About the card

The Gold Card from American Express OPEN (SM) is a charge card for small businesses.  Because this is a charge card, the entire account balance must be paid in full each month.  Most charge cards function more as a short term interest free loan rather than a credit card.  But the Gold Card from American Express OPEN can also substitute as a credit card.  When large purchases are made, the cardholder is given the option to pay over time.

The Gold Card from American Express OPEN (SM) is also a reward card.  Therefore each time you swipe the card you’ll earn points which can be redeemed for goodies.

The basics

• This is a business charge card, which means the entire balance is due upon receipt of the bill
• Annual fee: $125 for the basic card and $45 for additional gold cards, no annual fee for additional green cards (The additional cards are usually distributed to trusted employees.)
• Late fee:  the greater of $35 or 2.99% of outstanding balance
• No finance charges

The perks

• Enroll in the Membership Rewards program and get up to 40,000 bonus points in the first year
• Earn 1 Membership Reward point for every dollar you spend
• Redeem points for airline tickets, hotel stays, vacation packages and more, plus you’ll never have to worry about black out dates
• No limit on the points you can earn
• Points never expire
• Annual fees waived for the first year
• No preset spending limit
• Comes with an extended payment plan option
• OPEN Savings program allows you to save 3-25% when you use your card at participating retailers (Save 5% at FedEx Kinko’s, 20% as BizFilings, 10% at Symantec and much more)
• Comes with emergency roadside assistance… flat repair, towing, lock out services, battery recharge, etc. all for free

You will like this card if you are a small business owner who likes short term interest free loans to manage your business finance expenditures. 

You won’t like this card if you are unable to pay the entire balance of the card at the end of each month.

Credit card review

I think this card is a must have for small business owners.  The Gold Card gives businesses the freedom and flexibility to manage finances, interest free, in the short term.  Basically, a business will have access to an unlimited amount of credit, and when paid by the due date, there is no interest.  The cost of having this credit available whenever it is needed is minimal… only $125 per year. 

This card also comes with an optional extended payment plan.  So in the event that a large purchase cannot be paid in the short term, the card holder can elect to pay over time.  This can be vital when cash is flowing slowly.

Business owners will also have access to online expense reports.  This is a great management tool for tracking and evaluating spending.

But the best thing, every time the card is used, points are accumulated.  The points can be redeemed for various rewards such as gift cards and plane tickets.  A business owner can use these points for himself, or he can use it to give bonuses to worthy employees.

Overall rating

I give it 5 out of 5 stars.

Apply for the Gold Card from American Express OPEN (SM) here.