If you own a small business and find yourself frequently running over to Lowe's to buy things for the business or for personal use, the new Lowe's Business Rewards Card just might be the best small business credit card for you.
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The new credit card for business owners is a joint venture between two big players: American Express OPEN, the nation's leading issuer of payment card products for small business owners, and Lowe's Companies, the world's second-largest home improvement retailer.
With the Lowe's Business Rewards Card, small businesses can earn points on all card purchases and redeem them for various business rewards – like travel credits and gift cards.
This is the first rewards program offered to Lowe's small business credit customers. You can earn rewards on purchases almost everywhere, earning one reward point for every eligible dollar spent on the Card. However, if you spend money at Lowe's, you'll get double rewards points on every eligible dollar you spend. Even better, you can earn tripe reward points on every eligible dollar spent on restaurant purchases, office supplies and wireless bills.
Cardmembers can redeem points for a variety of valuable business credit card rewards, including Lowe's or American Express Gift Cards. There's no cap on rewards and there's no expiration date.
Other nice features of this small business credit card are that there are no annual fees and you get free enrollment in OPEN Savings1, a program that gives small business owners automatic savings virtually every time they use an American Express Business Card to make purchases at any OPEN Savings partner. There are a few other nice perks as well.
The Lowe's Business Rewards Card will be available at all Lowe's retail locations by March 2010.