American Express Business Gold Rewards Card - $125 Bonus Explained

This is a timeline you can follow to make $125 by applying for a Business Gold Rewards card. I’m in the market for some webcast software that costs $300 so I plan on using the $125 I make from the promotion offered on the card to offset the expense.  I called up American Express to check on the details & requirements of the promotion & card to be sure I did everything right so I’d get my money. Below is a timeline you can follow to ensure you get your $125 credited to your account, take note of the bolded tips.

Day 1 – Take a few minutes to apply for the Business Gold Rewards Card.  I asked the American Express rep if I had to be a business to apply.  The answer was no, simply leave the Federal Tax ID field blank on the application and be sure to enter your Social Security number in the “About You” section.  If your application is approved, you should get your card in the mail in 7–10 business days.

Day 11 – By now your card should have arrived. The promotion states that you have to make a purchase before 12/31/2007 in order to earn your rewards. I’m not going to buy my $300 software yet, I’ll explain why in the next step in the timeline. You don’t have to buy a big ticket item, just make a purchase, so be sure not to spend more than $10 on whatever you buy.

Cash Rewards Explained
Because this is a rewards card, you are automatically enrolled in the membership rewards program when you are approved for the Gold Rewards card. Every dollar you spend on the card earns you 1 rewards point. The promotion grants you an additional 25,000 bonus membership rewards points when you make your purchase.

You can use these points for a free plane ticket, for discounts at various merchants, or as a cash credit on your card bill.  I’m going to use them as a cash credit where 25,000 points is equivalent to $125.

Your First Bill – The next step is to pay your first bill when it arrives. This is a key point to note, the terms of the promotion for the card state:

“Welcome bonus points will be credited to your Membership Rewards account 6 to 8 weeks after your first purchase appears on your monthly billing statement.”

Since the rewards points won’t appear on your card for about two months after you make your first purchase, you’ll have to pay the first bill in full.  This is a charge card, not a credit card, so you are expected to pay off the full amount each month.  This is why you spent under $10 when you made your first purchase.

Two Months After Your First Bill – Now that 6–8 weeks have passed, the points should have been credited to your account.  This is where I’ll get online and buy the software I need.  You can go out and spend $125 on whatever it is that you need.  To ensure your points will pay for your purchase, make sure you don’t buy something right before your billing cycle ends.  I’ll explain in a moment.

Two Days Later – If you want to use your membership rewards points for cash back, you have to call American Express and let them know to apply the $125 credit on your bill.  Make sure to call just a few days after making the purchase. This will give the charge a chance to appear on your account but should not push you into the next billing cycle.

This is important, if you make the purchase on the 25^th of the month and your bill is issued on the 26^th, you’ll have missed the chance to apply the $125 to your current bill.  You’ll have to pay the $125 off in full and use the credit on the next item you buy on the card.

Prior to 12 Months – The Business Gold Rewards Card  has a $125 annual fee that the promotion waives for the first 12 months.  If you don’t cancel the card prior to the 12 month period you’ll be assessed the $125 fee for the next year.  If you don’t plan on using this card be sure to cancel it.

I asked three different American Express reps when this promotion ends and none of them could give me an answer.  The deal may last for a while or it may end soon so if you can use it, jump on it while it’s around.  If you’re like me and have a big ticket item you’d like to save money on or just want to cut that much from your grocery bill then follow this timeline and the Business Gold Rewards Card can save you $125.

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