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“It all plays back into the fact that this is the age of new small businesses in the US,” Marrs said in an interview.
In the post-pandemic era of remote work and employee demands for more freedom, business formation has exploded. New business applications surged 42% in 2022 from pre-pandemic levels, topping 5 million, census data show.
Read More: AmEx Hooked Big Spenders, Regained Throne With Pricier Platinum
The annual fee will increase to $375 from $295 starting Feb. 1, but the card will also include possible credits that outweigh the fee, including an annual $240 credit that small businesses can put toward a statement after using the card at FedEx Corp., Grubhub Holdings Inc., and office-supply stores.
AmEx — known for unique card designs typically aimed at consumers rather than companies — will now let small-business owners get their hands on a Rose Gold card.
“It just provides that little bit of extra sparkle to a small-business owner as their business grows,” Marrs said.
More stories like this are available on bloomberg.com
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