American Express Upgrades Gold Card as Businesses Hunt for Credit

American Express debuted an upgraded version of its Business Gold Card.

The revamped card gives customers the ability to earn membership rewards in some business spending categories and enroll in benefits to earn statement credits, according to a Tuesday (Oct. 3) press release.

The news comes as several businesses, especially small and medium-sized businesses (SMBs), have trouble accessing credit and turn to personal credit cards to finance expenses.

“The refreshed Business Gold Card helps our card members spend more time on what’s important, running their business,” Anna Marrs, group president of global commercial services and credit and fraud risk at American Express, said in the release. “Whether they’re making purchases for business needs like advertising, wireless bills, technology expenses or office supplies, to booking travel and dining with clients, the refreshed Business Gold Card will help small businesses unlock value.”

The card lets businesses earn four times the membership rewards points in the top two eligible categories where they spend the most in each billing cycle, per the release.

The rewards are applicable on the first $150,000 in combined purchases each calendar year, including — for the first time — purchases made from electronic goods retailers and software and cloud systems, monthly wireless charges, and transit purchases, the release said.

In addition, businesses can use the card to pay for a monthly Walmart+ subscription and receive a statement credit that covers the cost of the membership, according to the release.

The launch comes as the funding street for Main Street businesses is growing tougher, with 76% of SMBs saying they would need to shut down within 60 days of a cash crunch. Seventeen percent have no access to funding at all.

“What we’re seeing is an increase in need from small businesses for funding,” Scott Steinberg, chief product officer and chief operating officer at data intelligence platform Enigma Technologies, told PYMNTS. “Nearly half of small businesses are planning to increase their utilization of alternative funding for their company in the next 12 months.”

PYMNTS intelligence also found that roughly one-third of SMBs are tapping into personal credit cards, with 17% accessing financing from banks.