(Bloomberg) — American Express Co. is adding rewards to its Platinum card for business owners as competition for new customers heats up.
The credit-card giant added a bevy of perks including extra points for spending on items like cloud services, construction materials and shipping providers, according to a statement Thursday. The firm is also adding a monthly statement credit for up to $10 on spending with wireless telephone providers.
“We really wanted to build a more powerful business tool with rewards that are up to date with what businesses need today,” Anna Marrs, AmEx’s group president of global commercial services, said in an interview. Marrs also oversees credit and fraud risk for the company. “Looking ahead, we’ll continue to evolve.”
AmEx is the country’s largest provider of small-business cards. The company, long known for cards that offer perks tied to spending on travel and dining, has been remixing rewards in recent months to capture the different kinds of spending happening during the pandemic.
With the latest changes, AmEx will raise the annual fee on the Platinum card to $695, the same level as the Platinum card for consumers.
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