American Express has partnered with Amazon to launch a co-branded credit card for small business in the United States, the credit card issuer announced on Tuesday. It is the first small business card offered by Amazon, which also has a partnership with J.P. Morgan Chase for its Amazon Rewards Visa Signature cards offered to consumers.
The new small business card is one more step in Amazon’s effort to cement relationships with small and mid-sized businesses, which can prove lucrative both for the online retailer and banks.
Amazon also offers amazon.com/business, an e-commerce platform and B2B marketplace where small businesses can access business-only prices and other tools, sort of like a Prime membership program for small businesses. Earlier this year, Amazon partnered with AmEx to integrate the banks’ data software into Amazon Business, making it possible for businesses to get line-item details on their Amazon transactions.
American Express won Amazon’s business for the co-branded after competing with other big banks like Citi and Chase. American Express is a natural fit, however, for the small business card, as the company says it issues more cards to small businesses than any other bank in the U.S.
According to the Wall Street Journal, AmEx reported $11.4 billion in global small-business credit card balances in the first quarter of 2018, up 14% from 2017.
There is no information yet about the card’s name, a launch date or features. Glenda McNeal, president of enterprise strategic partnerships at American Express told PaymentsSource that the two companies are currently negotiating the details.
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