Amex Introduces Its First Issued Debit Card & Business Checking Account

American Express, known for its premium and co-brand credit cards accepted worldwide, has launched a small- to medium-sized business checking account and its first-ever Amex-issued debit card. American Express currently offers personal savings accounts but is expanding into the business checking portfolio with a number of great benefits.

Welcome Bonus Offer

For a limited time, if you deposit $5,000 into your American Express^® Business Checking within 10 days of opening, continue to maintain an average account balance of $10,000 for 60 days, and perform 10 qualifying transactions within 60 days, you’ll receive a $300 bonus deposited into your account.

Perks of the Amex Business Checking Account

In addition to the welcome bonus, there are a number of perks you’ll receive with this new checking account including:

• 1.1% APY interest annually (up to$500,000), far more than the current offerings on personal savings accounts. Of course, the APY can change, but this is considerably higher than the rates you’ll find at other banks.
• No monthly maintenance fees.
• Free withdrawals from any MoneyPass ATM.
• Within the American Express app and website, you’ll be able to see your checking account and credit cards displayed side by side, for easy access and viewing. This is especially helpful if you’re using an American Express business credit card.
• Starting in 2022, you’ll be able to earn Membership Rewards points on deposits and qualifying transactions. You’ll also be able to convert points into cash for deposit into your checking account. While the transfer ratios have not been announced, this is definitely a nice option to have.

American Express is advertising the accounts as fully digital, so unlike other business accounts at other banks where you need to have access to a branch, the goal with these new American Express accounts is that you can perform all functions within the app and website, avoiding the hassle of heading to an on-site location.

Final Thoughts

American Express is expanding beyond credit cards and offering a new small business checking account. This will be Amex’s first debit card product, and the company aims for the entire experience to be fully digital. For those that have lots of American Express products, this will definitely be a welcome addition so that you can put all of your money under one roof.

The information regarding the American Express^® Business Checking was independently collected by Upgraded Points and not provided nor reviewed by the issuer.