Bluevine vs American Express® Business Line of Credit: Which Is Best for Your Business?

Bluevine vs American Express® Business Line of Credit: Line of Credit

Both Bluevine and American Express Business Blueprint^TM offer lines of credit with straightforward online applications. A line of credit gives your business access to funds when you need them. It works similarly to a credit card, allowing you to use funds up to your maximum approved amount, pay them back, and use them again. Businesses can use lines of credit to pay for marketing expenses, purchase new inventory, fund a renovation, and more.

• Bluevine offers lines of credit from $5,000-$250,000 with rates starting at 4.8%. Repayments are made weekly or monthly over six or 12 months from each draw.
• American Express Business Blueprint^TM offers lines of credit from $2,000-$250,000 with six, 12, or 18 month terms. Rates will vary depending on terms, but range from 3-9% for six-month loans, 6-18% for 12-month loans, and 9-27% for 18-month loans.

Bottom Line: Loan amounts and term lengths are very similar between both Bluevine and American Express® Business Line of Credit. To determine which loan is right for you, we’re going to have to look at interest rates and minimum qualification requirements.

Neither Bluevine nor American Express Business Blueprint^TM charge origination fees, prepayment penalties, maintenance fees, or ACH transfer fees. They do both charge late payment fees, though. Bluevine charges up to 5% of the missed repayment and the interest that has accrued. American Express charges flat fees - $10 for balances between $35 and $500, $35 for balances between $500 and $5,000, and $100 for balances greater than $5,000.

Bluevine rates start at 4.8%, whereas American Express charges a flat monthly percentage based on your loan term. Both companies charge higher rates than you may find at a bank or credit union, but the requirements to qualify are not as stringent. To get the best rates with both lenders, you’ll want to make sure your credit score is in good condition.

Here’s how you can improve your business credit >>

Bottom Line: American Express® Business Line of Credit offers lower starting rates than Bluevine, making them our top pick when it comes to interest rates and fees.

Bluevine Requirements

To qualify for a line of credit from Bluevine, you’ll need to be in business for at least six months, have a minimum credit score of 625, and have $10,000 or more per month in revenue.

American Express Business Blueprint™ Requirements

To qualify for a line of credit from American Express®, you’ll need to be in business for at least 12 months, have a minimum FICO score of at least 660 at the time of application, and have at least $3,000 in average monthly revenue. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

Bottom Line: American Express Business Blueprint™ has a higher credit score and time in business requirement, but their monthly revenue requirement is more convenient. If your business is not making Bluevine’s minimum requirement of $10,000 per month, we recommend American Express® Business Line of Credit as your loan choice.

Bluevine and American Express® Business Line of Credit have straightforward application. Typically, the initial application will ask basic questions about your business, your credit history, and your monthly revenue. American Express has you connect your business bank accounts to your application.

Bluevine can give you an initial decision in as little as five minutes. Both companies, however, may need you to provide additional paperwork prior to final approval. Additional paperwork may include, but is not limited to:

• Photo ID
• Personal and business taxes
• Business bank statements
• Business license and registration
• Business plan, including purpose of the loan

During the final application stage, Bluevine and American Express will do a hard-pull on your credit, which will impact your score. If approved, Bluevine offers same-day funding. American Express does not state any specific funding times.

Bottom Line: Bluevine is our pick for ease of application and fast funding times. If you need your line of credit as soon as possible, we recommend applying with Bluevine in hopes of a shorter funding time.

Customer Support

Bluevine offers customer support via phone Monday through Friday from 8 AM to 8 PM EST. You can also contact them by filling out their online form, and a representative will be in touch shortly.

American Express Business Blueprint^TM offers customer support from 8 AM to 9 PM EST Monday through Friday. You can also email them if your question isn’t urgent.

Both companies offer online resources, guides, and FAQ pages to help answer common questions by borrowers.

Bottom Line: Customer support is equal between the two companies, with the exception of American Express being available by phone one hour later than Bluevine. Between the two, we call it tie!

Bluevine has 4.4 out of 5 stars on Trustpilot, with 85% of the reviews being “great” or “excellent.” Positive reviews revolve around the speed and efficiency of the application process, exceptional customer service, and funds being made available within the stated time. Negative reviews focus on the banking side of Bluevine as opposed to their line of credit, and customers have complained about technical issues with the website and mobile app.

American Express® Business Line of Credit has 3.1 out of 5 stars on Trustpilot. While their score is lower overall, a whopping 91% of reviews are either “great” or “excellent.” Good reviews state the company has an easy application process, and excellent and attentive customer service. Like Bluevine, the negative reviews are more focused on American Express business checking account, which is no longer being offered.

Bottom Line: Both Bluevine and American Express® Business Line of Credit have great customer reviews overall, and they both have an A+ rating on the Better Business Bureau.

When to Choose Bluevine

If you’ve been in business for at least six months, but less than one year, we recommend Bluevine. American Express Business Blueprint^TM requires businesses to be in operation for a minimum of 12 months, eliminating many new businesses in need of funding.

When to Choose American Express® Business Line of Credit

American Express® Business Line of Credit is the winner for businesses with fair monthly revenues, as American Express requires an average monthly revenue of at least $3,000 in order to qualify. Many lenders, including Bluevine, require a minimum monthly revenue of $10,000, which can make it difficult for businesses in lower-profit industries to get the funding they need.

Conclusion

In truth, there is little separating Bluevine and American Express® Business Line of Credit. Both loans operate in the same space with similar rates, and both have super smooth application processes. American Express® Business Line of Credit has lower monthly revenue requirements, but slightly higher rates. Bluevine offers lower rates, but has higher monthly revenue requirements. It’s best to take a close look at your unique business to make the right decision when it comes to choosing between Bluevine and American Express® Business Line of Credit.