American Express is out with a nice bonus offer for its Rewards Checking account: Earn a $250 bonus when you open a new American Express Rewards Checking account and receive a direct deposit of $500 or more by 12/10/23. We’ve seen some higher bonuses on the business side, but I think this is the best we’ve seen on the consumer side so far. Note that you must be a current consumer cardholder with a history of at least 3 months to apply and current and prior American Express Business Checking customers are not eligible to apply at this time. That’s a bummer.
- Amex is offering a bonus of $250 when you open a new consumer Rewards Checking account and receive a qualifying direct deposit of $500 or more before 12/10/23
- Direct link to this deal
- Amex is currently accepting applications from Card Members with a U.S. Basic Consumer Card issued by American Express National Bank with 3+ months tenure.
- Current and prior American Express Business Checking customers are not eligible to apply at this time.
This looks like a nice easy checking account bonus offer given the very low direct deposit requirement (just $500) and long time-frame to meet it (until December 10, 2023). There are no monthly fees or minimums, so it’s an easy enough account to open with no ongoing “gotchas” to worry about. The account features a debit card that earns 1 Membership Rewards point for every $2 spent. I personally wouldn’t even think about using that for things that Amex won’t like since the rewards there are so relatively small.
I first noticed this offer while logging in to my account today and then realized that Doctor of Credit had posted about it last week. Unfortunately, there aren’t many data points about what counts as a direct deposit since I think this is the first time that the consumer account has featured a bonus. Still, it might just be worth diverting $500 worth of legit employer direct deposit here for the easy bonus if all else fails.
It is a big bummer that current and prior Business Checking account customers are not eligible to apply for a consumer checking account — I imagine that will eliminate eligibility for many readers. On the other hand, if you haven’t ever had a business checking account, this could possibly be an easy $500 in a 2-player household.