American Express and Lowe's Companies have teamed up to offer small-business owners a new "Rewards" credit card that accumulates redeemable points.
The Lowe's Business Rewards Card from American Express is a new business credit card that enables business owners to earn points on virtually all card purchases. This is the first rewards program offered to Lowe's small-business credit customers.
"Every month, we provide billions of dollars in working capital to small business owners who use our pay-in-full charge cards and our credit cards," said Richard Flynn, senior vice president, product management, American Express OPEN. "Through the Lowe's Business Rewards Card program, we will help business owners manage their spending and provide credit that they can use to run and grow their companies while earning rewards they can reinvest in their businesses."
The new card provides a tiered structure for earning rewards points. Card members earn:
- One reward point for every eligible dollar spent on the Card;
- Double rewards points on every eligible dollar spent at Lowe's; and
- Triple rewards points on every eligible dollar spent on restaurant purchases, office supplies and wireless bills.
Cardmembers may redeem points for a variety of valuable business credit card rewards, including Lowe's or American Express Gift Cards. There is no cap on the amount of business rewards a Card member can earn, and there is no expiration date to redeem the points.
"The Lowe's Business Rewards Card is the latest way our company is adding value for our commercial customers through a unique blend of benefits and rewards," said Larry D. Stone, president and chief operating officer of Lowe's. "Lowe's has always been committed to providing the best customer experience and this new product offers convenience and rewards at a time when business owners need it most."
Additional features of the card include:
- No annual fee
- Automatic enrollment in OPEN Savings, a program that gives small-business owners automatic savings virtually every time they use an American Express Business Card to make purchases at any OPEN Savings partner
- Retail and business-related benefits and protections as well as travel protections.
The Lowe's Business Rewards Card will be available at all Lowe's retail locations by March 2010. To learn more and/or apply, visit: open.com/lowes or call 877-673-6947.