American Express announced Thursday that Business Checking account customers will now earn Membership Rewards points for using their debit card. Cardholders will earn 1x points for every $2 spent without a monthly fee.
Membership Rewards points are worth 0.6 cents and can be deposited directly into Business Checking accounts. Other features of the Business Checking account include a 1.1% annual return on balances up to $500,000. Account holders can manage their accounts and any American Express cards they have in the mobile app.
The company said Business Checking members can also earn a welcome bonus of 20,000 points for “completion of qualifying procedures.” Eligible procedures include:
- Deposit $5,000 or more from a non-Amex source to your account within 20 days of account opening.
- Maintain an average account balance of $5,000 or more for 60 days, from the date of deposit of $5,000.
- Completion of 10 eligible transactions within 60 days of account opening. Eligible transactions include mobile phone deposits, electronic/online transactions such as bill payments, points redemption for deposits, and business debit card transactions, among others.
If the membership points are equal to 0.6 cents, this means that the welcome bonus of 20,000 points will be equivalent to $1,200.
Amex issued an all-digital consumer checking account earlier this year with a similar reward structure. Rewards earned using the cardholder’s debit card are combined with rewards earned by any consumer of the American Express Card. A Business Checking account will likely work the same for any American Express business card holder.
For consumers with an American Express business card, you can choose to either use your discount points as a direct deposit or use them with your card redemption options, such as travel or gift card redemption.
To open a Business Checking account with Amex, business owners will need:
- Employee identification number (EIN) or taxpayer identification number (TIN)
- Organizing materials or training certificate
- Driver’s license, state ID or passport for each owner
- Social Security Number (SSN) and identity verification for any beneficial owner who owns 25% or more
- Doing Business As (DBA) certification only if your business operates under more than one name
- Business address in the United States
- Information about your business, its size, and the purpose of your account
There is no cost to open an account, and there are no minimum balance requirements or maintenance fees.