NEW YORK--(BUSINESS WIRE)--American Express is helping U.S. small businesses say ‘yes’ to growth opportunities with the launch of the Blue Business Cash Card, available today. The Blue Business Cash Card for small businesses has no annual fee, offers 2% cash back1 on eligible purchases automatically credited to your statement, and helps business owners manage cash flow with Expanded Buying Power.
“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,” said 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."
2% CASH BACK, AND THEN SOME
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. With the Blue Business Cash Card, small business owners can feel confident as they build their businesses, by taking advantage of the automatic 2% cash back to reinvest in their businesses and help them get one step closer to their growth goals.
Card Features Include:
2% automatic cash back on all purchases up to $50,000 per calendar year
- 1% cash back on all purchases after that, automatically credited to your statement
- No category restrictions, so you can earn cash back whenever and wherever
- $0 annual fee
- 0% introductory APR for 12 months on purchases and balance transfers2
UNLOCK OPPORTUNITIES THROUGH CASH FLOW SOLUTIONS
Not surprisingly, the survey found that cash flow issues continue to be a pain point as small business owners said they would rather organize junk drawers (51%), take a social media hiatus (36%) or say goodbye to their smartphone (35%) if it meant not dealing with ongoing cash flow issues.
To help alleviate some of those pain points, the Blue Business Cash Card offers a suite of solutions to help business owners successfully manage their business with the option of flexible purchasing power and more.
- Expanded Buying Power3 – 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.
Additionally, Card Members will have access to Spend ManagerSM4 and Connect to QuickBooks®5 tools to manage their business, as well as the powerful backing of American Express customer service.
*The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
DISCOVER FLEXIBLE FINANCING SOLUTIONS
In addition, eligible Card Members with the American Express Blue Business Cash Card may also qualify for additional programs that provide alternative short-term financing options, including:
Working Capital Terms - This short-term financing solution helps Business Card Members keep their business moving forward by paying U.S.-based verified vendor invoices. With the Working Capital Terms program, we’ll send payment to your vendor via ACH within two business days, and you pay us back in 30, 60, 90 days**, with a low fixed fee. The program is available to eligible Business Card Members based on at least six months of account history, creditworthiness and other factors. Enrollment required. More information can be found here.
**Fees are between 0.6% - 1.75% for 30 days, 1.2% - 3.50% for 60 days, and 1.8% - 5.25% for 90 days, and are subject to change. Not all customers will be eligible for the lowest fee.
HOW TO BOOST TODAY’S SMALL BUSINESSES
Additional findings from the Blue Business Cash Survey from American Express include:
- Nearly half (48%) of small business owners say that they would give up their favorite junk food for a year if it meant they didn’t have any cash flow issues for a year
- 65% of small business owners say that ‘automatic cash back’ would help them manage their cash flow
- 62% of small business owners say that automatic cash back would enable them to reinvest in their business
- 60% of small business owners say that they plan to use the cash back they receive from their credit card provider to reinvest back into the business (i.e. staffing, accounting, tools, etc.)
Learn more about the full benefits and terms here.
The American Express Blue Business Cash Survey
Research findings are based on a National Survey conducted by Savanta across US between June 5th-13th, 2019. The study targeted a panel of 500 new solopreneurs and business men/women (owners) from any industry in the US; with 1-10 employees; who have been in business from 1-5 years and have a business revenue from $100k-$750k. All panelists have passed a double opt-in process and complete on average 300 profiling data points prior to taking part in surveys. Results of any sample are subject to sampling variation. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
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1 Cash back can be received on eligible purchases made on your Blue Business Cash Card. The cash back is based on a percentage of the eligible purchases you make during each billing period and will be automatically credited to your account as a statement credit. The statement credit will automatically appear by the second billing statement you receive after the billing statement with the eligible purchases. You will not receive a statement credit for eligible purchases made if you do not pay the minimum payment due by the Closing Date of the billing period in which it is due, or if your Card account is cancelled before the credit is issued. For each calendar year (starting January 1st and ending December 31st), you will receive a statement credit of: 2% on your first $50,000 of eligible purchases; then 1% on all other eligible purchases. Additional terms and restrictions apply.
2 0.0% introductory APR on purchases and balance transfers for 12 months. After that your APR will be a variable rate, currently 15.49% - 21.49%, based on your creditworthiness and other factors as determined at the time of account opening.
3 You will not incur interest charges on the portion of your account balance that is above your credit limit so long as you pay the entire minimum payment due by the closing date of the billing period in which it is due. If you do not, then the penalty rate will apply to your entire balance, including any amount above the credit limit
4 Spend Manager℠ is a feature of American Express Business and Corporate Cards. American Express is not responsible for the completeness or accuracy of receipts displayed. Receipts will be stored until the earliest of the following: (1) seven years from the end of the year that the receipt was uploaded or (2) the date that your online account is closed. Notwithstanding the foregoing, American Express may delete or purge receipts for any reason in its sole discretion, with or without notice.
5 Connect to QuickBooks works with QuickBooks Online and is available for use with Business Cards from American Express. Any QuickBooks Online screen shots © Intuit Inc. All rights reserved. Intuit, the Intuit logo, QuickBooks, and the QB logo are registered trademarks of Intuit Inc.