Anyone opinions on AMEX Blueprint business credit line?

[tjs19593]

 Just wondering if anyone here has any experience with AMEX blueprint business lines of credit? I got a popup for it. I clicked through and Amex made clear that I was not pre-approved, but I could still apply. I wanted to peak at the application process but was stopped at the "link your main business checking account". I have not linked anything nor moved forward. 

 We are in a nice position without needing another line of credit, but as a business expanding I am always somewhat interested. We do lots business with AMEX now both professionally and personally. My turnoffs were the linked checking account (sounds like a permamnent link to monitor) and not being pre-approved (lots of AMEX business, 10+ years in business, FICO's north of 820)

 Any thoughts or experience?

[Xanthos472]

Honestly, go for it...the only drawback is like you said, a link to monitor while carrying a balance. IME, one account sometimes unlinked; a smaller local player. IIRC BoA had no problems.

[GApeachy]

Are you talking about Kabbage?  If so, when Kabbage dumped all of us during the Pandemic I had them paid off but Kabbage owner sent out an email stating they had to because they were not equipped to handle the volume required during that time of need. 

It took me four tries, 5 months to get them to unlink from my bank acct. I didn't see the purpose in doing business with them if they can't be there for me should I need them.  

So now that they're a part of Amex would they shut you down during another global $ catastrophe?  I'm thinking that's why this merger happened, to strengthen their lending,  but I'd still take that into consideration on who and how they pre-approve. 

Personally I like their loc and used it to build biz credit. Had I needed them during their shutdown I'd be typing a very negative review, like on bbb.

[tjs19593]

It looks like Kabbage/AMEX is now AMEX Blueprint. They are pretty aggressive with advertising in business circles right now. Just not a fan of a third party that isnt my bank monitoring my business checking account. 

[TMDSCT]

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@tjs19593 wrote:

 Just wondering if anyone here has any experience with AMEX blueprint business lines of credit? I got a popup for it. I clicked through and Amex made clear that I was not pre-approved, but I could still apply. I wanted to peak at the application process but was stopped at the "link your main business checking account". I have not linked anything nor moved forward. 

 We are in a nice position without needing another line of credit, but as a business expanding I am always somewhat interested. We do lots business with AMEX now both professionally and personally. My turnoffs were the linked checking account (sounds like a permamnent link to monitor) and not being pre-approved (lots of AMEX business, 10+ years in business, FICO's north of 820)

 Any thoughts or experience?

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I received a popup a few months ago saying I was pre-approved, so I completed the short app and was given a credit line of $25k and told to link my business checking account to be approved for more.  But I don't really need the loan and the fees are high, so unless I really need it, I will probably never use it.

[jaxstraw]

One thing that keeps happening is it constantly keeps unlinking my two biz accounts connected to it.

Everytime I log on it seems one, or both, need to be reconnected.

It's kind of a PIA.

It seems the whole Amex Blueprint website to me is kind of glitchy because there are times I go through the whole process and it still won't let me link them again.

Not sure how they can monitor much of anything this way.

[reluctantgarden]

FWIW, my story: A few months ago when it was still ostensibly Kabbage, I applied and was accepted subject to allowing Amex to "Plaid" my checking account (which is mixed personal and business), so I declined. Still the account rep reached out, but I explained my discomfort and we moved on. Skip to last week where on another thread here someone said they were accepted, albeit for a low amount, without the Plaid connection. So I figured I'd look into it again since it only would be a SP (since I have a total of nine Amex CCs). Things started out fine, but then hit an error message that seemingly indicated my application stopped, so I was thinking, whatever. But then I relaunched the mobile app and the Blueprint logo showed up at the bottom for the first time. I clicked to discover the Blueprint home page listing my MR points, four biz CCs, and, shockingly, a BLOC with $27.1k--all without providing anything additional to Amex. I then got a couple of welcome emails, etc., and in the app connected my checking account I use to pay all Amex bills to pay this BLOC as well, but wasn't forced to Plaid it. The prevailing wisdom seems to be that allowing Amex to "see" your account could prompt CLIs, but I'd rather forgo that and keep my privacy as my side gigs are a minor part of my overall cash flow. I also got what I consider competitive rates: effectively 4.5% on a six-month loan and 9% on 12 months. Anyway, an unexpected nice-to-have that bumps up my TCL to north of $312k.

[tjs19593]

Yelp, I finally did link my accounts to AMEX Blueprint. Seemed like the bsuiness dashboard might be good. Well they did approve a line of  credit for 40k. They did a hard pull. Ugh. Really AMEX?? I havea lot of cards from these folks. 

 The whole experience is odd. It is like they didint know me. I was shocked not to be pre-approved to start with. It was like they didnt connect my 30+ year history with AMEX to this Blueprint stuff. They are definately connected as they all show up in my AMEX log in. I am a little dissapointed and will likely now never use their LOC and probably cancle a card or two. (Just how I am wired)

[tjs19593]

UPDATE:

 Talked with my AMEX Blueprint rep. He said they do a HP for all business LOC's. He also said my credit line was right in line for my business revenue. I let him know that I wasnt happy with the entire process and end results. Wasn't super helpful and we parted on polite terms.

 Still plan to **bleep**can a few of my AMEX cards with fees. (Sort of a seperate issue as I am pairing down)

[fm92555]

In my opinion it is good to have in your back pocket.

They approved me for a great loan amount and I will hold on to it for the next year just in case I need it. Understand that your amortization period is short and the payments of principal and interest will be high.

Also the interest is front loaded. So if you borrow and pay back the money within a couple weeks, you will still owe that months full interest. Your not getting a refund of the interest for paying it early in the month. Once you borrow it is more like a term loan on the amount borrowed than it is a credit line. I have a bank credit line and it is more like a credit card with  minimum amount for a payment and interest but is supposed to be paid before the annual renewal review. Although, they have never demanded I pay it before they renew it for another year.

Rates are more comparable to a bank rather than the online lenders which I find are all almost double what a bank will lend for.