Reportedly, American Express Company (AXP) is allowing pay off flexibility to its charge cardholders allowing them to borrow more on their cards. Customers holding the firm’s green, gold and platinum business cards can avail the option in November. The flexibility will allow cardholders to pay off certain purchases over longer periods, along with interest.
The company has been working to improve with its offerings towards the small-business owners affected by the coronavirus pandemic and has forced many businesses to shut their doors. The company also agreed to buy online lender Kabbage Inc, last month to improve its working capital offerings.
“We’ve long heard from our card members who are small-business owners that increased payment flexibility is important to them. This is especially critical during these times of uncertainty.” stated Brett Sussman, vice president of global commercial card lending.
As per a survey by the U.S. Chamber of Commerce, only 53% of the small businesses that have not shut down properly believe that they can continue operations for six months or beyond without closing permanently.
Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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