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Steve

A chat agent confirmed a separate business entity with unique tax ID (EIN, TIN, SSC) would be eligible for the bonus even with my existing open Business Checking account which received a previous bonus.

Scott

I opened up their Kabbage account about 8 months ago for the bonus. Is this the same thing and thus I’d probably be denied for this?

SamBam

Got it. 60k!!! Ten minutes. Easy

Jen

How soon can you close the account without getting the points clawed back?

Harry

Piece of cake. I started the app a month or so ago. Baled out. So started the app again and Amex addressed me and stated do I wanted to finish? Sure. American Express is so far ahead of the rest including Chase. Love’em! No docs, no nothing just approved.

Harry

That be want not wanted

A B

Bailed

Harry

Not straw – Thanks

rxgeek

On the application under industry I was surprised to find brothel.I was temped.

rxgeek

I pcked another business but was denied. I opened a few checking accounts recently and suspect that was the reason for denial.
What do you put for a business if you just do ms?

Frank

My business is called ms 🙂

Larry K

It is requiring me to download “business filing documents” even though I’m applying as a sole proprietor. Anyone else figured out what to do?

Johnny

I’m a sole proprietor and uploaded pdf of my driver’s license and was approved

Larry K

Nice!

kayexalate

any downside in doing this just for the MR points? don’t want to apply for another CC right now but this seems like an easy 60k MR points with no fees or credit pull. I know many people are doing this for the 1c pp cashout option but any downside in doing it just for the points?

Frank

I did it just for the points.

Jim

This makes the Amex biz plat + biz checking offer a lot less interesting right?

Carina Cannon

Just opened banking account last week for 30k bonus..do you think I will still qualify for 60k?

Gary

I opened the checking account last week too with the 30k offer. I chatted with them this morning and was told that they would not match me to the 60k offer.

Tom

A lot of us opened at the 30K offer in the last few weeks, I have chat’d and talk CS all said no. I went to Twitter to “Ask Amex” and ask them to review, the more people that do the same we may get results. Ask and ask again.

carina cannon

Thanks all! Yeah I tried chatting and calling them and they said no 🙁

Clara

opened the biz checking with 30k two days ago, did a chat and was told amex don’t match.

netflixstudent

Opened on 11/21, tried today on 12/2 to match to 60k via Amex chat and was surprisingly offered a one time exception of 10k additional points instead of a flat denial as many other comments have reported. I only chatted once and did not call so it really is YMMV with Amex matches/courtesy points.

Johnny

I have found that the simplest way to cash out MR at 1cpp is to purchase a ticket through Amex travel and pay with points and than cancel within24 hours and cash value of ticket is credited to account. No need for high end card. Did this with my gold. If you want the points back rather than the cash then gotta call

chris

Hmmm I think I will have to try that out. Is there a reason for the 24 hours, as in do you have to do it within the 24hour time period?

Johnny

24 free cancellation otherwise stuck with the ticket

dixieboz

It seems like you could also buy a refundable ticket, with an airline that you normally fly.

Randy

Can these 60k AMEX points be added to your AMEX credit card MR account so they can be used to transfer to airlines? I’m only seeing mentions of cashing out the points to your new checking account

Randy

I read on the AMEX Business Checking offer, these 60k AMEX MR points would be combined with our AMEX MR credit card so all good there. I did notice though their banking App is only for iPhone. WTF?

Randy

Since AMEX does not have an app for Android phones, you can not deposit a check since this is only an online bank. Does AMEX think it makes good business sense to not cater to 70% of the market? Is there another way to deposit a paper check? I assume their website works with other PC’s besides Macs… I’d like to actually use this as a business checking account but I’ll take their 60k points in any case 😉

Sara D

Your suggesting that iPhones only take up 30% of the market? Lol

Randy

True enough. 70% was the Andriod market share in 2010. It’s now only 43% but to throw away almost half of their potential market share because they won’t create an android app is just bad business. Oh well, I’ll take their 60k points in any case 🙂

Brutus

What’s the easiest way to get in the minimum transactions?

Frank

buy something small x 10, load Amazon x 10.

kayexalate

how do you load amazon or buy something small with this? It says “Business Debit Card transactions and deposits using our Redeem Membership Rewards points for Deposits feature are not qualifying transactions. “

J W

This is not like other accounts -read the fine print, debit card transactions do not count as transactions. Push from another account a few dollars x 10, or make $1-5 payments towards an amex CC.

Frank

Hmm, I misunderstood. However, I do have AMEX on Chat saying that these transactions did qualify. But I am guessing they will not honor it. My 60 days is up anyway. Oh well, thanks for the reply. I won’t be upset and cancel all of my cards 🙂
It has been a bumper year. But it does seem like this hobby is becoming a full-time job.

kayexalate

can you just write 10 checks for small amounts from another account to yourself and do electronic depoist through the app?

Last edited 3 days ago by kayexalate
Another Jeff

Are the qualifying terms changing? Parking 5k is bad enough in the current environment.

Another Jeff

Nice

Stevenson

is bonus 1 per person or per business?

CarrieK

Can you open more than one business checking and receive bonus points?

brodie

can you use these MR points like regular points (travel redemption, airline transfers) in amex? or just cash?

Donald Trump

Yes. They simply add to MR balance.

CTE

lol, i just open like a couple of weeks ago. has anyone ever tried to ask Amex to match the new offer?

Sam

Same here!! Guess I’ll inquire and report back.

CTE

i tried to chat and got a flat NO 🙁

J W

Told no, but could apply with a different business.

Jed

Should we assume the 60k bonus will be reported to the IRS as $600 income?

John Doe

I’m not sure that’s right. I imagine they have to send a 1099 for this as it can hardly be considered a rebate? And whether they send a 1099 or not, why would this NOT be taxable?

Steve

The terms specifically state “The Welcome Bonus may be taxable income to you and may be reported on IRS Form 1099.”

So yes, it is taxable income and you may receive a 1099.

Stevenson

sometimes procrastinating pays off

netflixstudent

No way…I just opened my account on 11/21 for the 30k bonus. Are there any DPs of Amex matching higher sign-up bonuses for this account? I am so angry 🙁

Ekrem

Same here!

Clara

+1,just opened one last night and was instantly approved

Explore

The fine print says you need to provide Amex with the organization’s Articles of Incorporation. I have a business tax ID but don’t have articles. Do they really check, or will they accept hastily developed articles that perhaps haven’t been notarized?

Josh

I’ve applied as a sole prop in the past for bus checking

tjp74

so no documents to upload?

Josh

not for sole prop in my state (wi)

JCM

I’m applying as sole proprietor from CA but it won’t let me submit the application without submitting documents.

joel

Just applied and was instantly approved as Sole Proprietor from Virginia with no documents required.

Johnny

Sole Proprietor in VA, got confused by the “upload documents” so I just uploaded my VA driver license and was immediately approved

Janine

I have multiple businesses with Amex cards. Would the bonus apply to each LLC that opens a checking account or be limited to just one bonus?

Josh

Also interested , did the $300 cash bonus ~last year

Harry

I would think one per SSN like most other applications. I’m the same with FIDs across several entities, but just my social as owner.

Dave

1.3% as of this morning. Not a great difference, soon there will be more options at that level. Points redemption is fast and easy. If only AMEX could credit my Platinum points, it would be a perfect combo. I ranked MR the worst of the three major currencies because of the poor redemption prior to this option.

Steve

Quick update, the interest rate went up to 1.3% this morning. Not great, but better than it was at 1.1%

Alex

What’s up with the article they make you upload? What if you’re going with sole prop?

Ed Dee

Is there hard/soft credit inquiry when applying? Thanks.

Lee

It’s a checking account. There’s no credit inquiry.

dixieboz

I have been denied in opening a checking account because I hadn’t thought to unfreeze my credit.

Stannis

Since it’s points not ca$h do you get a 1099 for the 30k sub?

whocares

any idea when this expires?

TimmyD

I just applied for this 7 days ago with the 20k offer. Does anyone know if AMEX will switch me to the better offer if requested?

loungeabuser

My recollection is you don’t get MR for paying taxes with the debit card. Is this correct?

rdover1

Did you bury the lead “0.5 MR on debit transactions”? Seem like there would be a pretty good angle here. Yes, not for money orders etc. but for cases where an actual debit card might be useful – ie. maybe Plastiq, taxes etc.

Susan

Except no one processes Amex as debit so it doesn’t work unfortunately. Tried many angles on this.

slaven

bonus taxable?

Ben

Following.

I know they send a 1099 for the cash bonus. Wonder If they do for the points offer as well

Bruce Wayne

Let’s make sure we are including ALL of the Amex Membership Rewards cashout options here. Off-the-beaten-path blogger Windbag Miles posted about a year ago about how the no-fee Morgan Stanley credit card also allows a penny-per-point redemption with its “Invest with Rewards” program as well. For those unfamiliar or who have forgotten, the Morgan Stanley no-fee co-branded card earns “full” Membership Rewards points and also can be used to move points to a Morgan Stanley investment account. It also includes a 10k welcome bonus (aka $100).

Now, the easiest way to get the no-fee Morgan Stanley credit card is to invest a minimum of $5,000 in their “Access Investing” robo investing platform and pay 0.30% in annual “advisory” fees.

So, while the Schwab Personal Platinum allows 1.1 cent redemptions, you still have to justify the $695 annual fee. Alternatively you can get this Amex Business checking account and pair it with the Business Platinum, but you still have to justify a $695 annual fee for penny-per-point redemptions. Maximizing the “coupon book” of Platinum benefits is getting more mentally taxing with every revision, so why not park $5k in a robo investing plan and get penny-per-point redemptions plus a 10k/$100 welcome offer to boot?

Frank

Most interestingly, that Access Investing has done much better than SPY or QQQ this year and in past years has done better than expected, though nothing amazing. At least it has not lost me any money.

Frank

I thought you also have to have a CashPlus account with $25K earning no interest (well, very little).

ffI

Amex Personal Checking info – and rewards 1 point for every 2$ debit card spend
https://www.forbes.com/advisor/banking/checking/checking-amex-rewards-checking-review/
Is it worth it for taxes??

Jeremy

Could be if you rewards in mind. Not hard to find 1-2% debit cards though.

ffi

examples?

ce le

Might want to add in “Open your first American Express® Business Checking account, which is subject to approval”
For those who already jumped on the cash bonus. But as it doesn’t define first, don’t know if it’s a discover bank first or amex first

Reno Joe

This is a big step for Amex but . . . both its consumer and business checking products remain “entry level” products. Neither provides for relationship tiers.

At Chase, if a consumer maintains a certain balance, ATM fees are waived including non-network fees and foreign transaction fees. Also, one would incur NO fees for inbound or outbound wire transfers, including international wire transfers.

At Chase, if a business maintains a certain balance, the same applies . . . and it extends to the business owner’s personal checking. Amex’s domestic outgoing wire fees make it a nonstarter for me.

I am by no means a Chase cheerleader but it provides an easy example.

If someone looks at these Amex checking accounts from a “hobby” perspective, fine. But, if someone is truly looking at moving a business banking relationship, Amex isn’t there yet.

Frank

Not by a long shot. Kabbage was ridiculous, and this one looks pretty simple, but I am happy to take 30,000 MR points and also have an easy out if I need to cash out my MR stash.

Justin

Are these accounts the same as Kabbage?

Frank

I would hope not.

Reno Joe

Amex acquired Green Dot Bank a while back. Green Dot is the entity behind the reloadable debit cards you see in grocery stores as well as the Amex Serve Card. Green Dot provides the barest of bare-bones pseudo-banking. It would seem that Amex has started with this bare-bones capability for its MR checking and Kabbage. Honestly, the platforms are an embarrassment to Amex