This is shaping up to be a great week for new credit card offers! Yesterday, American Express gave one of their cards a makeover. The Simply Cash Business Credit card has been around for awhile, but it wasn’t too exciting – at least not for me.
However, now that it’s been glamorized, the card has caught my attention. Here’s why:
No Annual Fee
Yay! Enough said.
$250 Statement Credit
You can earn a $250 statement credit after you spend $3,000 or more in qualifying purchases on your card within your first 3 months of card membership. To be eligible for this offer, you must be approved by April 28, 2014.
You will earn a rebate for eligible purchases on the SimplyCash card:
• 5% on your first $25,000 of combined eligible purchases made at office supply stores located in the U.S., and on monthly wireless telephone services purchased directly from wireless telephone service providers in the U.S.
• 3% on your first $25,000 of eligible purchases made in the category that you select. Choose from:
- Airfare purchased directly from airlines
- Hotel stays
- Car rental companies listed at americanexpress.com/rewards-info
- U.S. gas stations
- U.S. restaurants
- U.S. purchases for shipping
- U.S. purchases for advertising in select media
• 1% on all other eligible purchases
Because this card is an Amex business card, you automatically get up to a 10% discount credited to your statement when you use your card for eligible purchases with OPEN Savings partners including Hyatt, FedEx, Hertz®, and more. Discounts vary by partner – check the site for details. Discounts will be applied in the form of a statement credit.
More Specifically, Hyatt Savings
As part of the OPEN Savings program, you can get a 5% discount credited to your American Express statement for each eligible dollar spent at participating Hyatt Hotels & Resorts in the U.S.
If you choose hotels as your 3% earnings category, you can stack the 5% OPEN/Hyatt Savings on top of that! In other words, you will automatically receive 8% savings if you choose hotels as your earnings category and use your card at a Hyatt hotel.
But you can do better than that – just go through TopCashBack first to book your Hyatt stays and earn an additional 3%.
This is a total of 11% off ALL Hyatt stays.
If you are a Hyatt Platinum or Diamond member, you can also get a special 20% discount called “My Elite Rate.” Stack the 11% on top of this, and do the math (I’m not going to do it for you, because I get into trouble when I do Hyatt math 😉 )
Things to note
When I initially began researching the new benefits of the SimplyCash card, I was especially interested in the 5% rebate on purchases made at an Office Supply store. This is because I thought that I could buy gift cards at a 5% discount. (You can find some interesting gift cards at Office Supply stores!)
However, I carefully read the fine print on this offer, and learned that “eligible purchases do NOT include fees or interest charges, balance transfers, cash advances, purchases of travelers checks, purchases or reloading of prepaid cards, or purchases of other cash equivalents.”
Just to make sure, I called American Express – twice. I talked to two different reps, who each confirmed this information. (It would be great if both of them were wrong, but the fine print does seem to indicate that neither reloadable cards nor gift cards will earn cash back.)
Also, note that the welcome bonus offer ($250 credit) is not available to applicants who have had this product within the last 12 months.
Finally, note that this card is a business card.
And…one more thing…you need to select your 3% earnings category within two months after you receive the card. After that, you cannot change your selection until the following calendar year.
Am I applying for this card?
Since Josh is a happily committed Hyatt Diamond member, I’m definitely intrigued by the Hyatt savings potential with this card. However, I literally just applied (as in, an hour ago) for the “first big offer of 2014” -the Citi American Airlines World Elite MasterCard. Since that offer came with a gigantic spend requirement of (gulp!) $10,000, I need to wait to meet that spend before I even think of applying for additional cards.
How about you? Does this offer float your boat?