American Express has rolled out a new small business credit card as part of an ongoing effort for the company to step back from its reputation as an elite-only credit card company.
American Express OPEN said Thursday (May 25) that it has launched the Blue Business Plus Credit Card developed for entrepreneurs.
Its rewards program includes earning 2X Membership Rewards points on the first $50,000 spent, the company said, along with other features designed to help small business owners manage cash flow.
“In the U.S., 70 percent of small businesses generate less than $1 million in annual revenues,” said American Express Global Commercial Payments Senior Vice President, Global Products, Audrey Hendley in a statement. “For them, every minute counts, and access to money to help fulfill big orders or make capital purchases is critical.”
“Blue Business Plus is the only no-annual-fee small business credit card from a major issuer that offers 2X points with no category restrictions, so small business owners can be confident they are making the smart choice for their business,” Hendley added.
According to reports, American Express has had to shift its card strategy with some clients. Analysis from The New York Times last month found the company is growing concerned about its inability to gain traction with millennial spenders, for instance.
“Traditionally, American Express succeeds because of its customer service,” said The Nilson Report publisher David Robertson. But according to reports, that isn’t cutting it with younger spenders.
The launch of a new small business credit card with similarly enhanced sign-up rewards incentives could be another effort to attract a younger breed of entrepreneurs, as American Express tries to shake off its elite-only reputation.