The public opening bonus is now up to 30,000 MR. You need to deposit $5,000 within 30 days of opening, then keep it there for 60 days. You also need to complete five qualifying actions within 60 days of account opening.

Some users have been targeted for 50,000 and 70,000 opening bonuses. You can log in through the link below to see whether you were targeted.

Introduction to AMEX Business Checking

AMEX has launched its own business checking account, and from the description, it does seem pretty unique.

Key features are summarized below:
  • Opening bonus: see above
  • APY: 1.3% APY (subject to change)
  • Spending rewards: 0.5x (earn 1 MR for every $2 spent)
  • Points usage: pool them with your MR account and use them together, or redeem them at up to 1:1
  • Monthly fee: none

This account is also FDIC-insured, so you can feel comfortable about the safety of your funds.

Member FDIC Accounts offered by American Express National Bank. Member FDIC. Funds deposited within American Express National Bank deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to at least $250,000 per depositor. Coverage amounts vary based on factors such as account ownership, beneficiaries, and number of accounts with the same institution. For additional information, you may visit the FDIC website at www.fdic.gov.

Opening Bonus

This business checking account offers a 50,000 MR opening bonus, subject to the following requirements:

  • Deposit more than $5,000 within 20 days of opening
  • Maintain a $5,000 average balance for 60 days
  • Complete 10 transactions within 60 days of opening (including mobile deposits, and electronic/online transactions including ACH, Wire, and Bill Payments.)

The transactions are fairly easy; it's mostly just a matter of depositing the money and leaving it there. But considering the account itself has a 1.1% APY, it's not too bad.

Spending Rewards

Although this is a debit card, AMEX still gives it the ability to earn points. Spending $2 earns 1 MR point, which is much weaker than a credit card's 1x earn rate. And since this is an AMEX-issued debit card, it isn't like Visa or Mastercard, which can be used in situations where credit cards can't, such as low-fee tax payments, Plastiq, and so on. Its potential still has room to be explored.

With American Express® Business Checking, you can earn 1 Membership Rewards® point for every $2 of eligible Debit Card purchases. Plus, there's no cap on how many points you can earn, and points can be redeemed for deposits into your Business Checking account.

Using Points

Anyone considering this checking account is probably already familiar with AMEX and Membership Rewards. Beyond the usual ways to use MR points, this checking account doesn't really add any major highlights. The two things worth noting are:

  • If you also hold the AMEX Business Platinum, you can redeem Membership Rewards points to AMEX Business Checking at 1:1 (100 points = $1)
  • Without it, the redemption ratio is 0.8:1, which is not really worth it
Holding this account also lets you transfer Membership Rewards points to certain partners, including:
  • Air Canada Aeroplan
  • British Airways Executive Club
  • Cathay Pacific Choice Privileges
  • Delta SkyMiles
  • Etihad Guest
  • Hilton Honors
  • Iberia Plus
  • Marriott Bonvoy
  • Qatar Airways Privilege Club
  • Singapore Airlines | KrisFlyer
  • Virgin Atlantic Flying Club

According to one data point online, simply holding the checking account does not get you any transfer bonus.

My Take

A decent opening bonus, a relatively high APY, and debit card spending rewards make this checking account an all-rounder. But naturally, that also means none of its individual features are especially standout. If the issuer were Visa instead of AMEX, it would probably be very good, since Visa debit cards are usable in far more places than credit cards and offer more flexibility. An AMEX debit card is basically close to the same as an AMEX credit card.

How to Apply

Applying for business checking is a bit stricter than applying for a typical business credit card, because it may involve issues like money laundering. I’d still recommend only considering it if you have a green card or are a U.S. citizen, to avoid unnecessary impact on your status. If you have a company, use the company's EIN to apply. If not, I think using your SSN as a Sole Proprietor (roughly equivalent to a sole proprietor/small individual business) should also be able to pass.

In addition, according to AMEX, some industries are ineligible:

Most U.S. businesses and industries are eligible for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as non-profits, money service businesses, cryptocurrency, internet gambling businesses, cannabis distributors or dispensaries, and companion services.

Application Link