On Thursday, American Express announced that debit card customers of its Business Checking account may now earn Membership Rewards points. There is no monthly cost for cardholders, and they may earn 1 point for every 2 spent.
It is possible to deposit Membership Rewards points straight into a business checking account, which is worth 0.6 cents. On balances up to 500,000, the Business Checking account offers an annual percentage yield (APY) of 1%. In the mobile app, account holders may access and manage their American Express accounts and cards.
According to the firm, users of Business Checking might also get a 20,000-point welcome bonus for “the accomplishment of qualified acts.” Actions that meet the definition of a qualifying action include:
- Depositing 5,000 or more into your account from a non-Amex source during the first 20 days of your account’s creation.
- For 60 days after the 5,000 deposit, you must have an average account balance of 5,000 or greater.
- Performing 10 eligible transactions within 60 days after account opening. Electronic/online transactions such as bill payments, point redemptions for deposits, and Business Debit Card transactions are all examples of transactions that qualify.
20,000 points are worth 1,200 if membership points are worth 0.6 cents each
Recently, American Express introduced a digital consumer checking account with a similar rewards programme. Earnings from the cardholder’s debit card are combined with whatever American Express points the cardholder may have earned before. For most American Express business cardholders, the Business Checking account functions in the same manner.
For American Express business cardholders, you may either utilise your debit points as direct deposit or redeem them for travel or gift cards, depending on your card’s redemption choices.
Business owners who want to create an Amex Business Checking account must provide the following information:
- Articles of Organization or a Certificate of Formation; Driver’s License, State I.D., or Passport for each owner;
- Social Security Number (SSN) and ID verification for any Beneficial Owner with ownership of 25% or more of a “Doing Business
- As” (DBA) certificate only if your business operates under more than one name in the US;
- A description of your company’s size, industry, and the purpose of your account
Account opening is free, and there are no balance or maintenance restrictions.