The AMEX Business Credit Line gives you the opportunity to obtain start up capital or grow your business and unlike any business loan you only have to pay interest on the money you use. You can easily apply through a short fee-free application that can be completed online for the AMEX business credit line if your business has been running for two years or more, although the application is subject to review. An American Express Business Card membership is recommended although not mandatory. If you want to apply for a credit of more than $50,000 then you will be required to provide additional materials.
The AMEX Business Credit Line is an unsecured line of credit providing you a minimum of $10,000 and a maximum of $100,000 if your business qualifies. You do not require any collateral and 100% of the capital is available as cash. A competitive interest rate is charged on the funds you borrow and as you pay back the line of credit, the amount paid back becomes available to use again. The same rate is applicable for both cash and purchases and interest is only charged on the portion of the line you use. You can also earn membership rewards and points on borrowed funds virtually every time you use your card and you can use that to buy inventory and earn points faster. You can use business sized checks provided to you free of cost to access funds, a Business Credit Line, or electronic funds transfer. You also have the benefit of periodic reviews to see if you have earned a line increase, hence your line can grow as your business grows, and all this comes with the AMEX Business Credit Line.
With the AMEX Business Credit Line you have to pay a fee of $99 for lines under $15,000 or $149 for lines equal to or greater than $15,000. There is tremendous financial flexibility with the AMEX Business Credit Line, you can either pay the full amount due each month or the minimum amount due or even any amount in between that. Annual fee and any interest paid by you may be tax deductible. You can access funds from $10,000 to $100,000 according to your needs. You also have the option to deposit up to 100% credit line into business checking account to cover cash needs. The AMEX Business Credit Line also provides you with the Direct Draw service that links your Line of Credit electronically to a verified business checking account so that you can transfer funds online to your bank for use as soon as the following day.
As your business expands, you can get the financing for your growing business needs with the AMEX Business Credit Line with a competitive APR as low as Prime Rate + 1.99%, up to Prime Rate + 4.99%. The American Express Business Credit Line is primarily designed to help you more effectively manage your business cash flow. A business line of credit can help you manage late receivables, operating expenses, finance seasonal expenses, and help with cyclical business fluctuations. You may also use your line of credit to pay bills early in order to receive supplier discounts. The American Express Business Credit Line also provides you access to the American Express OPEN Network. The OPEN Network provides you with numerous helpful resources such as online account management, expense management reports, and access to Dun & Bradstreet credit services.
Running a business requires capital and if your business is not yet well-established, obtaining capital from traditional banks is likely to be very difficult. The American Express Business Credit Line is issued by the American Express Bank, FSB to give you the financial flexibility you need to help your company grow.