American Express OPEN presents a new credit card for business owners

American Express OPEN®, the nation's leading issuer of payment card products for small business owners, and Lowe’s Companies, Inc., the world’s second-largest home improvement retailer, today announced the launch of a new credit card for business owners.

The Lowe’s Business Rewards Card from American Express is a new business credit card that enables business owners to earn points on virtually all card purchases. This is the first rewards program offered to Lowe’s small business credit customers.

“Every month, we provide billions of dollars in working capital to small business owners who use our pay-in-full charge cards and our credit cards,” said Richard Flynn, senior vice president, product management, American Express OPEN. “Through the Lowe’s Business Rewards Card program, we will help business owners manage their spending and provide credit that they can use to run and grow their companies while earning rewards they can reinvest in their businesses.”

The new card provides a tiered structure for earning rewards points. Cardmembers earn:

• One reward point for every eligible dollar spent on the Card;
• Double rewards points on every eligible dollar spent at Lowe's; and
• Triple rewards 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 is no cap on the amount of business rewards a Cardmember can earn, and there is no expiration date to redeem the points.

“The Lowe’s Business Rewards Card is the latest way our company is adding value for our commercial customers through a unique blend of benefits and rewards,” said Larry D. Stone, president and chief operating officer of Lowe’s. “Lowe’s has always been committed to providing the best customer experience and this new product offers convenience and rewards at a time when business owners need it most.”

Additional benefits of the card include:

• No annual fee
• Automatic 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
• Retail and business-related benefits and protections such as Purchase Protection2, Extended Warranty3, Online Fraud Protection, Emergency Card Replacement4, Identity Theft Assistance, Emergency Check Cashing, Online Account Management and Reporting tools
• Travel protections such as Car Rental Loss and Damage Insurance, Travel Accident Insurance, Global Assist Hotline and Baggage Insurance

The Lowe’s Business Rewards Card was unveiled in Las Vegas at The International Builders Show, the country’s premier building industry trade show. The Lowe’s Business Rewards Card will be available at all Lowe’s retail locations by March 2010.