AMERICAN EXPRESS and COSTCO add new benefit to the true earnings® business card for small business

NEW YORK,- OPEN from American Express® and Costco today announced a new 5% annual rebate on automobile gas at Costco Gasoline and stand-alone gas stations(1) for TrueEarnings Business Cardmembers.

“American Express and Costco are committed to providing business-centric benefits to small business owners. This new benefit makes the TrueEarnings(SM) Business Card from Costco and American Express one of the most attractive business card products in the marketplace,” said Raymond Joabar, senior vice president and general manager, OPEN from American Express. “Our most recent semi-annual survey of business owners found that 78% of owners/managers have seen a significant or moderate impact on their business as a result of higher gas and energy costs. This new benefit now allows them to earn larger cash rebates that can help their business’ bottom line, just by using their Card.”

The 5% annual rebate for gasoline purchases complements the current TrueEarnings Business Card benefits which include a simple, rewards structure:

* 3% cash back for eating out, even for takeout or delivery;
* 2% cash back for traveling on airlines, for hotel stays, car rentals and cruises, including when booking through a travel agency; and
* 1% cash back virtually everywhere else, inside or outside of Costco warehouses.

The TrueEarnings Business Card incorporates programs and services tailored specifically to the needs of small business owners, including the OPEN Savings® program which gives automatic discounts on purchases at OPEN Savings(2) partners, such as Delta, FedEx Kinko’s and JetBlue. In addition, the Business Card provides expense management reporting, an online spend tracking system, and the ability to add spend limits to employee cards. TrueEarnings Business Cardmembers receive their annual cash rebate as a coupon that can be used for purchases or redeemed for cash at Costco warehouses around the United States. There is no fee for this card with a paid Costco membership.

American Express and Costco Strengthen a Growing Relationship
In 1999, American Express and Costco launched their first co-branded cards – the American Express® Costco Cash Rebate Credit Card and the American Express® Costco Business Charge Card. In April 2004, American Express and Costco announced a multi-year extension of their partnership that includes lines of credit from OPEN from American Express. In September 2004, the partners launched the TrueEarnings Cards for consumers and small business owners.