New Amazon Amex Business Card Coming Soon
American Express announced today plans to introduce a new co-branded Amazon credit card for small businesses. Amex said the offering is part of a broader multi-year partnership that is kicking off with Amazon’s first small business card. The new Amazon Amex business card should be a huge deal for Amex as it has the opportunity to attract small business customers as it aims to become a leading lender to small and mid-sized companies.
Amazon also has personal cards from Chase and Synchrony Financial.
Small business cards are a profitable business. Consumers obviously spend less than businesses. Amex came ahead in the running for the new co-branded business card from Amazon. They had also contacted other banks including J. P. Morgan and Citigroup as per CNBC.
Amazon has been looking to develop a partnership with more business owners. Their Prime membership program for businesses has already lent $3 billion to more than 20,000 small businesses that sell on its website, Amazon said last year.
This is a big move for Amex and probably a blow to Chase that already issues an Amazon credit card. We have yet to see the details of the new business card, but let’s hope for some good earning rates and make some useful perks.
What would you expect from this new Amazon Amex business card?