STILL RUNNING: Get up to 40,000 points – and no fee in Year 1 – with Amex Business Gold

As we announced three weeks ago, American Express has brought back special sign-up offers on its two small business cards.

Even better, a change to the rules means that if you are accepted, you WILL get the sign-up bonus.

No restrictions, no small print. It doesn’t matter what Amex cards you have or recently had. If your application is approved you will receive the bonus.

This article looks at American Express Business Gold which is free for a year and comes with up to 40,000 Membership Rewards points.

The bonus has also increased on its sister card, American Express Business Platinum. Business Platinum comes with up to 80,000 Membership Rewards points. You can apply here and we looked at this deal in detail here.

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 (£195 thereafter, which should be a tax deductible business expense)

• You receive a sign-up offer worth up to 40,000 Membership Rewards points – this is based on giving you 4 points per £1 spent during your first three months, to a maximum of £10,000

• There is no minimum spend required – you will get 4 points per £1 on all of your spending, however low or high (up to £10,000) within the first three months

• This special offer ends on 22nd October 2024

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, but you must have a personal income of £20,000+.

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 22nd October, you will receive up to 40,000 American Express Membership Rewards points as a sign-up incentive.

This is paid to you at the rate of 4 points per £1 spent for your first three months, up to a maximum of £10,000.

After three months or £10,000, whichever is earliest, you will revert to the standard rate of 1 point per £1 spent.

The standard bonus on the Business Platinum card is a flat 20,000 Membership Rewards points for hitting a spend target, so this offer is a substantial improvement.

What can you do with 40,000 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 up to 40,000 Avios or 40,000 Virgin Points.

40,000 Membership Rewards points would also get you:

• 120,000 Radisson Rewards points
• 80,000 Hilton Honors points
• 60,000 Marriott Bonvoy points
• 40,000 airline miles in various other schemes including Etihad and Air France KLM
• 30,000 Emirates Skywards miles
• 2,667 Club Eurostar points

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 40,000 points?

Yes you do!

American Express recently removed all restrictions on who qualifies for the sign-up bonus on Business Platinum and Business Gold. If you are accepted, you qualify.

This means, for example:

• if you have or recently had Business Platinum, you can apply for Business Gold and receive the bonus
• if you have or recently had Business Gold, you can apply for Business Platinum and receive the bonus
• if you have or recently had a personal Gold or Platinum card, you can apply for Business Platinum and/or Business Gold and receive the bonus
• if you have British Airways Accelerating Business, you can apply for Business Platinum and/or Business Gold and receive the bonus

IMPORTANT: There are no changes to the bonus rules on any of the personal American Express cards or on the British Airways Accelerating Business card. It only applies to Business Gold and Business Platinum.

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.

What is the Amex Business Gold annual fee?

There is no fee for the first year.

For future years, there is a fee of £195. 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 40,000 Membership Rewards points into £200-worth of High Street gift cards. You should be able to get more value – at least double – 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. 

Up to 40,000 Membership Rewards points for signing up is an outstanding incentive, and with no fee for the first year you have nothing to lose.

How to apply

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

The offer of 40,000 Membership Rewards points runs until 22nd October.

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.