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Kevin

Would i need to file a separate business tax return for the SUB, since this is a business checking account?

Frank

DOC is showing people are only getting 30k instead of 50k, Amex claiming it’s invitation only.

DMoney

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.

randy

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?

SiPapi

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.

Corky

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.

Josh

$45.21 earned with HYSA. $10.68 earned on the biz checking account. $34.53 opportunity cost over 60 days.

Last edited 5 months ago by Josh
Michael Y

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?

Last edited 6 months ago by Michael Y
Brett

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

Michael Y

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.

Brett

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

Peter

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?

AAron

Is it correct that this bonus will generate a 1099 for $500 / 50,000 MR valued by AmEx at $0.01 each?

Megan

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.

CjR

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.

Megan

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.

Matt

Can you get this offer a second time with another business?

Joseph

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?

Jeffrey

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!

Michael McGonigal

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?

Michael McGonigal

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.

Santiago Speranza

Tried opening one three times for our real estate business and they say that they don’t have accounts available for those businesses… WTH?

Travelbug

I open one for my real estate rental business last month.

pcw

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?

pcw

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.”