What credit score do you need for the Amex Business Gold Card?
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However, you may doubt whether you can get approved for the Amex Business Gold Card. Specifically, you may wonder whether you are eligible for the card. And you may not be sure if your credit score is high enough. So today I’ll take a closer look at these topics so you can decide whether to apply.
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Credit score required for the Amex Business Gold Card
The Amex Business Gold Card is a business card. As such, Amex will check your consumer credit score as well as your business credit score. Not all businesses have a business credit score, though. In this case, Amex will base its decision on your consumer credit score and the details you provide about your business.
There is no set credit score requirement for the Amex Business Gold Card. However, successful applications for the Amex Business Gold Card generally feature a good consumer credit score of 700 or higher.
Is the Amex Business Gold Card worth it?
The Amex Business Gold Card caters to small businesses with select types of business expenses. After all, the Amex Business Gold Card offers 4x Membership Rewards points on the two categories where your business spent the most each billing cycle from the following list:
- Airfare purchased directly from airlines
- U.S. purchases for advertising in select media (online, TV, radio)
- U.S. purchases at gas stations
- U.S. purchases made directly from select technology providers of computer hardware, software and cloud solutions
- U.S. purchases at restaurants, including takeout and delivery
- U.S. purchases for shipping
You’ll only earn 4x points on the first $150,000 of purchases in combined 4x categories each calendar year. But if you earn 4x points on $150,000 of spending each year, you’ll earn 600,000 points on these purchases. Based on TPG’s valuations, 600,000 Membership Rewards points are worth $12,000.
Even if you earn 4x points on significantly less spending each year, the Amex Business Gold Card could still make sense. For example, a road warrior who uses the Amex Business Gold Card for all their domestic gas and restaurant purchases could quickly earn enough rewards to justify the card’s $295 annual fee (see rates and fees).
In short, the value you’ll get from the Amex Business Gold Card depends on the business expenses you incur and what other cards you carry in your wallet.
Who is eligible for the Amex Business Gold welcome offer?
The Amex Business Gold Card currently has a welcome offer of 70,000 bonus points after you spend $10,000 on eligible purchases in the first three months of card membership. Since Amex Membership Rewards points are worth 2 cents each, this bonus is valued at $1,400.
However, not all applicants are eligible for this bonus. Specifically, under Amex’s one-bonus-per-lifetime policy, the welcome offer isn’t available to current or previous Amex Business Gold cardholders. And Amex notes in the welcome offer terms that it may “consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.”
Luckily, Amex has a welcome bonus qualification tool that will tell you after you apply if you aren’t eligible to earn the welcome bonus. You can opt to withdraw your application at this point, in which case Amex would perform a hard pull on your credit. So if you don’t want the Amex Business Gold Card without its welcome bonus, carefully read any messages that appear after submitting your application.
How to check your credit score
Before applying for a small-business card, you’ll want to check your credit score. Luckily, there are many ways to check your credit score for free. For example, you can pull your Experian FICO Score 8 for free by logging in to Experian’s FreeCreditScore website every 30 days. Likewise, you can check your TransUnion VantageScore 3.0 for free each week using Amex’s MyCredit Guide.
You can also check your business credit score. But, unlike consumer credit scores, you’ll usually need to pay to do so.
Factors that affect your credit score
Your credit score isn’t just one number. Instead, your credit score at any given time may vary based on the calculation method (such as FICO Score 8 and VantageScore 3.0) and credit reporting agency (such as TransUnion and Experian). The exact calculation methods aren’t publicly available. But FICO says that a FICO Score consists of the following:
- Payment history (35%)
- Amounts owed (30%)
- Length of credit history (15%)
- New credit (10%)
- Credit mix (10%)
If you want to improve your credit score, it’s essential to understand what factors affect your credit score. Your credit score will usually improve as you pay off debt and learn how to pay your credit card bills the right way.
What to do if you get rejected
If Amex rejects your application, you’ll receive a letter stating Amex’s reasons for the rejection. TPG contributor Ethan Steinberg uses each of his rejected credit card applications as a learning experience. After all, it’s possible to improve your credit portfolio and then apply for another card (or the same card). However, Amex recommends waiting at least 30 days before applying for another Amex card.
Alternatively, if you have information that might cause Amex to change its decision regarding your application, you can call Amex customer service at 1-800-567-1083 and ask Amex to review its decision. Best case, Amex may reverse its decision and approve you for the card. But even if Amex isn’t willing to change its decision, you may better understand why Amex denied your card application.
Which Amex business card is best?
American Express offers several business cards, each of which may be best for a particular small business. As such, there isn’t one best Amex business card. However, here’s a quick summary of the most popular Amex business cards and what they’re best for:
- American Express Business Gold Card: Best for earning on diverse business expenses
- The Business Platinum Card® from American Express: Best for luxury travel perks
- American Express Blue Business Cash™ Card: Best for cash-back rewards
- The Blue Business® Plus Credit Card from American Express: Best for fixed-rate earning
- Marriott Bonvoy Business™ American Express® Card: Best for business travelers who are loyal to Marriott
- The Hilton Honors American Express Business Card: Best for business travelers who are loyal to Hilton
As you can see, frequent business travelers may do best with the Amex Business Platinum. But Marriott loyalists may prefer the Marriott Business Amex. And businesses that prefer cash-back rewards will likely opt for the Amex Blue Business Cash Card.
The Amex Business Gold Card offers 4x Membership Rewards points on purchases in select categories (on up to $150,000 of eligible purchases each calendar year). As such, this card can be an excellent choice for small businesses that incur substantial expenses each billing cycle in one or two of the card’s categories.
You don’t need a perfect credit score to get the Amex Business Gold Card. A good credit score of 700 or higher may be enough for approval, especially if other details of your business indicate your application is relatively low risk.
Official application link: American Express Business Gold Card
For rates and fees of the Amex Business Gold Card, please click here.
Featured photo by Isabelle Raphael/The Points Guy.
Welcome to The Points Guy!
- Welcome Offer: Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*
- More Rewards: Get 4X Membership Rewards® points on the 2 select categories where your business spent the most each month. 1X is earned for other purchases. **
- **4X points apply to the first $150,000 in combined purchases from these 2 categories each calendar year.*
- Airline Bonus: Get 25% points back after you use points for all or part of an eligible flight booked with Amex Travel, up to 250,000 points back per calendar year.*
- Pay Over Time Option: A flexible payment option with interest to help manage cash flow on purchases of $100 or more.*
- *Terms Apply
- See Rates & Fees