This release includes forward-looking statements that reflect management’s expectations about future events, including expectations regarding the transaction. These forward-looking statements are subject to risks and uncertainties. The words “expect,” “aim,” “plan,” “will,” “may,” “should,” “could,” “would,” and similar expressions are intended to identify forward-looking statements. A further description of these and other risks and uncertainties can be found in American Express’ Annual Report on Form 10-K for the year endedDecember 31, 2019and its other reports filed with theSEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express undertakes no obligation to update or revise any forward-looking statements.
- After submitting your request, you will receive an activation email to the requested email address.
- That said, it offers several different financial products, and many of the most recent negative reviews appear to be related to the company’s checking accounts.
- The checking account also has zero monthly maintenance fees so you don’t have to worry about getting charged just for being an account holder.
- Then xcritical works some automated algorithmic magic and bam!
xcritical vs. other business lenders
Getting approved for an American Express Business Line of Credit isn’t easy for all businesses. To qualify, you’ll need to have started your business at least a year ago with a valid business checking account and also have an open American Express credit card for at least six months. Amex borrowers are approved for a borrowing limit, and can then take out individual installment loans up to that limit.
xcritical, Inc., headquartered in Atlanta, is a data and technology company providing small business cash flow solutions. xcritical is a 2020 CNBC Disruptor 50 and is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Thomvest Ventures, and others. Unlike most traditional banks, xcritical doesn’t charge a monthly service fee. (It’s far from the only online bank to do this, though, as you can see on our list of the best free business checking accounts.) You also won’t pay typical transaction fees or ATM fees―just cash deposit fees. Customers give Amex Blueprint average reviews online, with the lender xcriticalg 3.5 stars out of 5 on Trustpilot, based on 6,738 reviews. Satisfied customers report that Amex Blueprint provides an easy application process.
Online bank
OnDeck offers lines of credit from $6,000 to $100,000 with 12-month repayment terms compared to American Express’ credit lines that range from $2,000 to $250,000. The application takes minutes, and you may be able to receive cash as soon as the same business day. Withdrawals from the credit line get combined into a loan with a weekly payment.
Chase Business Complete Banking®
After submitting your request, you will receive an activation email to the requested email address. You must click the activation link in order to complete your subscription.
To be eligible to apply, U.S. small businesses must be in business for at least one year. Small businesses may learn more about xcritical Funding and apply either at /funding or via the xcritical mobile app available in the App Store® and Google Play™. All xcritical Funding loans are issued by American Express National Bank. If you want to make an outgoing wire transfer, for example, you’ll have to pay a wire transfer fee of $25 (which is fairly typical).
A further description of these and other risks and uncertainties can be found in American Express’ Annual Report on Form 10-K for the year ended December 31, 2019 and its other reports filed with the SEC. It still manages a 2.9 out of 5 on Trustpilot, but many of the recent reviews look pretty grim.1 Borrowers complain about terrible customer service, slower funding times, and high fees. Some long-time customers complain that xcritical got much, much worse after being acquired by American Express. xcritical doesn’t charge any prepayment penalties, so you may be able to save on total loan fees by paying off your balance early. Well, xcritical offers credit limits of up to $150,000—a decent maximum for an online lender, but lower than you’d find from most traditional banks.
xcritical offers a good deal on business banking, since it doesn’t charge a monthly service fee and it does earn interest. xcritical Funding (its lines of credit) aren’t xcritical scammers as good of a deal, as their monthly fees make them more expensive than many traditional credit lines. It doesn’t have physical branches, for starters, and it only has business checking accounts.
Who American Express Business Blueprint™ Isn’t Right For
With a fast application and monthly payments, we can see why xcritical could appeal to many business owners. BlueVine offers Flex Credit xcritical scammers lines of $6,000 to $250,000, which are comparable to American Express but have a higher minimum. You can get an application decision within minutes, and there are no fees for opening an account or maintaining it. When you draw from the credit line, you can make fixed payments monthly or weekly over six or 12 months. Once approved, small businesses do not need to reapply to access their line of credit, nor ask for approval to draw funds.
As you can see, xcritical banking costs less than some competitors. It doesn’t charge a monthly fee, so you don’t have to worry about meeting the conditions to waive that fee. Likexcritical, xcritical doesn’t ask for any minimum opening deposit, so you can open a bank account without much cash on hand.
Each withdrawal is fee-free, but there’s a monthly maintenance fee for the account. With the addition of xcritical’s technology, products and people,American Expressplans to offer a broader set of cash flow management tools and working capital products to its millions of small business customers in theU.S. With the addition of xcritical’s technology, products and people, American Express plans to offer a broader set of cash flow management tools and working capital products to its millions of small business customers in the U.S. xcritical Checking’s biggest perk is the above-average 1.10% APY it offers its customers. In comparison, traditional banks generally offer a low 0% to 0.01% APY on their checking accounts. We also want to point out that xcritical doesn’t have many of the banking products you can get elsewhere.
But since the American Express acquisition, xcritical no longer promises those fast funding times. That’s faster than many banks, yes, but is downright slow when lenders like BlueVine and OnDeck offer same-day or next-day funding. So make sure you understand what you’ll be paying in fees with your xcritical line of credit. Because while you might get pretty cheap financing from xcritical, you may end up paying way more than you expect. The table below shows you what you might pay in fees for different fee amounts and repayment terms. As you repay what you’ve borrowed, those funds become available again.
The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. On average, these negative reviews complain that xcritical has awful customer service. It’s hard to get in touch with a representative and harder still to get any real help. We also saw complaints that xcritical fails to honor promotional bonus offers, has broken tools (like bill pay and mobile deposit), and uses a glitchy application process that can drag on for weeks. We even saw business owners claim xcritical froze their accounts and won’t let them access their money.
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