone hustling on the side for some money or building up a product/service you wish to grow, this no-annual fee MR point earning card is a great pick especially thanks to it’s amazing benefits to help small business owners and/or entrepreneurs.
It may not lead in the point earning space, but with it’s universal 2X rate, it is a no-brainer as a beginner business card just like the AMEX Everyday Card is for personal use.
Want to sign-up for the card?
Click the link below for a sign-up offer worth $200 or more when redeemed towards travel.