- June 14, 2021
- Posted by: Stratford Team
- Category: Business
American Express Co. debuted its first-ever checking account as the card giant hopes to win over more U.S. small businesses.
The firm’s new checking account — which comes with an annual percentage yield of 1.1% — will target small enterprises across the U.S., AmEx said in a statement Monday. The firm also will begin offering as much as $150,000 in lines of credit to existing customers.
AmEx is already a giant in the world of small business, counting itself as the top card issuer for those companies, and says that its portfolio is larger than those of its five closest competitors combined. The new offerings come after AmEx last year acquired Kabbage, a financial-technology company that focuses on offering loans to small businesses.
“The checking account is an opportunity for us to broaden our reach to smaller businesses,” Anna Marrs, group president of global commercial services and credit and fraud risk,…