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American Express® Business Line of Credit Review

American Express® Business Line of Credit
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Caroline Benton
Dec. 07, 2023
4 min read
Caroline Banton
American Express® Business Line of Credit Summary
American Express® Business Line of Credit offers credit lines to businesses that need help covering expenses. Once approved, borrowers have access to funds and can draw on the approved amount at will. Loans are structured as credit lines, and American Express® Business Line of Credit ensures access to funds.

Pros

  • No prepayment penalties
  • Range of repayment options, no origination fees
  • Apply online in a few simple steps

Cons

  • Interest rates tend to be high
  • Requires a personal guarantee

American Express® Business Line of Credit at a glance

9.6
Editorial score

Online experience

Has learning resources, access to rates, mobile app
10.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
10.0

Variety of loan types

Offers all loan types
10.0

Loan amount range

$2,000 - $250,000
8.0

Eligibility

Loans available to most credit types, revenue levels, and businesses
10.0

American Express® Business Line of Credit American Express® Business Line of Credit View Rates

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any loan issuer.

What American Express® Business Line of Credit Offers

  • Lines of credit from $2,000 to $250,000
  • Loan terms and fees: 3-9% for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, 12-18% for 24-month loans
  • Apply online in a few simple steps
  • Fees charged only on outstanding balances
  • No origination fees
  • No prepayment penalties

Why Choose American Express® Business Line of Credit?

American Express® Business Line of Credit is a multi-draw line of credit.  Each draw on the line is a separate 6-, 12-,18-, or 24 – month installment loan depending on your eligibility. Once approved, you are notified of how much credit you have and which of their three loan terms you qualify for. You will have access to funds and can draw on the approved amount anytime you need extra cash for your business.


Minimum Qualifications

Loan application with a bank or credit union is time-consuming. American Express® Business Line of Credit, on the other hand, has only a few requirements for business owners seeking funding:

  • You must be in business for at least one year.
  • Average monthly revenue must be at least $3,000
  • You must have a minimum FICO score of at least 660¹ at the time of application
  • You must be at least 18 years of age.
  • All applicants must be U.S. citizens.
  • All businesses are unique and are subject to approval and review

What You Need to Provide

American Express® Business Line of Credit asks for the following basic information during the application process:

  • Your name
  • Your business name
  • Home and business address
  • Business tax ID
  • Social Security number


You’ll also be asked to create login credentials and to connect your bank account. American Express® Business Line of Credit provides the opportunity to connect additional business accounts, such as QuickBooks, eBay, Amazon, PayPal, and Stripe. Linking multiple services gives American Express® Business Line of Credit a better picture of your current financial status.

Unlike most traditional lenders, American Express® Business Line of Credit considers multiple factors when determining whether or not to extend a line of credit. In addition to your credit score, the lender looks at:

  • How long you’ve been in business
  • Your average monthly revenue
  • Revenue consistency
  • Cash flow
  • Transaction volume
  • Seller rating, if applicable


American Express® Business Line of Credit will verify your business account information and perform a hard credit check to determine your credit score.

American Express® Business Line of Credit Application Process 

  1. After submitting your application, it is reviewed by an automated system that calculates your loan amount and the term. 
  2. If your current financial situation does not allow your business to qualify for a American Express® Business Line of Credit loan, the company keeps your information on file and reviews periodically. You do not have to reapply in the future as American Express® Business Line of Credit will notify you when funding becomes available. 


The same process may increase your credit line as your business grows. To qualify for a American Express® Business Line of Credit loan and maintain an active profile, all information you submit must be accurate to the best of your knowledge. American Express® Business Line of Credit requires users to maintain the accuracy of their information and reserves the right to close accounts otherwise.

Repayment Terms

American Express® Business Line of Credit offers 6-month, 12-month,18-month, and 24-month loan terms. The total monthly fees incurred over the loan term range from 3-9% for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, 12-18% for 24-month loans, and are subject to change for future loans drawn under the available line of credit. Loans incur a loan fee for each month you have an outstanding balance. Not all customers will be eligible for the lowest fee.

Deposits

If your checking account is online, you can make a mobile deposit of eligible checks through the American Express® Business Line of Credit mobile app, transfer money from another bank, or make cash deposits at one of thousands of in-network ATMs nationwide.

How Safe Is It?

American Express® Business Line of Credit is certified for customer privacy. Your login information is never shared, and the company does not sell customer data to third parties. 

Help & Support 

American Express® Business Line of Credit offers extensive resources covering the most critical aspects of running a business. American Express® Business Line of Credit's FAQ section provides answers to common questions on the loan process and service features. 

You can contact American Express® Business Line of Credit via phone or email. Hours are from Monday-Friday 8am-9pm (EST). Emails are delivered through the website or directly to support, and messages are typically answered within 24 hours.

Summary

American Express® Business Line of Credit is a useful lending option for the modern small business. The automated review and approval process simplifies the loan application process giving you time to focus on running your company. The requirements are straightforward, and American Express® Business Line of Credit considers factors other than your credit score when determining whether your business qualifies. The terms and fee structure are easy to understand, and there are no hidden fees. All loans are structured as credit lines. That way, you can withdraw money as needed, and you only have payments if you have an outstanding balance.  

Multiple withdrawal methods and an automatic payment system make American Express® Business Line of Credit preferable for on-the-go business owners. You have access to cash wherever and whenever you need it so that your business can continue to operate uninterrupted if cash flow slows.

American Express® Business Line of Credit American Express® Business Line of Credit View Rates

Physical Address

American Express® Business Line of Credit

925B Peachtree Street NE

Suite 1688

Atlanta, GA 30309

Disclaimers

If eligible, you can be approved in minutes for a line of credit from $2,000 to $250,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision. American Express® Business Line of Credit offers access to a commercial line of credit between $2,000 to $250,000. Each draw on the line of credit will result in a separate installment loan. All loans are subject to credit approval and are secured by business assets. Every loan requires a personal guarantee. Monthly fees range from 3-9% for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, 12-18% for 24-month loans, and are subject to change for future loans drawn under the available line of credit. Not all customers will be eligible for the lowest fee. Not all loan term lengths are available to all customers. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure. Late fees and return payment fees may be assessed. Loans are issued by American Express National Bank.

¹ Minimum FICO score of at least 660 at the time of application. All businesses are unique and are subject to approval and review.

The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

 



Caroline Banton
Written by
Caroline Benton
Caroline Banton is a freelance writer of business and finance articles that have been featured in The Huffington Post, The Motley Fool, Time, MSN, PYMNTS.com, GOBankingrates.com, SaleMove, and MyBankTracker.com. Before becoming a writer, Caroline had over fourteen years of experience working at the World Bank. Caroline has an MBA from Johns Hopkins University. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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