Why We Added Amex Rewards Checking to Our Membership Rewards Strategy

When my husband closed The Business Platinum Card^® from American Express he’d had for a couple of years, he still had a Membership Rewards balance with no place to go. Opening an Amex Rewards Checking account gave his points a home and cost us nothing, with no monthly maintenance fee.

We expected the checking account to be mostly useful for rewards and to earn a new-account welcome offer, but found that it has enough ongoing value with a 1% APY, no monthly fee or minimum balance, and Membership Rewards earnings on the debit card.

Here’s why we plan to continue using it even after we earn the welcome offer.

Amex Rewards Checking Overview

Here’s a quick rundown of what Amex Rewards Checking offers:

• Monthly fee: None
• Minimum balance: None
• APY: 1%
• Debit card rewards: 1 Membership Rewards point per $2 in eligible purchases
• ATM access: Fee-free at more than 70,000 Allpoint and MoneyPass ATMs
• Mobile check deposit: Yes

These features make the account competitive, but that’s not why we opened it.

Why We Opened Amex Rewards Checking

We mostly opened an Amex Rewards Checking account to earn a new-account welcome offer and have a Membership Rewards account to stash my husband’s points. With no monthly maintenance fee or minimum balance requirement, we didn’t see a downside.

My husband had an Amex Business Platinum card, but we closed the card after deciding its $895 annual fee wasn’t worth the value we received. But it was his only Membership Rewards card, and he still had a Membership Rewards balance to deal with.

When you close a Membership Rewards credit card, you can keep your points as long as you have another account that earns Membership Rewards points. He didn’t have that, so closing his Amex Business Platinum card without another account meant he’d have to redeem those points quickly or lose them.

The simplest solution was to open a no-fee Amex Rewards Checking to give him an eligible Membership Rewards account. The best part was that it didn’t require him to open another annual-fee credit card, and we didn’t have to rush into a redemption or transfer. The checking account gave the points a place to stay while we decide how to use them.

The $300 Welcome Offer Sweetened the Deal

When we opened the account, Amex offered a $300 cash bonus welcome offer after receiving $7,500 in direct deposits within 90 days. We would have opened the account anyway, but the bonus prompted us to adjust a direct deposit to earn it.

That offer expired at the end of July 2026, but it’s not the only welcome offer Amex Rewards Checking has offered.

Why We’re Keeping Amex Rewards Checking

The bonus and Membership Rewards shelter are why we opened the account, but we’re keeping it active because its features remain useful. Deposits earn interest, we can earn Membership Rewards on debit card purchases, and there’s no cost to keep the account open.

It Earns 1% APY

Deposits in Amex Rewards Checking earn 1% APY, with no minimum balance required. The APY isn’t as much as we could earn with a high-yield savings account, but it’s useful because we can keep money in the account for bills or spending and still earn something on it.

Debit Card Purchases Earn Membership Rewards

Debit card purchases with the Amex Rewards Checking account earn 1 Membership Rewards point per $2 in eligible spending. That’s not enough to make paying with the debit card our first choice when we can earn at least 1 point per $1 with my Platinum Card^® from American Express.

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Platinum Card^® from American Express

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The Amex Platinum card reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and elite status.

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Platinum Card^® from American Express

The Amex Platinum card reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and elite status.

Welcome Offer

You may be eligible for as high as 175,000 Membership Rewards^® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary, and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount — all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.

As High as 175,000 Points. Find Out Your Offer.

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Up to $3,850

Annual Fee

$895

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Credit Recommended

Upgraded Points credit ranges are a variation of FICO^® Score 8, one of many types of credit scores lenders may use when considering your credit card application.

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Why We Like This Card

When it comes to cards that offer top-notch benefits, the Platinum Card^® from American Express is a top choice.

The card offers premium perks like best-in-class airport lounge access, hotel elite status, and several annual card credits. The Amex Platinum card is easily worth the annual fee for frequent travelers who use the lounges and travel credits, and hard to justify for those who won’t.

Pros & Cons

Pros

• The best airport lounge access out of any card (by far): Get access to over 1,550 worldwide lounges, including Amex Centurion Lounges, Priority Pass lounges (enrollment required), Plaza Premium Lounges, and many more!
• 5 points per $1 spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
• 5 points per $1 spent on prepaid hotels booked with AmexTravel.com

Cons

• $895 annual fee (rates & fees)
• Airline credit does not cover airfare (only incidentals like checked bags).

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Card Highlights

• You may be eligible for as high as 175,000 Membership Rewards^® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
• Get more for your travels with 5X Membership Rewards^® points on all flights and prepaid hotel bookings through American Express Travel^®, including Fine Hotels + Resorts^® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel^® on up to $500,000 on these purchases per calendar year.
• With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection, over $850 of annual value, with access to Centurion Lounges, 10 Delta Sky Club visits (subject to visit limitations) when flying on an eligible Delta flight, Priority Pass™ membership (enrollment required), and other select partner lounges. *As of 01/2026
• $200 Uber Cash + $120 Uber One Credit: With the Platinum Card^® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card^® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card^® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
• $300 Digital Entertainment Credit: Experience the latest shows, news and recipes. Get up to $25 in statement credits each month when you use your Platinum Card^® for eligible purchases on Disney+, a Disney+ bundle, ESPN streaming services, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
• $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts^® or The Hotel Collection* bookings through American Express Travel^® using the Platinum Card^®. *The Hotel Collection requires a minimum two-night stay.
• $400 Resy Credit + Platinum Nights™ by Resy: Get up to $100 in statement credits each quarter when you use the Platinum Card^® to pay for eligible purchases with Resy, including dining purchases at over 10,000 qualifying U.S. Resy restaurants. Enrollment required. As a Platinum Card^® Member you have special access to reservations on select nights at participating sought after Resy restaurants in select cities through Platinum Nights™ by Resy. Simply add your Platinum Card^® to your Resy profile to book your reservation.
• $219 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership* with up to $219 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card^®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card^® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
• Start your vacation sooner and keep it going longer. When you book Fine Hotels + Resorts^® through American Express Travel^®, enjoy noon check-in, when available, and guaranteed 4pm late check-out.
• $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card^® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That’s up to $300 in statement credits each calendar year. Enrollment required.
• $155 Walmart+ Credit: Get up to a $12.95* statement credit back each month after you pay for a monthly Walmart+ membership (subject to auto-renewal) with your Platinum Card^®. *Up to $12.95 plus applicable taxes on one membership fee.
• Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
• $895 annual fee.
• Terms Apply.

Financial Snapshot

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• Foreign Transaction Fees: None

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Still, debit card purchases are sometimes required or preferable for some transactions. When that happens, we’re still earning transferable rewards instead of nothing.

It Costs Us Nothing To Keep

The Amex Rewards Checking account has no monthly fee and no minimum balance requirement. There’s no need to calculate whether the account offers enough value to be worth it, since it costs nothing. But it does offer numerous features that make it useful, including Zelle transfers, bill pay, digital wallet access, and a fee-free ATM network.

How Amex Rewards Checking Works With Membership Rewards

Amex Rewards Checking has Membership Rewards, but it’s not as full-featured as a Membership Rewards credit card. There are fewer redemption options and a limited number of transfer partners.

With my Amex Platinum card, I can transfer points to a full list of Membership Rewards airline and hotel partners, book travel via AmexTravel.com, get a statement credit, order a gift card, pay with points with certain merchants, or get a cash deposit.

Our Amex Rewards Checking account is more limited, and the only redemption options are a cash deposit or transfers to an abbreviated list of transfer partners. That’s still valuable because those are two of the main options we’d realistically use anyway, but there are drawbacks to consider.

Cash Deposit Redemption

The cash deposit rate is $80 per 10,000 points, or 0.8 cents per point. We currently value Membership Rewards points at 2.2 cents per point, so this is a poor redemption value, but it’s still useful as an emergency cash-out option. After all, 100,000 points could be $800 in the bank. And it’s better than the statement credit redemption rate available with my Amex Platinum card, which is $60 per 10,000 points, or 0.6 cents per point.

Joint Accounts Don’t Combine Rewards

Our Amex Rewards Checking account is primarily in my husband’s name, and I’m a joint account holder. His points stay in his account, separate from mine, even though he has an Additional Platinum Card from my Amex Platinum card. We can’t pool the points earned on the checking account with my credit card account.

Transfers to Membership Rewards Partners

There are fewer transfer partners with Amex Rewards Checking than with my Amex Platinum card, and the checking account doesn’t offer the same transfer bonuses I see on my Amex Platinum card. Here’s how the transfers compare between the accounts:

Amex Rewards Checking currently only has 11 of the 20 transfer partners available with an Amex Platinum card account. Of those 11 shared partners, two have a higher transfer ratio with an Amex Platinum card.

For example, I see a transfer bonus that gets me 1,300 Avios for every 1,000 Membership Rewards points I transfer to The British Airways Club with my Amex Platinum card.

On our Amex Rewards Checking account, there’s no transfer bonus for The British Airways Club.

Are those limitations a problem? It could be, if we needed to transfer all of our household’s available points to a partner that’s not available with Amex Rewards Checking. We could also miss out on a transfer bonus because his points are in a checking account rather than on a credit card that offers full access to partners and bonuses.

But having an Amex Platinum card in our household largely solves that problem, because we can use the points in that account for more full-featured transfers, and we can use the Amex Rewards Checking points for redemptions with available partners that don’t have a transfer bonus.

Who Should Get Amex Rewards Checking?

Opening an Amex Rewards Checking was a good move for us, and it could be helpful if you:

• Are closing your last Membership Rewards card and want to preserve points
• Have Amex credit cards and want to keep your banking and credit cards in the same ecosystem
• Occasionally need to pay by debit card and want to earn rewards
• Want a checking account that earns interest without monthly fees

It’s less helpful if you need branches, cash deposits, or full Membership Rewards transfer functionality. Overall, Amex Rewards Checking seems like a good account that will meet our needs, but there are a few limitations to note:

• The Membership Rewards ecosystem is limited when checking is your only Membership Rewards product.
• Debit purchases only earn 1 point per $2.
• Earning 1% APY is good for a checking account, but not competitive with a high-yield savings account.
• There is no physical branch network and no ATM cash deposits.

Final Thoughts

We opened an Amex Rewards Checking account to preserve my husband’s Membership Rewards points and earn a welcome offer. But the account has proven worth keeping beyond those needs. There’s no monthly maintenance fee, it earns 1% APY, and we can earn Membership Rewards with the debit card.