American Express Launches Blue Business Cash Card with 2% Cash Back
American Express says the card will feature “no annual fee, ever.” By comparison, the AmEx Business Gold Card charges a $295 annual fee, and the Business Platinum Card comes with a $595 annual fee.
The Blue Business Cash Card has a unique feature that allows cardholders to make purchases above their credit limits. There is no over-the-limit fee, and these purchases still qualify for cash back. The spending capacity varies based on card usage, payment history, financial resources, credit history, and other factors.
Any cash back earned is automatically credited to the account. The card comes with an introductory APR of 0% for the first 12 months on both purchases and balance transfers. After that, the APR ranges from 15.49% to 21.49%, depending on credit worthiness.
Prior to launching the Blue Business Cash Card, American Express asked small business owners about their plans for the future. Two out of every three respondents (68%) said they plan to expand their business within the next three years, and 62% said automatic cash back would help them reinvest in their business.
Blue Business cardholders may also be eligible for short-term financing from American Express. The AmEx Working Capital program offers 30-, 60- and 90-day loans for vendor invoices. The fixed fees for the loans range from 0.6% to 5.25%, depending on the length of the loan and account history. Accounts must be open for a minimum of six months to qualify for consideration.