Amex “SimplyCash” Business Credit Card

American Express is offering their SimplyCash Credit Card for small business. The credit card has a 0.00% introductory rate for 6 months, 9 months or 12 months. Which intro term you receive when you apply for the card is based on your creditworthiness. The rate after the intro period also depends on our credit history. The ongoing rate is the Prime Rate plus a perchance which is again based on our credit history. Right now the rate can be either 13.24% (Prime Rate + 9.99%),16.24% (Prime Rate + 12.99%) or 19.24% (Prime Rate + 15.99%).

The APY for cash advances is higher, the current rate is 21.24%, which is the Prime Rate plus 17.99%. The penalty APY is even higher. The penalty APY is the Prime Rate plus 23.99%, the current penalty APY is 27.24%. The rate and APY will apply to your account if you make 2 or more late payments in a 12-month period; You go over your credit limit 3 times in a 12-month period; or You make a payment that is returned. The penalty rate will apply for 12 billing cycles as long as one of those triggers doesn’t happen again in the period.

Unlike most business credit cards there is no annul fee associated with the Amex SimplyCash card. The cash advance fee is also better than most advance fees for both business cards and personal cards. The max cash advance fee is on this card is only 3%, most cards these days have a max of 5%.

For more information on this business card go to: SimplyCash Business Card