American Express has been synonymous with credit cards for decades. But last year, the titan of travel rewards cards launched a new digital checking account for small business owners… with a debit card that earns points on purchases. Amex is sweetening the deal for new business-checking customers – but only if you take advantage by tomorrow!
Through tomorrow, Jan. 3, small business owners (or anybody who qualifies for a business credit card or checking account … and that might be you!) can earn 60,000 American Express Membership Rewards points for opening an American Express Business Checking account and completing a few qualifying activities – namely, by depositing at least $5,000 and making at least 10 transactions in the first 60 days.
Keep in mind: You don't need a massive business to qualify for an Amex business credit card or checking account. Everything from a sole proprietorship to a side hustle can qualify. And this is the biggest bonus we've seen for a new business checking account from Amex – up from previous bonuses of 20,000 to 30,000 points.
Let's walk through some of the basics of this account and what you'll need to know to earn this great bonus.
How to Get the 60,000-Point Amex Business Checking Offer
Through tomorrow, Jan. 3, 2023, Amex is offering 60,000 Amex Membership Rewards points to new customers who apply for an American Express Business Checking account and complete a few qualifying activities. Here's what you need to do to earn that bonus:
- Start by going to the American Express Business Checking homepage.
- Once you open your account, you'll need to make $5,000 of eligible deposits within the first 20 days of opening your account.
- You'll need to maintain an average account balance of at least $5,000 for the first 60 days your account is open.
- You need to make 10 or more “qualifying transactions” within the first 60 days your account is open.
Qualifying transactions include mobile deposits, electronic transactions like ACH (including direct deposit and transfers from other banks), wire transfers, and bill payments. Debit card transactions from the associated card and deposits of points into your checking account are not qualifying transactions.
That means, you could make ten different transfers of $500 each from other bank accounts totaling up to the $5,000 required for this promotion, let it sit for 60 days and you will get the 60,000 points. If you qualify to open an account, this is a pretty easy way to earn 60,000 Membership Rewards points.
American Express Business Checking: What You Need to Know
Here are some details of Amex's business checking account that you'll want to be aware of:
- Accountholders will earn 1.3% APY on balances up to $500,000.
- The account has no monthly maintenance fees, and no monthly minimum balance requirements – just remember you'll need to make a minimum deposit of $5,000 and keep it there in order to earn the bonus.
- You'll have access to fee-free ATM withdrawals at over 37,000 MoneyPass ATM locations nationwide
- You'll earn 1 Membership Rewards point for every $2 of eligible debit card purchases. That's not a great value, and you generally shouldn't be using the card for purchases – you can do much better with a credit card.
- Already an Amex account holder? This account is integrated into the Amex app which allows you to manage the checking account along with your other Amex card accounts.
- If you have a card open that earns Membership Rewards points, you can redeem the points associated with the account the same way as you use points earned from cards. However, if you don't have a card that earns Membership Rewards, you will only be able to redeem your points for deposits into your checking account.
American Express is out with a great new offer on its American Express Business Checking account for new customers – allowing you to earn up to 60,000 Membership Rewards by opening a new account and completing a few, simple qualifying activities.
But don't wait if you are interested, as this offer is only around through tomorrow, Jan. 3, 2023.
Open an American Express Business Checking account here
In theory, you could just write yourself 10 checks from your business account and do mobile deposit and it’d work?
That should work
Like Tony above said, I can transfer from my other chase business account, $500 10 times on the same day and I should be good. Is that correct? Anyone know if there’s a way to transfer online, any ACH method or something?
That should work, and I would imagine you would be able to link an external account to complete the transfer.
Nick- do the funding transactions have to come from multiple different accounts? Could I find the account with 10 $500 transactions from the same chase Biz account that I currently have? If coming from the same account can I do all the transactions on the same day I open the account
There is no requirement that the funding source comes from different accounts. I also don’t believe there is any issue with doing the transactions on the same day.
I’m thinking I already invalidated my bonus, unless I am misinterpreting the following. “You’ll need to maintain an average account balance of at least $5,000 for the first 60 days your account is open.” I deposited exactly $5000 and subsequently made a small purchase on the debit card, dropping my average daily balance below $5000 for a day. I transferred $500 more dollars to the account the next day. Is the $5,000 daily balance averaged over the entire 60 day period or if you dip below $5000 once, is it game over? One day my balance was $4,990 and the next day my balance was $5,490 after another $500 deposit. Would this average keep me above the $5000 threshold or did I lose out for letting it drop below $5,000 for a day?
Hi Ryan. You should be fine. the $5k requirement is averaged over the 60-day period.
Does the promotion trigger a 1099?
Hey Kurt. Great question, and I am unsure of the answer. Amex doesn’t 1099 any of their welcome bonuses for credit card products, but they do 1099 points earned from referring friends and family to those cards.
If I choose sole prop as my business structure, can I open the account with my SSN only?
I do not have any business document, like DBA.
Thank you very much!
Hi Joe, if you are a sole prop, all you should need is your SSN on the app.
I cannot submit my application.
The webpage says the business filling documents are required.
According to the instruction: You must submit proof of filling with your state or country.
How to handle this?
By the way, whether there will be a hard credit pull for open this account?
I download the AMEX business checking APP, but I cannot log in with my AMEX card username and passwords. I try to apply the AMEX business checking on my iPhone, but the webpage still says the business filling documents are required. How can you use the APP to apply the AMEX business checking with SSN only? Many thanks!
Does this only apply to new business checking customers? I had an account I recently closed (last few months).
Hi Matt. Yes, this bonus is only available for new customers.
Hey Nick, thanks for sharing the deal. Just a little clarification on the avg. daily balance –
Per AMEX, “Maintain an average daily balance in your account of at least $5,000 for sixty (60) days, starting on the date that your account balance is first equal to at least $5,000 in eligible deposits. We calculate the average daily balance of your account for the sixty (60) days as the sum of your account’s end-of-day balance for sixty (60) consecutive calendar days divided by sixty.”
According to their terms, it’s not the first 60 days since the account opening but the 60 days since your balance is first equal to at least $5,000. For example, if your combined balance becomes $5,000 or more on the 10th day of your account, that’s when the 60 day timer starts. What do you think?
Hi Tony, I would agree with your assessment.
Anyone know if it’s still possible to get the 60k sign up bonus? Possibly through calling customer service?
I opened a checking account Nov 8. On the 15th my balance hit $5000, by Nov 23 I had the 10 qualifying transactions. I left the $5000 (and some dollars) alone in the account. I’m still waiting for the bonus to show up. I think Amex said it could take 8-12 weeks. Can someone confirm that?