American Express launches card for small businesses
American Express has announced the launch of the Blue Business Cash Card for small businesses. The card has no annual fee, offers 2% cash back on eligible purchases automatically credited to a company’s statement, and is designed to help business owners manage cash flow.
According to the Blue Business Cash Survey from American Express, 68% of small business owners plan to expand their business in the next three years and nearly half (49%) say they would feel more empowered to grow with a business credit card that gave them 2% cash back.
The Blue Business Cash Card features include 2% automatic cash back on all purchases up to US$50,000 per calendar year, and 1% cash back on all purchases after that, automatically credited to business card statement
Amex says that business owners can leverage the card beyond its credit limit with Expanded Buying Power to pursue growth opportunities quickly and deal with unexpected costs. Expanded Buying Power enables card members to spend beyond their credit limit without penalty in order to help pay for larger purchases, like inventory or equipment, as well as earn cash back on that spend. At the end of the billing cycle, the portion above their credit limit is due in full, and Card Members still have the option to choose whether to carry the remaining balance with interest or pay in full. The amount a company can spend above its credit limit is not unlimited, it adjusts with use of the card, business payment history, credit record, financial resources known to Amex, among other factors.
Additionally, card members will have access to Spend Manager 4 and Connect to QuickBooks 5 tools to manage their business, as well as the backing of American Express customer service.
Eligible card members may also qualify for additional programmes that provide alternative short-term financing options, including Working Capital Terms. This short-term financing solution pays US-based verified vendor invoices. With the Working Capital Terms programme, Amex says it will send payment to the vendor via ACH within two business days, and the card holder has 30, 60, or 90 days to make the repayment.