Update 8/2/24: Some are targeted for 30,000 Membership Rewards bonus for opening this account. Others got 20,000. Others are not targeted at all. You can see if you’re targeted in the ‘Offers’ section in the login on personal Membership Rewards-earning cards. (ht BleedBlue__)
Original Post 2/8/22:
American Express Checking
American Express is launching a new digital checking account with no fees or minimums and free Moneypass ATM withdrawals. The account will also come with a rewards-earning debit card (more on that below) and the ability to deposit checks, all with no fees.
The account will initially be reserved for American Express consumer cardholders. Amex already has previously a digital savings account, and also a digital checking account for businesses called Kabbage.
Interest Rate
- The checking account will pay interest, currently offers
.50%1% APY interest.
That’s competitive with top savings account rates (including Amex’s own digital savings account), a rare thing to find in a checking account.
Membership Rewards
- The account will come with a debit card which will earn 1 Membership Rewards point per $2 spent on the card.
Membership Rewards points earned are the same as those earned on American Express credit cards and can be combined with card points to maximize their value. Or they can be cashed out to the checking account at a rate of .8 cents per point ($8 per 1,000 points).
The thing that confuses me here is that traditionally there’s never been such a thing as an American Express debit card; prepaid cards like Bluebird run similar to how credit cards run and I don’t recall there ever being an Amex card that comes with a PIN. Perhaps Amex has partnered with Visa or Mastercard to run their debit card? Or perhaps this whole ‘debit card’ is a sham and it’ll function similar to how Bluebird works? I’m not sure.
Update: from the image I added above, it looks like a regular Amex card, so I’m guessing this will work like Bluebird and function like a credit card. The card is slated to have PIN which can be used at checkout or at the ATM, but it’s not clear that payment processors will recognize the card as a standard debit card for PIN or non-PIN usage purposes.
Our Verdict
This sounds like one of the best digital checking accounts out there as checking accounts rarely earn any interest at all. I’m doubtful the debit card will function as a debit card at all. The only usefulness I see in the rewards angle is for someone who refuses to use a credit card, this could be an interesting starter account for them to get into a normal credit card rewards program. Readers note that this might also be useful as a free way of keeping Membership Rewards points alive if you close out a fee-based Amex card. This also sets a floor for the cash value of MR points at .8 cents per point.
Regardless, the interest-earning checking account is still an interesting development. Would be more interesting if they add a signup bonus offer for this checking account, which is something possibly we can see in the future.
12.10 two $1,000 dds from WISE (put ‘Payroll‘ in reference)
12.19 received email of bonus arriving in 8-12 weeks.
1.9 bonus arrived！
T1 : 11/13/24 $1001 push from Robinhood
T2 : 12/04/24 $1001 push from Robinhood
12/12/24 email from amex to receive bonus in 8-12 weeks
10/31 Second employer DD
11/06 Received the confirmation email
“Congratulations! You’ve completed the requirements to receive your American Express® Rewards Checking account bonus. We’ll deposit the bonus into your Rewards Checking account within 8-12 weeks.”
Transfer from UFB Direct Savings account did work.
$1000 push 9/16
$1000 push 9/17
$300 paid 11/1
Didn’t receive any emails acknowledging direct deposits or bonuses on their way.
Any DPs to get Bonus without Real DD?
8/30/24 Checking opened via mobile app
9/23/24 Transferred $1001 from Fidelity to checking account.
10/04/24 Real DD of $1001 deposited
10/18/24 Real DD of $1001 deposited
** All transactions shown as “Online Transfer / Payment: Credit
10/23/24 Bonus $300 posted
10/29/24 Received email “Your Rewards Checking account bonus is on its way”
Finally!
I don’t think a Fidelity push works for this one.
8/14 opened
8/20 $1001 push from Fidelity
8/21 $1001 push from Fidelity
–waited, no bonus–
8/30 1st real DD from employer
9/4 received email from AMEX stating “you’ve had one qualifying direct deposit for your welcome bonus…you’re on your way.” Seems triggered by my one real DD.
9/13 2nd real DD from employer. No 2nd email from AMEX regarding bonus status.
10/23 $300 bonus posted
Success DP:
Both P1 and P2 targeted early-August through email. Both opened mid-August.
2x real DDs in the 1st and 2nd week of Sept
Single email most likely related to first DD saying one of the DDs completed (Both P1 and P2 got the email). No email after that. P2 contacted through chat mid-October and was told to wait. P1 did not contact.
Bonus posted today for both P1 ($200), and P2 ($300) as targeted.
So, its not the 2nd Wednesday (which was the case from the only DP below), as no bonus as yet today. Next stop 11th Oct.
Nothing on 11th either. Give it another week before reaching out to Amex I guess.
Chatted and was told all conditions of bonus are met and hence eligible. Wait 8 to 12 weeks from completion of all activities. Hurmp…puts it at mid to late November. The earlier DP must have just got lucky.
Those who have done the real DDs, what were your transactions shown up as? I did one transfer from Fid and 2 real DDs. They’re shown as transfers. Is this expected? Thanks
My real DDs showed as “Online Transfer / Payment: Credit”