Update 1/12/24: There have been some data points on DOC about the 50K bonus tracking as a 30K instead, with Amex chat reps saying that it’s “invitation only.” Since then, the following terms have been added to the landing page:
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. Terms apply.
These terms weren’t there initially and, if you’ve already signed up and have a screenshot, I’d think you’d have cause for CFPB complaint.
Original post follows
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Amex is again offering an increased bonus of 50,000 Membership Rewards points (up from 30K) for opening a new Business Checking account, maintaining a $5,000 balance for 60 days and completing 5 qualifying transactions.
American Express has changed the rules of its Business Checking account so that folks without an Amex card are now able to open one. This does limit the redemption possibilities for the Membership Rewards points that you earn, effectively making them worth a cash out value of 0.8 cents each (about half of what we value them at). However, for those folks who don’t have or want an Amex card, this turns into a $400 bonus for a $5000 deposit for 60 days…still a good deal.
The checking account earns 1.30% APY (on up to $500K in balance), 0.5 MR on debit transactions and has fee-free ATM access at any MoneyPass location in the US.
The Deal
- Earn 50,000 Membership Rewards points when you open a new American Express Business Checking account, deposit $5,000, maintain that balance for sixty days and complete 5 qualifying transactions (see below) within sixty days.
- Expires 3/31/24
Terms and Conditions
To be eligible to earn a Welcome Offer of 50,000 Membership Rewards points, you must meet each of the following qualifying criteria:
- Open your first American Express® Business Checking account, which is subject to approval
- Deposit a total of $5,000 or more in eligible deposits that you make and are posted to your account within thirty (30) days of account opening. Eligible deposits are all deposits that you make, except deposits from any other American Express® Business Checking account, deposits from interest payments, and deposits using our Redeem Membership Rewards Points for Deposits feature. Eligible deposits that you may make within thirty (30) days of account opening but that post to your account and appear in your available balance after thirty (30) days of account opening do not qualify
- Maintain an average daily balance in your account of at least $5,000 for sixty (60) days, starting on the date that your account balance is first equal to at least $5,000 in eligible deposits. We calculate the average daily balance of your account for the sixty (60) days as the sum of your account’s end-of-day balance for sixty (60) consecutive calendar days divided by sixty
- Complete five (5) qualifying transactions within sixty (60) days of account opening. “Qualifying transactions” are defined as mobile deposits, check deposits by mail, and electronic/online transactions, including ACH, Wire, and Bill Payment transactions made to or from your account. Business Debit Card transactions and deposits using our Redeem Membership Rewards Points for Deposits feature are not qualifying transactions. Transfers between American Express® Business Checking accounts held by the same business are not qualifying transactions. Stop payments and transactions that do not post to your account and do not appear in your Available Balance within sixty (60) days of account opening are not qualifying transactions. Business Checking accounts held by the same business are not qualifying transactions.
- After you have completed all the above qualifying criteria, American Express will credit the Membership Rewards points to the Membership Rewards Program Account linked to your American Express® Business Checking account within 8-12 weeks.
Quick Thoughts
Recently, the bonus for opening up a new Amex Business Checking account has been hovering at 30,000 MR points, so this is a significant improvement (we have seen the bonus hit 60K once before). We value Membership Rewards at 1.55 cents each, making this bonus worth ~$775. That’s a great deal, given that you only have to park $5k for 60 days and make five mobile deposits or electronic transactions.
Having an American Express Business Checking account also lets you redeem points for cash. There is a bit of a catch, though. In order to get the improved rate of 1 cent per point (cpp), you must also hold a Business Platinum card (and the $695 annual fee that comes with it). Also, that improved rate is limited to a maximum of 1,000,000 points per year while the standard rate of 0.8 cents per point is unlimited.
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Would i need to file a separate business tax return for the SUB, since this is a business checking account?
That’s a great question. My guess is that you’d get a personal 1099, but that might depend on if your business is a sole prop or not (mine came to me, but all my cards are under my SSN as a sole proprietor).
DOC is showing people are only getting 30k instead of 50k, Amex claiming it’s invitation only.
Interesting, thanks for the heads up. I’ll take a look at it.
Pe applied after seeing this link. She already has a personal checking account. When applying, she was only presented her personal cards as options to link and pre-fill data from. She chose her oldest personal card and submitted application. It was instantly denied with no reason provided. Will wait to see more data points before reaching out to AMEX for more details.
Evidently, Amex isn’t allowing folks to have both an personal and business checking account (which seems odd to me). There’s another DP a couple of comments below you. I’m not sure if it’s universal, but I’ll add it into the post as a potential gotcha.
The 2 amex business credit cards that the application gives me the option to link to both earn hotel points, not membership rewards. I have a business card that does earn membership rewards but that wasn’t presented as an option to link to. Is there still a way to have the 50k points deposited in my membership rewards account?
It shouldn’t be a problem, because the account gives you MR points, not hotel points. Since you probably only have one MR account, my guess is that that’s where they would end up (as opposed to a different account if you didn’t have any MR-earning cards). If you’re worried about it, you could try chatting with a rep (during business hours) and ask if you can link it to your BizPlat card.
DP – you cannot have both a personal and business checking account at this time per Amex rep via phone call. I applied last month and it got denied due to that reason.
It would be useful to include the opportunity cost of the money on the savings and checking account bonuses. For example, if we have to tie the money up for 60 days, what would we have earned in a high yield savings account with that amount? And deduct that from the overall value.
$45.21 earned with HYSA. $10.68 earned on the biz checking account. $34.53 opportunity cost over 60 days.
Checked the offer today. Says 30k MR points now (down from 50k), but I don’t see any “can’t have an AMEX personal checking account” language. Can anyone else confirm I’m reading it right? I understand it might not be best offer, but is it true that they “fixed” it?
Also had a couple of questions: do you need a different AMEX app to use it, I read that somewhere. Can you easily transfer between an AMEX personal savings and AMEX business checking accounts? Any downsides to doing this?
my existing AMEX Business Checking account is only accessible thru the AMEX “Blueprint” app. It doesn’t appear on my normal AMEX banking/credit card app
Thanks for the info. Do your business AMEX cards also show up in that app as well? Also, I looked and there is still the note that if you are currently or have had a rewards checking, you do not qualify, so I don’t qualify at the moment. Argh.
I don’t have any amex biz cards yet but my P2 does, her BBP shows up in the same regular Amex app that her personal cards do
Is there any reason not to jump in and open one of these accounts? Or to time when you open one for any reason other than the availability of a solid bonus?
Is it correct that this bonus will generate a 1099 for $500 / 50,000 MR valued by AmEx at $0.01 each?
Something worth noting is that Amex will issue the 1099 based on a 1 cent per point valuation for these points, so people who do a cash out will be taxed for $500 while only getting $400 pretax.
I’ve had several conversations with people who grabbed this with plans to cash out, who didn’t realize this.
When you say cash out are you referring to moving money out of account or points? We did this and kept our cash in for a few months longer than required and yes we just received a 1099 for $600. I didn’t expect that at all.
Meaning someone liquidating the points, rather than redeeming the points for travel. The former only has a 0.8 cents per point valuation for most people.
Can you get this offer a second time with another business?
Would love to know as well. I opened one in Dec. Bonus should hit in Feb.
I have an offer in my app for 40k with another business card tied to amex. Not same login.
Does anyone have any DPs about getting a second bonus for a different co with a different EIN? Or does once in a lifetime language apply?
Surprising data point – it was even easier to hit 5 transactions than I expected, because setting up my other bank to transfer money triggered the “We will send two tiny amounts to your bank and then pull it back and let us know what these values were” security check. Amex counted this as four of the five transactions!
Hello, Tim! This (was) an intriguing offer, until I tried to take advantage of it. I have Amex business cards for two different LLCs. The one I want to open a checking account for was not displayed on the list of cards presented when I signed in to fill out the application. A phone rep for Amex Business Checking said that I would have to manually fill out the app, and a card could not then be associated with the account. Meaning that I would only be able to use those MRs as a cash credit on the account.
She also suggested that if I selected any of the cards on the list, the application would freeze after the autofill and force me to fill it out manually anyway, thus negating any advantage to having those MRs.
Has anybody successfully navigated the app process and opened an account properly linked to one of their business cards?
Update: Talked to another rep today, who says that my card is not showing up because it is less than 90 days old. She advised I try back after the 90 days and apply when it shows up. And she did confirm that they will deposit the 50K MR into my pool of points. Fingers crossed, will update in early December before the offer expires.
Tried opening one three times for our real estate business and they say that they don’t have accounts available for those businesses… WTH?
I open one for my real estate rental business last month.
If I don’t have an Amex MR-earning card right now, can I open this checking account, hold the MRs, and in the future consolidate them with a MR-earning card?
From the T&Cs, looks like the answer is no:
“If you’re new to the Membership Rewards® program:
Any points you earn, including this Welcome Bonus and from making Business Debit Card purchases, can be converted into deposits made directly into your Business Checking account.
If you already have a Membership Rewards-enrolled Card:
You can choose to convert points into deposits directly into your Business Checking account or use them the same way you always have – for travel, gift cards, and more.”