American Express announced today that it's releasing a new credit card for small businesses — and the included perks, rewards and features make the card worth considering.
The new American Express Blue Business Cash Card is a cash-back credit card that comes with no annual fee, a 0% introductory APR period and opportunities to expand your credit spending limit.
"We know that three-quarters of small business owners experience unexpected business costs on a monthly basis, but less than a quarter of them feel fully prepared to deal with those unexpected costs," says E-Bai Koo, executive vice president, global commercial services at American Express. "We launched the Blue Business Cash Card to help alleviate some of the most common pain points of running a business so that business owners can concentrate on growing their business."
American Express also released findings from a June 2019 survey conducted by Savanta. Of the 500 business owners who participated, 65% said that having automatic cash back would help them manage their cash flow and 62% said that the opportunity for added cash back would enable them to reinvest in their business.
A 2017 Small Business Credit Survey from the Federal Reserve Bank of New York found that 45% of small business owners reported using credit cards regularly, and 65% of cardholders reported using personal cards to fund business expenses.
American Express hopes its new Blue Business Cash Card will help U.S. small business owners gain access to more capital and reinvest in their companies.
"The Blue Business Cash Card gives card members the backing to thrive with cash flow and flexible payment solutions," says Brett Sussman, vice president of global commercial card lending for American Express. "With 2% automatic cash back and no annual fee, the Blue Business Cash Card is a simple tool that can help business owners run and grow their business."
Key card features include: no annual fee, 2% cash back on up to $50,000 in eligible purchases (1% after that), and the ability to manage cash flow with "Expanded Buying Power," a feature that allows you to make a limited number of purchases above your credit limit if you qualify.
When shopping with this Amex card, there are no category restrictions so you can earn cash back wherever and whenever. And, as an added bonus, the card comes with an introductory 0% APR period on balances and transfers for the first 12 months.
When compared to other small business cards on the market, the Amex Blue Business Cash Card's features definitely give it a competitive edge. While many small business cards come with 0% introductory APR, this feature combined with the $0 annual fee and strong 2% cash-back rate make it standout among competing cards. (See rates and fees.)
There are a number of other no-fee small business credit cards on the market including the Ink Business Cash℠ Credit Card, the Discover It® Business Card and the Capital One® Spark® Cash for Business card.
If you are considering applying, you can do so now. The card officially launched on July 18, 2019.
Like this story? Subscribe to CNBC Make It on YouTube!