Amazon (NASDAQ:AMZN) said it will roll out new Prime Business and Amazon Business credit cards this spring, shifting its partnership from American Express to U.S. Bank (USB) and the Mastercard (MA) payment network.
Under the new structure, the Prime Business Card will offer 5% cash back on Amazon purchases for Prime members, while the Amazon Business Card will provide 3% cash back for customers without a Prime subscription. Both cards will carry no annual fee and include additional reward incentives for spending outside Amazon, according to the company.
Existing cardholders who currently use the American Express-issued versions will continue to use their cards during the transition period and will receive updates from Amazon about the migration process. The company said further details about new card features will be revealed in the coming months.
“Small businesses told us they wanted more ways to earn rewards wherever they shop and better tools to manage cash flow,” said Tai Koottatep, director and general manager of Worldwide B2B Payments & Lending at Amazon.
The new credit cards will be integrated with Amazon Business purchasing and spend management systems, enabling companies to track and manage expenses more effectively. Amazon Business currently serves over eight million organizations worldwide and generates more than $35 billion in annualized gross sales.
U.S. Bank, which provides services to more than 1.4 million small business clients, will issue the cards as part of its broader small business banking offerings. Meanwhile, Mastercard will process transactions through its global payment network, which operates across hundreds of millions of locations worldwide.
Customers interested in the new cards can sign up on Amazon’s website to receive updates when applications become available.