American Express's Business Gold Card doesn't get the attention of its consumer sibling, but a fresh review argues it's one of the strongest points-earning business cards on the market right now — provided your spending fits its quirky bonus structure.

The headline grabber is the welcome offer: as many as 200,000 Membership Rewards points after spending $15,000 in the first three months. Valued at roughly 1.7 cents per point, that's potentially $3,400 in rewards, enough for several long-haul business class tickets. Offers vary and not everyone will see the top amount, but it's a serious hook.

Then there's the annual fee: $375, which is where opinions split. Amex pitches up to $845 in annual credits against it, including up to $300 toward a ChatGPT business subscription, $240 in flexible business credit, $155 for Walmart+ and $150 for Squarespace. If you'd use those anyway, the card effectively pays you. If not, you're carrying a chunky fee for a card with no lounge access.

The earning structure is unusual. Instead of picking your categories, the card automatically awards 4x points in the two of six categories where your business spends the most each billing cycle, up to $150,000 in combined bonus spending per calendar year. The categories: US advertising with select media (Google, Meta and similar), US electronics and software/cloud purchases, US restaurants, US gas stations, transit (rideshare, trains, parking, tolls), and monthly US wireless phone bills. At 1.7 cents per point, that works out to a claimed 6.8% return in bonus categories — genuinely excellent. You also earn 3x points on flights and prepaid hotels booked through Amex Travel, and just 1x on everything else.

Here's the trap for travellers: five of the six bonus categories are limited to US purchases. The card has no foreign transaction fees, so it's fine to use abroad, but it's a poor earner for businesses spending heavily in other currencies.

On redemption, the review is blunt: don't cash points out for gift cards or statement credits. Transfer them to one of Amex's airline and hotel partners instead — there are around 22 in total. Examples cited include 75,000 Aeroplan points for a one-way transatlantic Lufthansa business class seat and 60,000 Flying Blue miles for Air France business class from Miami to Venice via Paris. Watch for periodic transfer bonuses to stretch points further.

Who should care? Small business owners and freelancers who already spend on ads, software, gas or restaurants in the US, and who want to bank points toward premium cabin flights. Employee cards cost $95 total for the first five, and you can add up to 99, with QuickBooks integration and spending controls built in. Two quirks worth knowing: the card doesn't count toward Amex's five-card limit, and applications don't count toward Chase's 5/24 rule. Note the usual Amex 'once in a lifetime' rule applies — you can't earn the welcome bonus twice on the same card.

The math is straightforward: if the bonus categories match your spending and you can use even a couple of the credits, this card earns its fee many times over. If not, look elsewhere. — Source: One Mile at a Time