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Finding ways to stretch your dollars further is key if you’re a business owner. With the American Express Business Gold Card, you can earn a high rewards rate on some of your most common spending categories, and there is a valuable bonus offer for new card members.

The card has a steep annual fee, but depending on your business’ spending and travel habits, this business credit card could be well worth the investment.

Additional benefits

The American Express Business Gold Card offers robust benefits for business owners and employees. Benefits include:

• Baggage insurance*: If your baggage is lost or stolen and you used your card to pay for your fare on a common carrier, the card will reimburse you up to $1,250 for carry-on baggage and up to $500 for checked luggage.

• Car rental loss and damage waiver: Decline the rental company’s coverage and pay for the entire cost of a car rental with your Amex, and you’ll be protected by secondary collision and damage coverage.

• Cell phone protection: Pay your cell phone bill with your Amex, and your phone will be covered against theft or damage. The benefit will pay out a maximum of $800, subject to a $50 deductible, and you can submit up to two claims per year.

• Extended warranty protection: When you use the card to purchase electronics or other items with warranties of five years or less, extended warranty protection will lengthen the warranty by an additional year.

• Global Assist hotline: If you need help while traveling outside the country, such as assistance with finding medical providers or legal help, you can contact the Amex Global Assist Hotline. However, you’re responsible for any service fees a third party provides.

• Purchase protection: Use your card when you purchase items, and the item is covered for 90 days against theft or accidental damage. This perk provides up to $1,000 of protection per occurrence, up to $50,000 per calendar year.

*Eligibility and benefit level varies by card. Terms, conditions, and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.

How to earn rewards

To earn rewards with this card, use it for your major business spending categories. You can get the most value if you spend a significant amount of money on advertising, software or computers, dining out, or transit.

If you or your employees frequently travel for work, book your flights, or hotel stays through AmexTravel.com to get the most points for your reservations.

There’s no limit to how much you can earn in cash back. However, you can only earn four points per $1 spent on up to $150,000 in combined spending; once you reach that limit, additional purchases will earn one point per $1 spent.

How to redeem rewards

As an American Express Business Gold Card member, your points are generally worth one-half to one cent each, and your point value depends on the redemption method. You can redeem your points in the following ways:

• Gift cards: You can redeem your points for gift cards from major hotel chains, retailers, and restaurants. Values vary by merchant, but you can get up to one cent for each point redeemed.

• Pay with points at checkout: Some retailers, such as Staples, Best Buy, and Amazon, allow you to use your points to pay for some or all of your purchase at checkout. However, your points are typically worth less with this redemption method; each point is worth about 0.7 cents.

• Point transfers: For frequent travelers who belong to loyalty programs, transferring your points can help maximize your credit card rewards. You can transfer your points to partner programs like Hilton Honors or Delta Airlines, and your points will be worth more than if you redeemed them in other ways.

• Statement credits: You can redeem your points for statement credits to cover eligible charges or reduce your balance. However, this redemption method has the lowest value; each point will be worth just 0.6 cents.

• Travel: You can redeem your points through AmexTravel.com and book flights, cruises, and hotel stays. If you redeem your points for flights, each point will be worth about one cent, but other travel bookings, such as reserving prepaid hotels or rental cars, will give you less value for your points.

Redeeming your points for travel, gift cards, or transferring to a loyalty program will give you the most value for your rewards.

Who is the American Express Business Gold best for?

The American Express Business Gold Card is best suited for small- to medium-sized company owners who spend less than $150,000 on advertising, electronics, restaurant meals, or transit.

If your spending in those categories tends to be higher, another card with a higher cap may be better.

If you’re a freelancer or own a smaller business with fewer expenses, the high annual fee may make the card too expensive for you. Instead, look for a card with a lower annual fee (or no fee).

American Express Business Gold Card pros

• No foreign transaction fees: Unlike many cards, the Amex Business Gold Card doesn’t charge foreign transaction fees, making it a good choice if traveling or purchasing outside the U.S.

• Added travel insurance: If you travel for your business, you can take advantage of added coverage like car rental insurance, baggage insurance, and the Global Assist Hotline.

• Provides cell phone protection: Your cell phone is likely an essential tool for your work, and the latest smartphones can be expensive. The Amex Business Gold Card provides cell phone insurance so you can protect your investment.

American Express Business Gold Card cons

• Relatively short promotional APR: The American Express Business Gold Card has a short 6-month promotional APR offer for purchases. Other cards may give you 0% APR for 12 to 18 months, allowing you to finance major purchases like software upgrades or computers with no interest for a year or more. In addition, this card’s intro APR offer only applies to new purchases, not balance transfers.

• High spend requirement for bonus: To qualify for the new card member bonus, you must spend at least $15,000 within three months. Meeting that threshold may be difficult for solopreneurs or micro-business owners with limited cash flow.

• Expensive annual fee: At $375, the annual fee on the American Business Card is relatively high. It may not be worth the expense unless you can take advantage of all of its spending categories and benefits.

Where can you use the American Express Business Gold Card?

The American Express Business Gold Card is part of the American Express network — the fourth-largest credit card network. Amex is accepted by most businesses in the U.S., but internationally, its acceptance rate is lower than that of Visa or Mastercard. However, the company said its cards are accepted in 103 countries.

How to make an American Express Business Gold Card payment

You can make a payment online, through a mobile app, phone, or through the mail.

American Express Business Gold Card customer service info

Alternative cards to consider

If the annual fee of the American Express Business Gold Card is too high for you, consider these alternative business credit cards:

Can’t decide on a credit card? Check out Yahoo’s best business credit card picks

This article was edited by Rebecca McCracken

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.