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Bluevine vs American Express® Business Line of Credit: Which Is Best for Your Business?
Bluevine and American Express® are two of the most well-known companies offering small business lines of credit. Both lenders offer straightforward online applications, appeal to borrowers with less-than-perfect credit, and have excellent customer service. However, there are many differences, as well.
Written by: Sarah Brooks, Personal Finance Writer and Editor
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Bluevine offers lines of credit (‘LOCs’) to small and medium business models. It opened its doors in 2013 and has provided more than $2 billion in funding to businesses nationwide. The Bluevine headquarters are in Redwood City, California, and are opening another center in Utah. They also have an office in Ramat Gan in Israel. The facilitated over 155,000 Paycheck Protection Program loans in 2020.
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American Express® Business Line of Credit stands out among the rest because of their decent monthly revenue requirements, making them ideal for businesses with fair income. American Express® Business Line of Credit offers small business owners a line of credit ranging from $2,000 to $250,000. The application process is straightforward, and you can get a funding decision in a timely manner.
Bluevine vs American Express® Business Line of Credit: Loan Features
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Bluevine Term Length
6 or 12 months
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Bluevine Repayment Period
Monthly or weekly
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Bluevine Loan Amount
$5,000-$250,000
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Amex Business LOC Term Length
6,12, or 18 months
Amex Business LOC Term Length Repayment Period
Monthly
Amex Business LOC Loan Amount
$2,000-$250,000
Bluevine vs American Express® Business Line of Credit: Line of Credit
Both Bluevine and American Express® Business Line of Credit offer lines of credit up to $250,000 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 Line of Credit offers loans 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 lender is right for you, we’re going to have to look at interest rates and minimum qualification requirements.
Bluevine vs American Express® Business Line of Credit: Interest Rates and Fees
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Bluevine Interest Rates
4.8% and up
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Bluevine Origination Fees
No
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Bluevine Maintenance Fees
No
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Bluevine ACH Transfer Fees
No
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Bluevine Late Payment Fees
Yes
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Amex Business LOC Monthly Fees
6-month loans: 3-9%
12-month loans: 6-18%
18-month loans: 9-27%
Amex Business LOC Origination Fees
No
Amex Business LOC Maintenance Fees
No
Amex Business LOC ACH Transfer Fees
No
Amex Business LOC Late Payment Fees
Yes
Neither Bluevine nor American Express® Business Line of Credit 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® Business Line of Credit 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® Business Line of Credit 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 funding times are typically quicker and 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 vs American Express® Business Line of Credit: Loan Requirements
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Bluevine Minimum Credit Score
625
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Bluevine Minimum Revenue
$10,000 per month
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Bluevine Time in Business
6 months
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Amex Business LOC Minimum Credit Score
640 (However, all businesses are unique and are subject to approval and review)
Amex Business LOC Average Monthly Revenue
At least $3,000
Amex Business LOC Time in Business
12 months
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 Line of Credit Requirements
To qualify for a American Express® Business Line of Credit, you’ll need to be in business for at least 12 months, have a minimum credit score of 640, and have at least $3,000 in average monthly revenue.
Bottom Line: American Express® Business Line of Credit has a higher credit score and time in business requirement, but their monthly revenue requirement is much lower. 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 lender of choice.
Bluevine vs American Express® Business Line of Credit: Loan Application Process
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Bluevine and American Express® Business Line of Credit offer straightforward, online applications that take just a few minutes to complete. Typically, the initial application will ask basic questions about your business, your credit history, and your monthly revenue. American Express® Business Line of Credit has you connect your business bank accounts to your application so they can give you a decision in real-time.
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® Business Line of Credit will do a hard-pull on your credit, which will impact your score. If approved, Bluevine offers same-day funding. American Express® Business Line of Credit does not state any specific funding times, but does say it will take place in a timely manner.
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.
Bluevine vs American Express® Business Line of Credit: Customer Support
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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 Line of Credit 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® Business Line of Credit being available by phone one hour later than Bluevine. Between the two, we call it tie!
Bluevine vs American Express® Business Line of Credit: User Reviews
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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, excellent and attentive customer service, and quick decision and funding times. Like Bluevine, the negative reviews are more focused on American Express® Business Line of Credit’s 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 Line of Credit 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® Business Line of Credit 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 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.
Frequently Asked Questions(FAQ)
Is Bluevine legit?
Is American Express® Business Line of Credit legit?
American Express Business Line of Credit is backed by American Express and is a legitimate lender you can trust. The company opened in 2008 and was acquired by American Express in 2020. Since their opening, they’ve funded more than $8 billion to small businesses nationwide.
How do I qualify for a small business line of credit?
Most lenders want to see a business history of at least six months, a minimum credit score of 600, and annual revenues of $100,000. For Bluevine specifically, you’ll need a credit score of 625, six months in business, and $10,000 in monthly revenues. For American Express Business Line of Credit, you’ll need a credit score of 640, 12 months in business, and at least $3,000 in average monthly revenue.
Does my credit score matter?
While Bluevine and American Express Business Line of Credit do take other factors regarding your business into consideration, your credit score does need to meet the minimum requirements. Also, you’ll get a better interest rate on your loan if your credit score is in good to excellent condition, so it’s worth working on throughout the life of your business.