American Express and Amazon launch credit cards for small businesses

American Express has announced a brace of new co-branded credit cards in partnership with Amazon Business to target small businesses in the UK.

The company is launching the Business American Express Card and the Amazon Business Prime American Express card, both of which allow businesses to either earn rewards points or adjust their payment terms on eligible purchases.

The Amazon Business American Express Card offers 1.5% Amazon Rewards points on the first £120,000 in purchases at Amazon.co.uk, Amazon Business UK and Whole Foods Market UK each calendar year, 1% thereafter or 60 Day extended payment terms on such purchases. All other purchases attract 0.05% points.

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The Amazon Business Prime American Express Card is available to Amazon Business Prime members and has the £50 fee waived fro the first year. This one delivers 2% Amazon Rewards points on the same terms, but also offers the benefit of 90 day extended payment terms if businesses wish to make use of the breathing space that gives them. The cards come with representative APR of 32.6%.

American Express

American Express thinks the cards will offer greater flexibility for small businesses suffering cashflow problems from the economic slowdown caused by coronavirus. 

According to research from American Express and YouGov, 23% of businesses are delaying bigger purchases due to insufficient funds. Meanwhile, 38% of those questioned report they’re only buying essentials to keep their businesses running. 

“We have been serving small businesses for over 60 years, and are passionate about helping our small business customers effectively run and grow their businesses, especially during this challenging period," said Colin O’Flaherty, General Manager of UK Global Commercial Services at American Express.

"With many UK SMEs facing financial hardships, we want to make it easier for businesses to manage their finances and continue accessing the goods and products they need with more options to pay. We know that a vast number of the UK’s businesses rely on Amazon’s wide-ranging products and services and are excited to launch this powerful and flexible new payment tool that will allow small businesses to select how to pay, purchase by purchase.”

The launch of the two cards is similar to the Stateside collaboration between American Express and Amazon, which has produced a long-running and highly popular co-branded card programme.

“Working with American Express to launch the small business credit card was a natural decision for Amazon, given our shared long-standing commitment to helping small businesses flourish globally," noted Dave Brittain, Director of Amazon Business UK.

"We’re incredibly proud to launch this card programme as it offers small business owners and entrepreneurs the best of both companies: the convenience and value they have come to know and love from Amazon, underpinned by the world-class service, benefits, access and security of American Express. These benefits have never been more important at a time when businesses are navigating the challenges and uncertainty which Covid-19 has presented.”

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