[Expired] American Express Business Line of Credit (LOC): $250 Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 6/4/23: Back again at $250 through 8/31/23 (ht Olympia)

Update 2/22/23: Back to $250 and now called American Express Business Line of Credit

Update 11/22/22: Increased again from $200 to $250. (ht Davis) Note: higher interest rates make this deal less appealing.

Update 7/6/22: Increased from $150 to $200. Note: higher interest rates make this deal less appealing. (ht Kwan)

The Offer

Direct link to offer

• American Express Business Line of Credit (formerly Kabbage Funding) is offering a $250 bonus when you apply and get approved

 

The Fine Print

• Each draw on the line of credit will result in a separate installment loan. All loans are subject to credit approval and are secured by business assets.
• If eligible, you can be approved in minutes for a line of credit from $1,000 to $150,000 when we are able to automatically obtain your business data and verify your bank account. If a manual review is required, it will take longer to provide you with a decision.

Our Verdict

This is different to the Kabbage checking bonus that was previously offered (still available as American Express Business checking). This is basically a line of credit and each time you draw on the credit this will be treated as a separate installment loan. Monthly fees are as follows:

• 0.25–3.50% for 6-month loans
• 0.25–2.75% for 12-month loans
• 0.25-2.50% for 18-month loans

Fees seem like they could be exceptionally high. If you took out the base loan of $1,000 and get the lowest 0.25% rate you’d only be paying $15 in fees though (if you got the 3.5% rate it would be $210 though). Probably not worth doing just for a $150 bonus, but something to keep an eye on if it increases. Looks like you might not need to actually take out the loan.

Hat tip to u/churnandburn58