The sign-up bonus for AMEX Business Checking has now increased to 35,000 MR points. You need to deposit $5,000 within 30 days of account opening and maintain it for 60 days. You also need to complete five account activities within 60 days of account opening. In addition, they have added business savings, which offers 2.95% APY.

This is a very nice bonus, so I have added it to the business bank account sign-up bonus list.

AMEX Business Checking Overview

AMEX has launched its own business checking account, and based on the description, it has some interesting features.

Here is a summary of the key features:
  • Interest rate: 1% APY (subject to change)
  • Spending rewards: 0.5x (spend $2, earn 1 MR point)
  • Using points: Combine them with your MR account for regular use, or cash them out at up to a 1:1 ratio
  • 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.

Sign-Up Bonus

See the beginning of the article.

Spending Rewards

Although this is a debit card, AMEX still gives it the ability to earn points. You can earn 1 MR point for every $2 in purchases, which is much weaker than the 1x points you would get from many credit cards. Also, considering this is an AMEX-issued debit card, it is not like Visa or Mastercard debit cards that can be used in some situations where credit cards cannot be used, such as paying taxes with low fees, Plastiq, and so on. Its potential still remains to be seen.

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

I believe anyone considering applying for this checking account is already familiar with AMEX and Membership Rewards points. Beyond the usual ways to use Membership Rewards points, this checking account does not add much that is especially exciting. The two things worth noting are:

  • If you also hold the AMEX Business Platinum, you can redeem Membership Rewards points into AMEX Business Checking at a 1:1 ratio (100 points = $1)
  • If you do not hold it, the redemption ratio is 0.8:1, which is not very worthwhile
Holding this account also lets you transfer Membership Rewards points to some partners. The partners include:
  • 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 online data point, if you only hold the checking account, there is no transfer bonus.

My Take

A solid sign-up bonus, a relatively high APY, and debit card spending rewards make this checking account a well-rounded all-in-one option. That said, none of those features is especially outstanding on its own. If the issuer were Visa instead of AMEX, it would probably be very good, since Visa debit cards can be used in many more places than credit cards and would offer more opportunities. An AMEX debit card is more or less equivalent to an AMEX credit card in terms of acceptance.

Application

Applying for business checking is slightly stricter than applying for a typical business credit card, because it may involve issues such as anti-money-laundering review. I would still suggest applying only if you have a green card or are a citizen, to avoid any unnecessary impact on your immigration status. If you have a company, apply using the company’s EIN. If not, I would guess that applying with your SSN as a sole proprietor should also be possible.

In addition, according to AMEX, certain industries are not eligible to apply.

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