American Express has been running offers for the last couple of years giving bonus Membership Rewards when opening a Business Checking account. They have new offers giving up to 70,000 points which I believe is an all-time high, but those are only available on a targeted basis.
The Deal
- American Express is offering targeted bonuses when opening Business Checking accounts:
- Earn 50,000 bonus Membership Rewards when depositing at least $7,500 within 30 days of opening account, then maintaining average balance of $7,500 for 60 days & making 5 qualifying transactions within 60 days of opening account
- Earn 70,000 bonus Membership Rewards when depositing at least $15,000 within 30 days of opening account, then maintaining average balance of $15,000 for 60 days & making 5 qualifying transactions within 60 days of opening account
Key Terms
- Apply for this Welcome Offer by 11:59:59PM ET on 07/31/24.
- This Welcome Offer is only available to select businesses who were solicited directly by American Express and who must apply with their existing credentials through the link provided. Offer cannot be forwarded, transferred, or used more than once.
Quick Thoughts
If you’re targeted for one of these offers – particularly the highest 70k offer – it’s definitely worth considering. Even if you only value Membership Rewards at a penny per point, that makes the bonus worth $700. That’s a very good return if you have $15,000 available to deposit seeing as you only have to maintain that balance in the account for 60 days. The Business Checking account only earns 1.3% APY and so it wouldn’t be worth keeping the money in there beyond that, but 1.3% APY plus 70,000 Membership Rewards is a much more worthwhile return.
If you do take advantage of this offer, be sure to note the additional requirement that you make five qualifying transactions within 60 days of opening the account. Qualifying transactions are listed as:
Mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions.
For those with an Amex Business Platinum credit card, the Business Checking account allows you to cash out up to 1 million Membership Rewards points per year on a 1cpp (cent per point) basis. That’s not as good as the Schwab Platinum’s 1.1cpp cashout rate, nor is it as good as the value you can get when transferring Membership Rewards to travel partners, but if you’re Membership Rewards-rich then it might make sense. Having said that, if you’re in that position there’s a good chance that you’d be better off paying the additional $695 annual fee for a Schwab Platinum card in order to get the 1.1cpp rate as the higher cashout earnings would more than offset the card’s annual fee.
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