At the beginning of the year I wrote about the four credit cards that I want but don’t have, and among those is The Blue Business® Plus Credit Card from American Express. Amex introduced this no annual fee (Rates & Fees) card last year, and it offers 2x Membership Rewards points on the first $50,000 spent each calendar year, which is an unrivaled returned on spend.
I value Membership Rewards points at ~1.7 cents each, so to me the card offers the equivalent of a ~3.4% return on the first $50,000 spent annually, which is incredible. This is the single best credit card in terms of the return it offers on everyday spend. While Ford picked up this card last year shortly after it was introduced, I haven’t yet picked up the card, though I’m finally at a point where I’m able to do so.
Why I haven’t yet gotten the Blue Business Plus Card
The reason I haven’t gotten this card yet is because American Express typically limits you to having five of their credit cards at any given point (this excludes charge cards, like The Platinum Card® from American Express, The Business Platinum® Card from American Express, and American Express® Business Gold Card).
At the moment I have five American Express credit cards — the Amex EveryDay® Preferred Credit Card from American Express, the Marriott Bonvoy American Express Card, the Marriott Bonvoy Business™ American Express® Card, the Hilton Honors American Express Surpass® Card, and The Blue for Business Credit Card from American Express, which Amex discontinued last year.
My plan was to cancel the (now discontinued) Blue for Business Credit Card and replace it with The Blue Business® Plus Credit Card from American Express. The reason I’ve been waiting is because that card offered a 30% annual relationship bonus on the cardmember anniversary. I spent about $50,000 on the card last year, so that’s a sizable number of points.
Those ~15,000 bonus points finally posted in the past few days, which is why I can now cancel the card.
My strategy for getting the Blue Business Plus Card
The Blue Business® Plus Credit Card from American Express doesn’t have a welcome bonus (it’s such a rewarding card that I don’t care, because there’s a high opportunity cost to not having the card). Given that, my plan was to try and product change the Blue for Business Credit Card to the Blue Business Plus Credit Card. So I called the number on the back of my Amex card, though they told me that a product change to the Blue Business Plus Card wasn’t an option — instead they said my only option for getting the Blue Business Plus Card was to apply directly. So I asked the representative to just cancel my card, and said I’d apply online.
Fortunately there’s no downside to applying for an Amex business card, since it doesn’t even show on your credit report as an approval towards the 5/24 limit, so I was indifferent from the beginning as to whether I’d get the card by applying for it directly or simply product changing to it.
The one thing I’m not sure of is how long I should wait between canceling my previous card (getting me below the Amex five card limit) and applying for the Blue Business Plus Card. I’ve never tested the limits in quite this way, so does anyone how long you should wait between canceling your fifth Amex card and applying for another card?
I can’t wait to finally have the Blue Business Plus Card!
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: The Blue Business® Plus Credit Card from American Express (Rates & Fees).