Amex Business Checking cash membership rewards

Amex Business Checking, Earn 20K Membership Rewards Bonus and Redeem Points for Cash

Starting today, Business Checking customers can earn Membership Rewards points and convert them into deposits directly into their Business Checking account. By adding this new benefit, Amex is bringing even more value and flexibility to Business Checking customers with a new way to use Membership Rewards points.

Normally, Membership Rewards points have the best value when used through travel partners. But being able to just convert them into cash, is always a good option, and the value is actually impressive. With this redemption option, you get a value of 0.8 to 1 cent per point.

This account was first launched last year with a $300 bonus. Now there’s a new offer for 20,000 Membership Rewards points. Check out the details of the offer, and the account benefits below.

Signup Bonus

To be eligible to earn a Welcome Offer of 20,000 Membership Rewards® points (the “Welcome Offer”), 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 “new money” into your account within twenty (20) days of account opening
  • Maintain an average balance in your account of at least $5,000 for sixty (60) days, starting on the date that your deposits of new money are equal to $5,000 or greater; and
  • Complete 10 qualifying transactions within sixty (60) days of account opening.

You can see the offer here.

Offer Terms

  • “New money” is defined as deposits that are not deposited from any other American Express® Business Checking account and are not deposited using our Redeem Membership Rewards points for Deposits feature.
  • “Qualifying transactions” are defined as mobile deposits, and electronic/online transactions, including ACH, Wire, and Bill Payments 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.
  • You are not eligible to earn a Welcome Offer for any accounts opened for a business that currently has or has had an American Express® Business Checking account.
  •  

Redeem Membership Rewards for Deposits

You may redeem Membership Rewards® points for deposits into your American Express® Business Checking Account at the standard rate of 1000 points for an $8 deposit.

If you have a Business Platinum Card® and an American Express Business Checking Account linked to the same Membership Rewards Account, you can redeem points for a deposit at a rate of 1000 points for $10 for up to 1,000,000 points per calendar year, after which you may continue to redeem points at the standard rate. There is no limit to how many Membership Rewards points can be converted into deposits at the standard rate (10,000 points = $80).

There is no minimum number of points needed to use Redeem for Deposits. American Express will deduct the number of points you select from your Membership Rewards Account and deposit a corresponding dollar amount into your checking account. Generally, deposits will post to your account within 48 hours of redemption.

To convert Membership Rewards points into cash deposits in a Business Checking Account, customers can log into their Business Checking Account, click on the Dashboard, select “Explore and Redeem Points” to the right, click “redeem points for a deposit” and then enter the amount of points you want to redeem or deposit amount. 

Account Details

  • 1.10% APY (up to $500K)
  • No monthly fee
  • Earn 1 Membership Rewards point for every $2 of Business Debit Purchases
  • Fee-free ATM access at MoneyPass locations in the U.S.
  • Full-service digital banking so customers can easily access and manage their Business Checking account, while also viewing their existing American Express Card accounts all in one place

Business Checking customers without a Membership Rewards enrolled Card product, will initially have Redeem for Deposits as their only option. These customers will not be able to use any other conversion options (e.g., gift card, points transfer, etc.).

Guru’s Wrap-up

The best option to convert Membership Rewards points to cash, is currently with a Charles Schwab account. You get a value of 1.1 cents per point if you have the Charles Schwab Platinum card. So being able to convert points to cash at 1 cent each, is a pretty good option. To do that, you still need to have a Business Platinum card. But I’m sure many readers might already have one or more in their wallet due to the many big bonuses we have seen recently.

Then there’s a 20,000 points signup bonus for new customers, a 1.1% APY and the ability to earn Membership Rewards through debit purchases (only 0.5x).

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