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American Express just launched the “Refer a Business” program, which rewards those who hold an Amex business credit card and refer someone to open that card with a special link. If you have the Business Gold Rewards Card from American Express OPEN, The Business Platinum Card from American Express OPEN or another eligible card, this could be a relatively easy way to boost your points balance — and a nice complement to its existing Refer a Friend program for personal cards.
Here’s a breakdown of how many points you’ll earn if you refer a fellow business owner to open one of the eligible cards (and you already hold that card):
- Business Gold Rewards Card: 10,000 Membership Rewards points per referral, up to 55,000 points per calendar year. That’s 10,000 points for each of the first five approved referrals plus 5,000 points for the sixth approved referral.
- Business Platinum Card: 25,000 Membership Rewards points per referral, up to 55,000 points per calendar year. That’s 25,000 points for each of the first two approved referrals plus 5,000 points for the third approved referral. Note that this specific offer expires on January 25, 2017.
- The Plum Card from American Express OPEN: $100 statement credit per referral, up to $550 in statement credits per calendar year. That’s $100 for each of the first five approved referrals plus $50 for the sixth approved referral.
- Gold Delta SkyMiles Business Credit Card from American Express: 10,000 bonus miles per referral, up to 55,000 miles per calendar year. That’s 10,000 miles for each of the first five referrals plus 5,000 miles for the sixth approved referral. Note that this specific offer expires on February 1, 2017.
- Platinum Delta SkyMiles Business Credit Card from American Express: 10,000 bonus miles per referral, up to 55,000 miles per calendar year. That’s 10,000 miles for each of the first five referrals plus 5,000 miles for the sixth approved referral. Note that this specific offer expires on February 1, 2017.
- Starwood Preferred Guest Business Credit Card from American Express: 5,000 Starpoints per referral, up to 55,000 points per calendar year. That’s 5,000 Starpoints for each of the first 11 referrals.
Here are the steps for referring a fellow business owner:
- Visit this link and log in with your account information for the business card in question.
- Enter the email address of the friends you’d like to refer.
Once you’ve done this, Amex will send an email to your friends with a special referral link. Note that you’ll only get the referral bonus if he or she applies for the business card in question using this link. If your friends use your referral link and their applications are approved, you’ll receive your bonus rewards within six to eight weeks as long as your account is in good standing. You won’t get a notification when someone uses your link and is approved for a business card, but the bonus referral will appear on your card statement.
Is it worth it?
If you hold one of the above business cards and have friends or business contacts who could benefit from opening an account themselves, there’s no downside to referring them. It should only take a minute or two, and the worst case is that no one uses your link or no one is approved, while the upside is that you could earn thousands of points.
Even if you were to successfully refer just one person to the Amex Business Platinum, for instance, you’d earn 25,000 Membership Rewards points — worth $475 based on TPG’s latest valuations. That’s a tidy sum and requires very minimal effort on your part. The friends you refer, meanwhile, will be rewarded with a generous sign-up bonus when they meet the minimum spending requirement.
This new program provides another avenue for earning extra points, either within the Amex Membership Rewards program or with Delta SkyMiles or Starwood Preferred Guest (or cash back in the case of the Plum Card). If you have friends or fellow business owners who could benefit from opening one of the eligible cards which you yourself have in your wallet, consider taking a moment to visit the Refer a Business page and sending a link their way.
With great transfer partners like United and Hyatt, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards