The American Express Business Edge Card is regarded as one of the best business credit cards in Canada. This card is particularly beneficial to small and medium sized businesses that have a penchant of charging a good portion of their expenses to their credit cards as it has brought great benefits to the businesses it serves.
The American Express Business Edge card bundles several benefits for those who are smart enough to sign up for it. For one, it offers several benefits for small business owners looking for a rewards credit card. The card offers a welcome bonus of forty-five thousand points for spending five thousand US dollars or more in the first 3 months of card ownership.
This is often viewed as “free bonus points” as it is very easy for a growing small or medium sized business to spend $ 5,000 in three months. Additionally, cardholders can earn up to ten times the points for every $ 1 spent on eligible business essentials. Examples of business essentials include office supplies & electronics, rides & gas, as well as food & drinks within 6 months of Card membership, up to a maximum of 10,000 points.
It is important to note that personal expenditure of this card in an attempt to write it off as business essentials will not attract any rewards. Cardholders can also earn an extra 1,000 points for each monthly billing period in which they spend $3,000 in purchases on the card (valued at up to 12,000 extra points in a year).
Does it really have so many benefits?
One of the main benefits of the American Express Business Edge Card is the ability to earn and redeem points. With this card, you can earn up to three times the points (up to a maximum of 75,000 points) on purchases for eligible business essentials. These business essentials include food and drinks, rides and gas, and office supplies and electronics.
You’ll earn one times the points on everything else. As a basic card member, you could also get a referral bonus of 5,000 points for each friend you refer. The points you’ve earned can be used to offset business expenses in full or in part. Furthermore, you can also redeem points for statement credits as well as use those redeemed points to book flights, hotels, and car rentals.
Additionally, you can transfer your points in a one – to – one ratio to several other frequent flyer and loyalty programs, redeem them for statement credits, use them for Amazon.ca purchases, and redeem them for gift cards and merchandise. In addition to all these wonderful uses for your rewards points, you may also redeem your points for flights, car rentals, and hotels with American Express Travel, as well as for flight purchases with Air Canada.
Another benefit of the American Express Business Edge Card is the business benefits it offers. American Express offers cardholders powerful tools and flexibility for your business, all of which are accessible when you sign up for the American Express Business Edge card. With this card, you get an array of business and expense management tools as well as resources and car rental and business insurance.
The $99 American Express Business Edge Card annual fee may be tax-deductible, and you have the option to pay your balances in full or over time. This card gives you the option to add supplementary cards that are under the same account holder’s name, and the addition of these cards is free. This perk is often seen as beneficial in the eyes of business owners as it allows them to track employee expenses while accumulate points.
Among the other benefits that the American Express Business Edge Card offers, the one that is held in high regard among its cardholders is the wide insurance coverage. This includes car rental theft & damage insurance, buyer’s assurance protection plans as well as purchase protection plans. For car rental theft and damage insurance – for car rentals that do not exceed a period of 48 days – you can be covered up to an amount of $85,000 in the event of theft, loss, and damage of the rental car.
Additionally, the Buyer’s Assurance Protection Plan kicks in when charging eligible items to your American Express Business Edge Card. This perk can automatically extend the manufacturer’s original warranty up to one year. And lastly, the Purchase Protection Plan. This plan ensures that you will be insured for eligible items for 90 days from the date of the purchase if accidental damage or theft occurs (up to an amount of $ 1000).
Furthermore, American Express Business Edge cardholders are given priority access to a number of American Express Experiences and Events. These cardholders get access to Front of The Line Presale tickets and Reserved tickets to concerts, theatre productions, restaurants, and special events.
There are various special events and offers, such as advance movie screenings and theatre packages, as well as special access to food festivals, curated events, private shopping experiences, and exclusive online offers. You can be sure that signing up for the American Express Business Edge card will not only leave your heart pumping after you get priority tickets to your favourite musician’s concert, but it will also leave your belly stuffed as you sample a variety of foods and drinks in your area.
However, like all credit cards, the American Express Business Edge Card has its downsides as well. One downside is that cardholders can only redeem three times the points on business expenses at select retailers. Cardholders need to be mindful of which stores qualify for the high-earning categories. For example, you will earn three times the points for electronics purchases at Best Buy, but not at Costco.
Another downside is that after earning 75,000 points, the earning rate of three times the points on eligible business expenses will decrease to one time. Additionally, the missed payment interest rate is quite high. If you miss 2 payments within 12 months, the interest rate will increase to 23%.