American Express has introduced a new, limited-time offer that could be beneficial to small business owners.
The offer is only open until January 3, 2023, and provides eligible business owners who open a new Amex Business Checking account with 60,000 Membership Rewards points.
The promotion is presented as a welcome bonus, although certain qualifying activities must be completed to confirm eligibility.
American Express Makes Bonus Offer to Small Business Account Holders
The Amex Business Checking account offers small and medium-sized businesses a competitive APY of 1.3% with no monthly fees. It provides full-service digital banking so customers can easily access and manage their Business Checking account, plus they are also able to view their existing American Express Card accounts all in one place.
Through certain transactions, Amex Business Checking Account holders earn Membership Reward points which can be converted into deposits made directly into the Business Checking account. Holders receive 1 Membership Rewards point for every $2 of Business Debit Purchases.
New accounts usually receive a welcome bonus of 20,000 Membership Rewards after completing the qualifying activities, but this has been significantly raised for the next few weeks into the new year.
Amex Business Checking Account Qualifying Activities
On the American Express website, the company explains the qualifying activities necessary to receive the 60,000 Membership Rewards points bonus. New account holders must: “Make eligible deposits of $5,000 or more within 20 days of opening your first account.”
In their Terms and Conditions, Amex clarify that new account holders must: “Deposit a total of $5,000 or more in ‘new money’ into your account within twenty (20) days of account opening (the new money must also post to your account and appear in your Available Balance within twenty (20) days of account opening).”
Amex go on to define ‘new money’ as deposits not deposited from any other American Express Business Checking account, as well as not deposited using their Redeem Membership Rewards Points for Deposits feature.
Additional qualifying activities include maintaining an average account balance of $5,000 for 60 days, plus new account creators must make 10 or more qualifying transactions within 60 days of opening the account.
Pre-Existing Membership Rewards-Enrolled Cards
Business owners who already have a Membership Rewards-enrolled Amex card can choose to convert points into deposits directly into their Business Checking account. They can also still use them for the likes of traveling and gift cards.
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Image: American Express