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American Express® Business Line of Credit: 2024 Review

Updated Jan 04, 2024

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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down
Accessibility
Rating: 4 stars out of 5
Affordability
Rating: 4 stars out of 5
Customer experience
Rating: 5 stars out of 5
Transparency
Rating: 4.6 stars out of 5
Flexibility
Rating: 3.8 stars out of 5
How Bankrate Scores work Arrow Down

Overview

American Express® Business Line of Credit offers business lines of credit in all 50 U.S. states and territories. They’re available to small business owners with fair credit but feature a pricing structure that could get expensive.

Lender Details

  • Moneybag

    Loan amount

    $2,000-$250,000

  • Rates

    Interest rate

    N/A

  • Clock Wait

    Term lengths

  • Dollar

    Min. annual revenue

    Average monthly revenue of at least $3,000

  • Business

    Min. time in business

    Must have started your business at least a year ago

Who American Express® Business Line of Credit is best for

Business owners with fair credit looking for a flexible lending solution may find this business line of credit attractive. You’ll need a minimum FICO credit score of at least 660* at the time of application to qualify. Plus, the draw fee only applies when you borrow funds, and you’ll have six, 12, 18 or 24 months to make payments.

* All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

Who American Express® Business Line of Credit may not be best for

This isn't a good fit if you’re a new business owner or anyone with a poor credit score. American Express requires fair credit, and you'll need to have started your business at least a year ago before you can qualify for a loan. 

American Express® Business Line of Credit: in the details

American Express® Business Line of Credit pros and cons

Pros

  • Checkmark

    Accessible

  • Checkmark

    Automated online process

  • Checkmark

    Minimal fees

Cons

  • Requires a personal guarantee and business assets

  • Not available to new business owners

  • Monthly fees could get expensive

Business loan types offered

American Express offers a line of credit. All businesses are unique and are subject to approval and review.

Loan quick facts

  • Amounts: $2,000 to $250,000
  • Terms: 6, 12, 18 or 24 months
  • Monthly draw fees: 3.00% to 9.00% (6-month loans), 6.00% to 18.00% (12-month loans), 9.00% to 27.00% (18-month loans), 12.00% to 18.00% (24-month loans)

American Express® Business Line of Credit overview

With an American Express business line of credit, you’ll pay a monthly fee on the amount you borrow, and there are no early repayment penalties.

Loan eligibility requirements are fairly relaxed. It’s open to people with fair credit who have started their business at least a year ago and only requires an average monthly revenue of at least $3,000. 

Credit limits range from $2,000 to $250,000, and each time you access funds, it counts as a separate loan with its own loan agreement, need for a personal guarantee and loan fees.

Loan fees start low but only if you can pay off your loan within 6 months. If you need 18 months to pay back your debt, fees range between 9 percent and 27 percent. And since this is Amex’s proprietary fee structure, it’s not easy to compare to business lines of credit with interest rates.

Do you qualify? 

Here's what it takes to meet Amex's relaxed eligibility requirements: 

  • Age: At least 18 years of age
  • Minimum FICO score: At least 660* at the time of application
  • Time in business: Have started your business at least a year ago
  • Revenue: Average monthly revenue of at least $3,000
  • Industry limitations: Not specified

What we like and what we don’t like

Applying for an American Express® Business Line of Credit is simple, and you’ll know what to expect regarding borrowing costs right away.

What we like

  • Accessible. Amex’s eligibility requirements are more relaxed than other lenders, especially its minimum revenue requirements.
  • Automated online process. You won’t fill out a lengthy application or have to apply by phone or in person at a bank. 
  • Minimal fees. Borrowers do not pay loan origination fees, prepayment penalties or maintenance fees.

What we don't like 

  • Requires a personal guarantee and business assets. On top of a personal guarantee, Amex requires you to secure your loan with business assets. Not all lenders require both for a line of credit. 
  • Not available to new business owners. Access to funding is limited to small business owners who’ve been operating for a year or more. 
  • Monthly fees could get expensive. Amex’s proprietary fee structure charges higher rates the longer it takes you to pay off your loan.

How American Express® Business Line of Credit compares to other lenders

American Express is known for its business line of credit with lenient lending requirements. But it doesn’t offer as many business loan options as other online lenders. Here’s how Amex compares to other lenders:

Rating: 4.3 stars out of 5
4.3

Bankrate Score

  • Loan amount

    $2,000-$250,000

  • Interest rate

    N/A

  • Term lengths

  • Min. time in business

    Must have started your business at least a year ago

  • Min. business annual revenue

    Average monthly revenue of at least $3,000

Rating: 4.7 stars out of 5
4.7

Bankrate Score

  • Loan amount

    $5,000-$10 million

  • Interest rate

    0.75% Monthly rate | 5.00% to 18% Simple interest

  • Term lengths

    1-10 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $100,000

Rating: 4.2 stars out of 5
4.2

Bankrate Score

  • Loan amount

    $5,000-$10 million

  • Interest rate

    8.75%-18.25% APR

  • Term lengths

    Up to 25 years

  • Min. time in business

    Less than two years

  • Min. business annual revenue

    Not stated

Read our review

on Bankrate

American Express vs. Fundible

Fundible offers a variety of business loans, including business term loans, lines of credit, SBA loans, equipment financing and invoice financing. With Fundible, you’re most likely to get approved with a personal credit score of 600 or higher and at least $200,000 in annual revenue. 

But the lender offers options for startups and businesses with bad credit, accepting scores as low as 450. That minimum credit requirement is low even by online lending standards, though you might only qualify for certain loans like invoice financing.

Across all of its loans, Fundible offers high loan sizes. For example, its equipment loan goes up to $10 million, while most online lenders max out these loans around $500,000 or $1 million. Its business line of credit also raises the bar to $500,000, higher than most lenders’ $250,000 credit limit.  

American Express vs. Wells Fargo

Wells Fargo focuses on business lines of credit, SBA loans and financing for healthcare practices. It offers three line of credit options tailored to serve businesses at specific levels, including two unsecured lines. All of its lines require a minimum personal credit score of 680, but other features include:

 

Type of credit line Loan amounts Annual revenue required Time in business
Unsecured line $10,000 to $150,000 Not stated At least 2 years
Unsecured, SBA-backed line $5,000 to $50,000 Not stated Under 2 years
Secured line $100,000 to $1 million At least $2 million Not stated

Wells Fargo is more transparent about costs. Its line of credit interest rates range from 9.00 percent to 18.00 percent APRs. Annual percentage rates offer a complete view of your annual borrowing costs including fees. American Express charges a monthly fee on the amount borrowed, and each withdrawal acts as a separate loan. Its fee structure also goes up with longer repayment terms. It charges these fees based on repayment terms, though not all customers are offered all term lengths.

How to apply for a loan with American Express® Business Line of Credit

When you’re ready to apply for a Amex line of credit, visit the website and select the “Apply now” button to get started. You'll need to provide: 

  • Your name and business name
  • Your personal address and phone number 
  • Your business address and phone number 
  • Your business tax ID
  • Your industry

If you have an American Express account, you can sign in, and your profile will be prefilled with information.

American Express® Business Line of Credit frequently asked questions

How Bankrate rates American Express® Business Line of Credit

Overall Score 4.3
Accessibility 4.0 Amex’s eligibility requirements help make this line of credit more accessible than other lines of credit.
Affordability 4.0 Amex doesn’t charge a number of fees found with other business lines of credit.
Transparency 4.6 Amex provides a decent amount of costs and eligibility requirements on its website.
Customer experience 5.0 Amex’s streamlined application process, customer service options and app give it an edge over other lenders.
Flexibility 3.8 Amex only offers one loan product.

*The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. 

Methodology

Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
22
loan features weighed
Rates
770+
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.