Amazon Accelerates B2B Credit Card Push, Ditches American Express for U.S. Bank

Amazon swaps Amex for US Bank as business card issuer, launching two new cards early. The move targets SMEs with cashback, installment plans, and expense management tools.

Amazon is overhauling its financial services offering for business clients, swapping American Express for U.S. Bank as its credit card issuer and pulling the launch of two new corporate cards three months ahead of schedule. The move, which took effect on May 13, marks an aggressive push to lock in small and medium-sized enterprises with integrated rewards and flexible financing tools.

Existing American Express cardholders won’t see an immediate change. Their accounts will migrate to the new platform in August 2026, at which point they will receive new card numbers and need to manually update any external recurring payments. U.S. Bank issues the cards through the Mastercard network, and accrued rewards points will carry over when customers switch.

Rewards Tailored for Business Spending

The new Prime Business Card and Amazon Business Card follow a familiar structure for Prime members, who earn 5% cash back on purchases at Amazon.com, AWS, and Whole Foods inside the US. Non-Prime customers receive 3% back in those categories. Both variants cap the annual rebate at $150,000. Where Amazon expands the offering is outside its own ecosystem: businesses earn 2% back in their top spending categories elsewhere. Alternatively, holders can opt for zero-interest installment payments stretched over twelve months. The cards also come with built-in expense management software, letting users set spending limits and generate virtual card numbers for employee purchases.

The flexible repayment option targets a clear pain point among entrepreneurs. Industry surveys indicate nearly half of all small businesses need deferred payment terms to smooth out cash-flow volatility.

B2B Revenue Engine Gathers Speed

Amazon Business, the company’s wholesale procurement platform, now serves more than eight million corporate customers globally and generates an annualized gross merchandise volume exceeding $35 billion. The segment is becoming a pillar alongside AWS, which expanded 28% in the most recent quarter. Combined with a strong first quarter that saw earnings per share hit $2.78 — comfortably beating analyst estimates — the broader momentum is feeding investor confidence.

Analyst Appetite and Stock Performance

Phillip Securities recently upgraded the stock to “Buy” with a $280 price target, citing the cloud and AI growth story. Institutional buyers are also piling in; ARK Investment Management significantly increased its position in recent weeks. At the market close yesterday, Amazon shares traded at €230.70, just shy of their 52-week high and up roughly 19% since the start of the year. The stock remains comfortably above its 50-day moving average.

By tightening the financial links to its corporate customers — from procurement and cloud services to credit and expense management — Amazon is positioning its B2B arm as a one-stop shop for company spending. The accelerated card rollout underscores that ambition.