The American Express Business Accelerator is a useful card for those looking to pick up a dedicated business credit card AND maximise their points earn.
The card is aimed at sole traders or small to medium size businesses, and of course you’d want to be sure you can put the majority of your transactions through an American Express to be able to take advantage of the points on offer.
If you can, then you’ll be able to earn 2 Membership Rewards points per dollar spent, up to 100,000 points per year (or $50,000 in spend, equivalent to just over $4,150 per month on average) after which the earn rate drops down to 1 Membership Rewards points per dollar.
As such, the Business Accelerator is a good points-earner. When earning 2 Membership Rewards points per $, you’ll be picking up points at a faster rate than most of American Express’ other cards on day to day spend – and that benefit is renewed each year you hold the card.
|Card||American Express Business Accelerator|
|Loyalty program||American Express Membership Rewards - can transfer to Velocity Frequent Flyer, Singapore Airlines KrisFlyer, Cathay Pacific Asia Miles and more|
|Points earned from spend||2 points per $ up to 100,000 points, then 1 point per $ after|
0.5 points per $ on government, utilities and insurance transactions
|Earns points at ATO||Yes - 0.5 points per $|
|Overseas transaction fee||3% of the converted amount|
Effective Frequent Flyer Program Point Earn Rates
|Frequent Flyer Program||Points earned from spend|
|Velocity Points||2 points / $|
|Singapore Airlines KrisFlyer Miles||2 Miles / $|
|Cathay Pacific Asia Miles||2 Miles / $|
American Express Membership Rewards is a great program for maximising the value of your points, and with the points earned from the Business Accelerator you’ll get access to transfer your points across to…
- Virgin Australia Velocity Frequent Flyer
- Singapore Airlines KrisFlyer
- Cathay Pacific Asia Miles
- Etihad Guest
- Emirates Skywards
- Starwood Preferred Guest
To name just a few! It’s a very versatile program.
There’s an annual fee of $160, which comparable to other similar cards in the market.
While there is typically no points bonus offered on the card for signing up, you could consider the 2 Membership Rewards points per $ spent for the first $50,000 on the card your equivalent to a 50,000 Membership Rewards point sign up bonus – but one which accrues slowly over time as you spend, with no time or minimum spend requirements, and renewed yearly.
That’s one of the key benefits of the card – the double points (up to 100,000 annually) are renewed year-on-year, so you’ll get to pick up the bonus points on an ongoing basis.
This is with your ‘cardholder’ year – so if you’ve spent over $50,000 on the card in the 12 months after your application was originally approved, your 2 Membership Rewards points per $ earn rate will be restored again.
As with other American Express Membership Rewards cards, points are reduced to 0.5 points per $ for government transactions like paying your tax with the ATO, and many utilities and insurance providers.
However, services like RewardPay allow you to pay your ATO bill with a surcharge, but earning full points on your American Express card. The 2 points per dollar earned with Business Accelerator makes it a great candidate for using with RewardPay.
The general reduction in earn rate for government transactions reduces the opportunity for maximising the points earned with your card a little, but for all other spend, the 2 Membership Rewards points per $ is one of the highest earning earn rates for Membership Rewards points out there.
Business Accelerator Cardholder Requirements
The Business Accelerator is a business-specific card, although of course you could choose to use it for personal transactions.
You’ll need to have an ABN (sole trader is fine) or ACN to apply, and meet the following requirements:
- Your ABN needs to be registered for GST, and active for 2 years
- Your business needs to turn over at least $75,000 per year under the ABN you apply with
- Your personal income needs to be $24,000 per year or higher
- You’ll need to supply details of your registered business address and details of business directors, if any
American Express will then verify the supplied business information, which they can do from your supplied documentation or getting in touch with your accountant.
They will give you a call if they need any supporting info after checking out your business records from publicly available sources, like the Australian Business Register.
This all usually takes around 7-10 working days from application to approval, although can be quicker if you get all the supporting info in quickly – or take longer if you have a particularly complex business set up.
Other benefits of the American Express Business Accelerator
The Business Accelerator is really all about the 100,000 bonus points on your first $50,000 of spend each cardholder year.
Outside of the points, you can have have additional card members linked to your account at no additional cost, meaning you can potentially give these to business partners or employees while you clock up the points.
Like many other American Express cards there’s up to 55 days interest free on your purchases, with the previous calendar month statement becoming due at the end of the following month.
You’ll also get detailed itemised, business-centric statement reports outlining GST paid on business expenses where possible, which could help at BAS or tax return time. Not all transactions will have GST outlined on your statement though so you may need to chase up a few receipts or invoices.
Finally, it’s also worth noting that the ‘Local Champion’ promotion, which earns you an additional point per $ at your most frequently shopped retailers, is not available with the Business Accelerator.
American Express Apple Pay & Android Pay support
American Express cards support both Apple Pay & Android Pay, meaning you can use this card on your smartphone for easier payments. Find out more in our guides for each of the compatible services.
Summing up – American Express Business Accelerator
This is a card for those looking to silo their small business expenses into a seperate account, whilst still earning rewards points in a very useful rewards program currency, Membership Rewards.
If many of your suppliers take American Express, this is a viable card for small business owners to maximise their flexible rewards points program earn, and pick up extra Membership Rewards points each year as the bonus resets every cardholder year.
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