Amazon updates business credit card program — and benefits
Amazon is refreshing its business credit card offering — and partnering with a new card issuer.
The online retail giant will introduce the Prime Business Card and its new Amazon Business Card, issued by U.S. Bank, this August. The credit cards will feature new benefits, and provide users with increased opportunities to earn cash back on card purchases.
The Prime Business Card offers Prime members 5% back on Amazon purchases. Meanwhile, the Amazon Business Card offers business customers without a Prime membership 3% back on purchases. Both versions offer more rewards when shopping outside of Amazon, flexible credit terms — and no annual fees.
Both card options also work seamlessly with online purchasing and spend management tools to streamline buying, make smarter purchasing decisions and unlock cost savings — opportunities that Amazon expects to provide small businesses with more buying power.
“Convenient, rewarding payment options start with listening to the customer,” said Tai Koottatep, director and general manager of worldwide B2B payments & lending at Amazon. “Small businesses told us they wanted more ways to earn rewards wherever they shop and better tools to manage cash flow.”
More details about new card benefits will be announced in the coming months, according to Amazon.
Another differentiator of Amazon’s new U.S. Bank cards is that they will be Mastercard products. This transition ends the retailer’s long-time partnership with American Express — one that dates back to 2018. Current Amazon Business and Amazon Business Prime American Express card members can continue to use and earn rewards on their existing American Express-branded cards until new U.S. Bank-issued cards are distributed on August 14, according to Amazon’s website.
"We're incredibly proud of our reputation as a top bank for small business owners," said Courtney Kelso, senior executive VP, payments, consumer and small business at U.S. Bank — a company that serves more than 1.4 million small business clients with a comprehensive and integrated suite of banking, payments and digital solutions backed by support from experienced bankers.
"We are excited to partner with Amazon and Mastercard to empower small businesses with meaningful rewards and easy-to-use tools to manage spending,” Kelso added.
The new credit cards are the latest upgrades to Amazon Business’ portfolio. In November, the company released generative artificial intelligence solutions for its business customers.
Amazon Business has more than 8 million business customers, ranging from sole proprietors to multinational enterprises in 11 countries including Australia, Canada, France, Germany, India, Italy, Japan, Mexico, Spain, the United Kingdom and the United States — including 97 of the Fortune 100, 66 of the Financial Times Stock Exchange 100 Index (FTSE), and 38 of the Deutscher Aktienindex 40 (DAX) companies. Amazon Business drives over $35 billion in annualized gross sales for the online giant.
