American Express Canada Business Gold Rewards Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 30%.
  • Purchase intro APR: None.
  • Rewards: One point per dollar spent.
  • Annual fee: $250; $50 for each additional card.
  • Late fee: 30% APR on balance.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Rewards points welcome bonus: When you sign up for an Amex Canada Business Gold Rewards Card and charge $5,000 in purchases in the first three months, you’re eligible for a 30,000-point welcome bonus. The rewards points you earn can be cashed in for flights, Amazon purchases, gift cards, merchandise, and statement credit. Points can also be transferred to hotel loyalty or frequent flyer programs.
  • No foreign transaction fees: As an Amex Canada Business Gold Rewards Card cardholder, you’re not responsible for foreign transaction fees. If you’re a frequent overseas traveler, you’ll save money on purchases you make on your trips.
  • Flexible credit limit: There’s no set credit limit associated with your Amex Business Gold Rewards Card. The company approves or denies purchases based on your payment history and current balance. If you’re known for making payments on time, your credit limit increases over time.
  • Extensive online services: When you create an online account, you gain access to 24/7 account services, including your current statement and account alerts. You can also update your contact information and make payments.

Drawbacks

  • High APR: The Amex Canada Business Gold Rewards Card is a charge card so the balance must be paid off monthly. If you don’t pay the balance off each month, what’s left is susceptible to a 30% APR. If you leave a balance on your card, it’ll begin to grow and it may be hard to catch up. However, you qualify for an interest-free grace period, which varies depending on your borrowing habits.
  • Limit on bonus rewards points: You can earn bonus points on certain purchases, allowing you to rack up rewards points quickly. If you spend money with your card at one of three participating retailers you choose, you’ll earn two points for every dollar spent. However, there’s a 250,000 bonus point maximum per year. When you reach your bonus point maximum and make a purchase at one of your chosen retailers, you’ll only earn one point per dollar.
  • Low statement credit membership point redemption: 1,000 membership rewards points can be cashed in for only $7 in statement credit. This is a low redemption rate but you may find other rewards more generous, such as travel or transferring points to your hotel and airline loyalty programs.

What Can You Expect From the Amex Canada Business Gold Rewards Card?

Application Process

You can apply for the Amex Canada Business Gold Rewards Card online or by phone. To be eligible for the card, you must be a Canadian resident with a Canadian credit file. You must also be at least the age of majority in the territory or province where you live. The card is designed for small business owners, so if your business earns over $10 million in revenue each year, American Express may recommend a corporate credit card instead.

Insurance Coverage

As an American Express cardholder, you’re offered extensive business and travel insurance coverages that are complementary with your account. Travel coverages are susceptible to certain limits, deductibles, or exclusions and include the following:

  • Car rental theft and damage insurance.
  • Flight and baggage delay insurance.
  • Travel emergency assistance.
  • Travel accident insurance up to a $100,000 limit.
  • Hotel and motel burglary insurance.

Your card also includes employee card misuse protection, a purchase protection plan, and a buyer’s assurance protection plan. Fraud protection is also included, as well as emergency card replacement.

Who Should Get the Amex Canada Business Gold Card?

The Amex Canada Business Gold Rewards Card is good for small business owners with good or excellent credit. The comprehensive rewards program is beneficial for cardholders who want extra travel perks and are already members of hotel or airline loyalty programs.

Since this is a charge card, users should be aware that they’re responsible for paying off their balance each month. After the interest-free grace period, the card balance is susceptible to a 30% APR, so paying off the balance is crucial. The Amex Canada Business Gold Rewards Card is also ideal for small business owners looking for travel insurance coverage and who want to manage their credit card account online.

The Amex Canada Business Gold Rewards Card offers many attractive benefits for small business owners. Before deciding if it’s the right card for you, review the eligibility criteria, rewards program stipulations, and APR.

Compare other rewards credit cards and learn more here.


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