American Express recently announced that American Express Business Checking is now available to any eligible U.S. small business. This offers a digital banking experience with no monthly fees, 24/7 service, and the ability to earn and redeem Membership Rewards points for select travel and for deposits directly into their Business Checking account.
American Express Business Checking was originally launched in October 2021 and has been available to existing U.S. American Express Card Members.
This is considered the first business banking product offered by American Express that allows customers to earn and redeem Membership Rewards points. And American Express is committed to backing small businesses with its flexible Membership Rewards program.
In October of this year, American Express also announced updates to its U.S. Business Gold Card, including earning 4X Membership Rewards automatically points in the top two eligible categories where their business spent the most each billing cycle. This takes the guesswork out of earning rewards. A points cap applies. Plus, customers can get increased value from their American Express Business Checking account through Membership Rewards.
Checking account holders can redeem Membership Rewards points for travel with participating partners such as Delta, Hilton, and Marriott Bonvoy or choose to make deposits directly into their American Express Business Checking account.
American Express Business Checking is branchless so that business owners can manage their bank account on their own time with digital tools for on-the-go banking, including:
— No monthly fees or minimum balance requirements
— The ability to earn 1.30% APY on balances up to $500,000
— Customers can oversee their accounts
— Make mobile check deposits
— Pay vendors and bills
— Access 24/7 support– anytime, anywhere online or via phone.
— Customers are able to also link their Business Checking account and American Express Business Cards to QuickBooks in one simple step to view their accounts and transactions.
AMEX customers can earn Membership Rewards points on eligible purchases made with their American Express Business Debit Card and will continue to earn Membership Rewards points through ongoing eligible spend with their Membership Rewards-enrolled Cards.
Available from now to December 12, 2023 at 11:59pm EST, eligible customers can earn 50,000 Membership Rewards points after successfully opening a new American Express Business Checking account and completing qualifying activities.
KEY QUOTES:
“Cash flow is critical for small businesses and American Express Business Checking is designed to support the daily money management that businesses need, plus an on-the-go banking experience that not only matches the way they work, but rewards them for it. We’re backing small businesses even more by rewarding them for doing something that’s core to the health of their business: banking.”
— Gina Taylor, Executive Vice President and General Manager of Business Blueprint and Banking at American Express
“American Express has really become the centerpiece of our back office through our Business Cards and our Business Checking. I’ve been able to use [Membership Rewards] points to travel back to Japan to source clothing for my store. For small businesses, little perks can really add up – rewards can truly scale impact by helping us purchase items for the business and assisting us with travel to help us grow.”
— Kenny Okagaki, Owner of Chameleon Vintage, a boutique vintage clothing store in San Francisco
