Amex is opening its corporate card line to startups
typically considered too small for corporate programs but too large and well-capitalized
for small business card programs, said American Express Global Commercial
Services president Anna Marrs. "Startups are an increasingly large part of
the global economy, but traditional corporate card products weren't meeting
their needs," she said. "From working with startups in the past, we
realized that was an underserved opportunity."
Such companies often have plenty of financial backing but
haven't been around long enough to provide the financial history most
traditional corporate card programs demand, Marrs said. Instead, Amex will use
alternative sources of data to evaluate and mitigate risk when serving
startups. "These companies are growing fast, and their spending capacity
needs to grow, as well," she noted.
Startups selected can access all the features of the Amex
corporate card program, as well as merchant offers designed specifically for
small and early-stage businesses.
Corporate Card Revamps
American Express has revamped its entire line of corporate
credit cards, adding travel-related rewards in response to procurement manager
and travel buyer demand for an improved travel experience.
The new benefits include:
- Uber Rewards: Beginning
in December, Amex corporate cardholders will earn double Uber Rewards points
for rides booked through their Uber for Business profiles and paid for with their
corporate cards. Uber Rewards include discounts on personal rides and Uber Eats
orders. Corporate Platinum and Gold cardholders also will have access to
priority pickups at most U.S. airports, and Platinum cardholders can request to
ride with highly rated drivers where available.
- Clear: Beginning in November, Platinum cardholders
get $179 in statement credits toward Clear membership, which will pay for
one year.
- Hilton Honors: Platinum cardholders
will receive complimentary Hilton Honors Gold status, providing access to
upgrades and a higher earning rate for points. Corporate Gold and Green cardholders
will receive complimentary Hilton Honors Silver status. The enhanced
Hilton rewards kick in next month.
The new line of corporate cards offer higher credits for airline ancillaries
like baggage fees and Wi-Fi, and Amex client companies will gain more
flexibility in tailoring their membership rewards programs. An updated
companion app and redesigned cards also are on the way.
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Marrs said the upgraded rewards reflect corporates' increased
emphasis on making travel easier. "Our corporate customers are focusing on
the employee travel experience as much as costs and spending now, so we wanted
to make sure we have a product that had high Net Promoter Scores from employees,"
Marrs said. She added that some companies now evaluate chief procurement
officers and other managers on such scores.
According to Marrs, the new rewards also reflect the
blurring line between corporate and personal travel. Cardholders increasingly expect
to apply points earned on their corporate cards to personal travel, she said.
Additionally, Amex continues to enable corporate clients to link Membership
Rewards earned on corporate card spend to cardholders' personal accounts.