Our Bottom line
Amazon Prime members that need a cash injection to grow their business, expand their product line, or even start another business will find the Amazon Prime American Express card to fill the gap. It offers a deferred payment option of up to 90 days, or the opportunity to earn 2% Amazon Rewards. It offers the opportunity to waive the £50 annual fee with sufficient spending and carries a representative APR of 32.6% variable.
What I like about the Amazon Business Prime American Express credit card
This card is unapologetically for Amazon Business Prime members and allows greater freedom for business growth by placing decision-making in the hands of the cardholder.
- It has benefits: Business cards don’t often have all the shiny bells and whistles that personal credit cards have unless you’re looking at a top-tier card from Barclays or American Express. But good things are bound to happen when you combine an Amazon Business Prime membership with American Express. Part of the charm of opting for the Amazon Business Prime American Express over the Amazon Business American Express (note: no “prime” in the latter!), is that extra month deferral. Cardholders can choose a 90-day deferral or the chance to earn 2% Amazon Rewards.
- High cap limit: While the 2% rewards rate is capped, it will take a small business quite some time to reach the £120,000 mark, especially considering the 2% rewards are earned on UK purchases at Amazon Business, Amazon.co.uk and Whole Foods Market. Thereafter, the rewards rate is uncapped at 1%. On all other purchases, the rewards rate is 0.5% and is unlimited.
- It encourages the use of Amazon Business Prime: You can’t sign up for the Amazon Business Prime American Express unless you’re an Amazon Business Prime subscriber. Some of the advantages of forking over those annual fees include:
- Free shipping on selected items
- Customer feedback that provides insight into the buyer’s choice
- Progressive discounts on certain products
- Amazon spend visibility
- Amazon WorkDocs with a variety of cloud storage options
- Amazon Buying
- Unlimited users and access to a ton of storage is available on the unlimited plan
- Complimentary additional cards: cardholders can have up to 99 cards issued at no extra cost, which allows for a smoother buying process and employee autonomy. The main cardholder will have access to individual statements to control expenditure, and the limits can be adjusted to cap the spend according to the needs of the business.
- Annual fee waiver: Cardholders who are able to reach a spend amount of $8,000 within an annual card cycle don’t have to pay the £50 annual fee.
- It’s American Express: American Express is known for its high service levels, whether you’re at home in Manchester running your online store or sourcing new products in some distant land through its Global Assistance service.
- There’s the £50 gift card: When your card is approved, you get a £50 gift card. The amount will be added to your business account which you can spend whichever way you see fit.
- It’s metal: Not only do you have access to exclusive deals, you also have a modern black brushed metal card with a vertical design to slide into that coveted empty slot in your wallet.
What could be improved?
While this is a great business card that offers flexible cash flow solutions, there are a few thorns that cardholders need to be aware of.
- High APR: If you decide to earn the rewards and you don’t pay the full balance of the card at the end of each cycle, you’re in for high-interest payments. The example provided of the representative APR is at 32.6% variable (which is a purchase rate of 21.9% p.a.).
- You may still have to pay that £50 annual fee: If you can’t manage to spend £8,000 within the annual card cycle, you will be liable for that annual fee.
- Choosing the wrong benefit might cause you to lose out: You have to choose whether to go with the payment deferral or earning the rewards and in those early months, it can be hard to tell which would suit your business best.
- The rewards cap: While small businesses will easily fall within the spend cap to earn the 2% rewards, medium to large businesses might find it a little bit frustrating if a few stocks run max out their spend cap. While there are unlimited rewards at a rate of 1% thereafter, it will make the card more competitive to remove the cap and allow cardholders to earn 2% uncapped.
How does the Amazon Business Prime American Express credit card offer stack up?
I’m not sure whether the £50 gift card as a welcome offer does this card any good, especially when compared to the tens of thousands of bonus points earned on an American Express Platinum Business credit card, or the inviting rewards rate of the British Airways American Express Accelerated Business card. That said, this is a good mid-level option for those who own Amazon businesses.
The Amazon Business Prime American Express card credit score
While there’s no mention of a credit score requirement, some of the other requirements are that the business as a current UK Bank or Building Society account, and that neither the business nor the owner/s have County Court Judgements for non-payment of debt.
How do you apply?
Consumers apply directly through the Amazon website and will need an Amazon Prime profile to continue. The application takes a few minutes to complete and can easily be followed up online.
Is the Amazon Business Prime American Express credit card right for you?
There is no denying that with airtight control of the spending, an understanding of your stock turnaround time, and with the full use of either the deferment or rewards, this card can be a sound ally to have. This card is all about Amazon Prime Businesses and leveraging credit to expand stock or to start multiple smaller businesses. While the benefits tend to peter out for big businesses with high spend levels, there’s always that 90-day deferment option to soften the blow.
The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. Also, while we aim to feature some of the best products available, we do not review every product on the market. Learn more here. Any opinions or statements in this article belong to the author, and may be shared by The Motley Fool, however they were not provided or endorsed by our affiliate partners, unless expressly indicated.
The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.