American Express has been synonymous with credit cards for decades. But the titan of travel rewards cards also offers other banking products like a checking account for small business owners … complete with a debit card that earns points.
Amex is currently sweetening the deal for new business-checking customers – but only if you act fast! Through Dec. 12, 2023, small business owners (and that might be you!) can earn 50,000 American Express Membership Rewards points for opening an American Express Business Checking account and completing a few qualifying activities – namely, by depositing $5,000 or more and making at least five 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 will work.
And now you don't even need to be a current American Express customer to qualify. That's right: Even if you don't have an Amex personal or business credit card, you're still eligible to open a new Amex Business checking account and earn this big bonus.
Let's walk through some of the basics of this account and what you'll need to know in order to take advantage of this exciting offer.
How to Get the 50,000-Point Amex Business Checking Offer
For a limited time, Amex is offering 50,000 Membership Rewards points to new customers who apply for an American Express Business Checking account and complete a few qualifying activities.
That's not quite the biggest bonus we've ever seen with this Amex business checking account, but it's up from the standard 30,000-point bonus Amex typically offers. Here's what you need to do to earn this bigger 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 30 days of opening your account.
- You'll need to maintain an average account balance of at least $5,000 for the next 60 days after funding your account.
- You need to make five or more “qualifying transactions” within the first 60 days your account is open.
Qualifying transactions include mobile deposits, check deposits by mail, and electronic transactions like ACH, wire, and bill payments. Business debit card transactions and deposits using the redeem for deposits feature are not considered qualifying transactions.
That means, you could make 10 different transfers of $500 each from other bank accounts totaling up to the $5,000 required for this promotion, let them sit for 60 days, and you will get the 50,000 points.
If you're a small business owner with a little extra cash on hand, this is a pretty easy way to earn 50,000 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 as you can do much better with a credit card.
- These accounts are now eligible for any U.S. small business, even business owners that don't currently have an Amex card.
- Already an Amex account holder? This account is integrated into the Amex app, allowing you to manage the checking account along with your other Amex card accounts.
- If you already have Membership Rewards earning credit card, you can combine the points earned from your checking account and redeem them the same way you always have, plus you'll now be able to redeem points for deposits directly to your account.
- If you don't have a card that earns Membership Rewards, you can redeem your points for deposits into your checking account or transfer to a more limited set of travel partners.
Here's a look at the transfer partners available to those without a Membership Rewards earning credit card:
In total, there are nine travel partners available to business checking customers: seven different airlines and two hotel chain. All in all, it's a pretty solid list of partners – albeit less robust than those with an Amex card like *blue biz plus*.
One other key difference for checking-account-only customers is that you won't see the same transfer bonuses that Membership Rewards earning cardholders often get targeted for.
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 50,000 Membership Rewards points by opening a new account and completing a few, simple qualifying activities.
But don't wait around if you're interested in this offer: It's only available through, Dec. 12, 2023.