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American Express OPEN® and Lowe's Launch New Credit Card for Small Business OwnersLowe's Business Rewards CardSM from American Express Provides First Ever Rewards Program for Lowe's Loyalists
LAS VEGAS,  January 19, 2010 -- 

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 Savings(1), 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 Protection(2), Extended Warranty(3), Online Fraud Protection, Emergency Card Replacement(4), Identity Theft Assistance, Emergency Check Cashing(5), Online Account Management and Reporting tools
  • Travel protections such as Car Rental Loss and Damage Insurance(6), Travel Accident Insurance(7), Global Assist Hotline(8) and Baggage Insurance(9)

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. To learn more and apply visit: open.com/lowes or call 877-673-6947.

About American Express OPEN
American Express OPEN is dedicated exclusively to the success of small business owners and their companies. OPEN supports business owners with exceptional service. With products and services tailored to small businesses, the team delivers purchasing power, flexibility, control and rewards to help customers run their businesses. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and business credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN, visit www.OPEN.com, or call 1-800-NOW-OPEN to apply for a card. Terms and conditions apply. Also visit us at openforum.com and @OPENForum on Twitter (twitter.com/openforum). American Express Company www.americanexpress.com is a leading global payments, network and travel company founded in 1850.

About Lowe's
With fiscal year 2008 sales of $48.2 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 14 million customers a week at more than 1,700 home improvement stores in the United States and Canada.  Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com. Follow us on Twitter @Lowes and on facebook at www.facebook.com/lowes.


(1)OPEN Savings®: Savings range from 3% to 25%. Payment must be made with an American Express® Business Card at the time of purchase; savings will be credited to your account. Participation and offers are subject to change without notice. For full partner terms and conditions, visit opensavings.com.
(2)Purchase Protection is underwritten by AMEX Assurance Company, Administrative Office, Phoenix, AZ.  Coverage is determined by the terms, conditions, and exclusions of Policy AX0951 or Policy PP-IND and is subject to change with notice.  This document does not supplement or replace the Policy.
(3)Extended Warranty is underwritten by  AMEX Assurance Company, Administrative Office, Phoenix, AZ.  Coverage is determined by the terms, conditions, and exclusions of Policy AX0953 or Policy EW-IND and is subject to change with notice.  This document does not supplement or replace the Policy.
(4)Not all services available at all locations and all are subject to local laws and cash availability.
(5)Comprises Travel and Foreign Exchange locations of American Express. Not all services are available at all locations and are subject to local laws and cash availability.
(6)Car Rental Loss and Damage Insurance is underwritten by AMEX Assurance Company, Administrative Office, Phoenix, AZ. Coverage is determined by the terms, conditions, and exclusions of Policy AX0925 or Policy CRLDI-IND and is subject to change with notice. This document does not supplement or replace the Policy.
(7)Travel Accident Insurance is underwritten by AMEX Assurance Company, Administrative Office, Phoenix, AZ. Coverage is determined by the terms, conditions, and exclusions of Policy AX0948 and is subject to change with notice. This document does not supplement or replace the Policy.
(8)While the many Global Assist Hotline coordination and assistance services are free benefits from American Express, Cardmembers are responsible for the costs charged by third-party service providers.
(9)American Express Card Baggage Insurance Plan is underwritten by AMEX Assurance Company, Administrative Office, Phoenix, AZ. Coverage is determined by the terms, conditions, and exclusions of Policy AX0400 or Policy BIP-IND and is subject to change with notice. This document does not supplement or replace the Policy.


Contacts

Rosa Alfonso212.640.1712rosa.m.alfonso@aexp.com

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