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AmEx (AXP) Modifies Card to Boost Growth of Small Businesses

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American Express Company AXP recently reintroduced the Business Gold Rewards Card with added features for addressing the evolving requirements of small business owners across Canada.

Traditionally, the low annual fee Card empowers business owners with strong purchasing power, digital management tools and extensive insurance coverage. With the relaunched Card, the Cardmembers are equipped to earn rewards or additional bonus points on their spending, which can subsequently be utilized by the owners to undertake reinvestment. This, in turn, is expected to boost growth prospects of small businesses throughout Canada.

The latest move highlights American Express’ sincere efforts to enhance card offerings and pave the way for seamless business operations. A move similar to the latest one seems to be of utmost importance to small businesses globally as they grappled with inadequate resources and financial uncertainties due to the COVID-19 pandemic. Hence, the move to offer financial assistance to them along with rewards and bonus points amid the lingering concerns of the pandemic seems to be a time-opportune one.

The company’s Global Commercial Services segment offers a diverse array of cards, and payment, expense management and commercial financing solutions in a bid to aid small businesses.

American Express has remained focused on launching refreshed versions of its card offerings in a bid to ease financing of business operations. This year, the company transformed its Business Gold Card in a bid to offer enhanced Membership Rewards coupled with additional flexible benefits, savings and discounts. These efforts have bolstered the company’s product and services portfolio, and extended its global presence.

It continues to pursue a host of measures focused on technology upgradations, introduction of secured digital solutions and assisting businesses in regulating payments. Also, it has become increasingly important for businesses to counter the COVID-19 induced headwinds and intensify focus on growing their businesses as the global economy is well-poised to recover. This will pave the way for increased consumer spending and resumption of business activities, which will offer opportunities for businesses to prosper.

Other companies making efforts to help small businesses include Visa Inc. V that has been catering to the unique needs of small and medium-sized businesses through the Small Business Hub, which was launched last year. Mastercard Incorporated MA made several investments to roll out cost-effective solutions for assisting small businesses to adopt digital means. Global Payments Inc. GPN has been working closely with numerous small businesses by rolling out enhanced and secured payments technology solutions.


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