Get 60,000 points – and no fee in Year 1 – with Amex Business Gold

As we announced on Wednesday, American Express has launched the biggest sign-up bonuses ever seen on a UK payment card.

These are, genuinely, on a scale unlike anything else we see. If you or someone you know qualifies, you should seriously think about applying. It simply won’t get any better – no-one else is going to be offering 60,000 points for a free card or 120,000 points on a fee paying card.

This article looks at American Express Business Gold. The bonus has also increased on its sister card, American Express Business Platinum. Business Platinum comes with a huge bonus of 120,000 Membership Rewards points, although you must spend £12,000 within three months to trigger it and keep the card for 14 months. You can apply here and we looked at this deal in detail yesterday.

The key facts about American Express Business Gold

In this article, I want to look more closely at American Express Business Gold. Here are the key things you need to know:

• American Express Business Gold is free for the first year (£175 thereafter, which should be a tax deductible business expense)

• You receive a sign-up bonus of 40,000 Membership Rewards points

• You need to spend £6,000 in three months to qualify for the bonus

• You receive an additional bonus of 20,000 Membership Rewards points if you hold the card for 14 months (you must make one transaction of any size during months 14 to 17)

• This special offer ends on 30th March 2023

Key link: American Express Business Gold charge card application page

Why Amex Business Gold?

The American Express Business Gold charge card is issued directly by American Express.

The card is aimed mainly at small businesses and sole traders.  The criteria for applying are fairly lenient:

• You have a permanent UK home address
• The business has a UK bank account
• You are over 18

There are no turnover or profitability requirements for the company itself.  There is no longer any requirement to have been in business for one year – you can now apply as soon as you have a bank account.

If you are a sole trader, you do not need to have a business bank account.

Note that the American Express Business Gold card is a charge card, not a credit card. You MUST clear your balance in full at the end of each month.

What is the Amex Business Gold sign-up bonus?

Until 30th March, you will receive 40,000 American Express Membership Rewards points when you spend £6,000 within three months. This is an exceptionally generous incentive.

You will get an additional 20,000 Membership Rewards points – for a total bonus of 60,000 points – if you hold the card for 14 months.

The card is also free for the first year.  The annual fee for the following years is currently £175, although you receive a pro-rata refund if you cancel.

To put it in context, I have never – in the 20 years I have been interested in miles and points – seen a bonus as high as 60,000 points on a card which has no annual fee for the first year.

The standard bonus on this card is just 20,000 Membership Rewards points.

What can you do with 60,000 Membership Rewards points?

Membership Rewards points can be converted into a range of goodies.  The most valuable options are converting into frequent flyer miles (including Avios points and Virgin Points) at a ratio of 1:1.  This means that the sign-up bonus is worth 60,000 Avios or 60,000 Virgin Points.

Amex points also convert into Hilton Honors (at 1:2), Marriott Bonvoy (at 2:3) and Radisson Rewards at 1:3.

There are also a lot of non-travel redemptions including retailer gift cards, but the best value will come from travel redemptions.

Do you qualify for the 60,000 points?

American Express states on the Business Gold website that “you will not receive the sign-up bonus if you have held a Membership Rewards enrolled card [ie Platinum, Gold or Green American Express card] in the 13 months before you apply.”  This includes personal and business cards.

Note that the rule here only looks back 13 months. This is more generous than personal American Express cards, where they look back 24 months.

For clarity, you will definitely receive the sign-up bonus if you already have, or recently had, a British Airways Amex, Marriott Bonvoy Amex, Nectar Amex, Harrods Amex or Platinum Cashback Amex.

You will also qualify if you have the British Airways Accelerating Business SME card.

Is there a bonus for on-going spend?

Yes, although it will only benefit high spenders.

You will receive an additional 10,000 bonus Membership Rewards points whenever you spend £20,000 in a calendar quarter (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec).

If you spent exactly £20,000 in a quarter, you would have earned 30,000 points in total. This comprises 10,000 bonus points and 20,000 base points.

Any other benefits?

You receive £100 credit per year to spend with Dell. No minimum spend applies but the credit is split into two parts. You can earn £50 cashback between January and June and £50 cashback between July and December. This is a very generous benefit especially as you are not paying a card fee in the first year.

You can apply for supplementary Amex business cards for your employees at no extra cost.

You will receive one consolidated statement showing the spend on your card and all of the supplementary cards.  All of the Membership Rewards points earned on the supplementary cards will flow into your personal account.

Depending on when in your monthly cycle you make a payment, you will effectively receive up to 54 days free credit on your spending.

American Express statements provide more underlying transaction detail for flights and certain other transactions than Visa or Mastercard statements, making it easier to reconcile transactions.

What is the Amex Business Gold annual fee?

There is no fee for the first year.

For future years, there is a fee of £175. This should be a tax deductible business expense.

The fee is refundable pro-rata if you cancel part-way through your membership year.

What do you earn per £1 spent on the card?

You receive 1 Membership Rewards point per £1 spent on the card.

What is a Membership Rewards point worth?

Anything from ‘quite a bit’ to ‘a lot’ is the answer.   This article outlines my view on the most valuable American Express Membership Rewards transfer options.

In the very worse case, you can transfer your 60,000 Membership Rewards points into 60,000 Avios and onwards into 80,000 Nectar points. 80,000 Nectar points will get you £400 to spend at Sainsbury’s, Argos or eBay.

£400 is the worse case scenario for your 60,000 bonus Membership Rewards points, remember. You should be able to get more value than that if you use your points for a premium cabin air miles redemption.

You can take a look at the full list of American Express Membership Rewards redemption options here.

Any downsides?

The only major issue with Amex business cards, including American Express Business Gold, is the lack of acceptance by some suppliers.

Realistically, you will need to have a Visa or Mastercard as well to ensure that you can always get a card accepted.  I recommend the Capital On Tap Business Rewards Visa credit card which I review here.  Capital On Tap offers 10,000 Avios for signing up – plus an extra 500 points for HfP readers – and a very generous earning rate of 1 Avios per £1.

The Head for Points verdict:

If you are a sole trader or own a small business (even a service company) then the American Express Business Gold card has always been worth a look. 

60,000 Membership Rewards points for signing up is an outstanding incentive, and with no fee for the first year you have nothing to lose. Be sure that you can spend £6,000 within three months of applying, however.

How to apply

The official Amex Business Gold website, which contains full details and the application form, is here.

The offer of 60,000 Membership Rewards points runs until 30th March.

Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points. The site discusses products offered by lenders but is not a lender itself. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as an independent credit broker.