Amex Rewards Checking Account (2025.3 Update: $250 Offer)
2025.3 Update: The new offer is $250.Offer expires on April 15, 2025.
2023.9 Update: The new offer is $250.Offer expires on Oct 31, 2023.
Application Link
Benefits
- $250 welcome offer.See below for the requirements to get this bonus.
Offer expires on 2025.4.15.
- Earn 1x Membership Rewards (MR) points for every $2 debit card purchases.
- MR points are worth about 1.6 cents/point, therefore a 0.5x earning rate is equivalent to about 0.8% in return.
- Earn 0.50% APY on your balance.That’s a good APY even compared to savings accounts.
- $0 monthly fee.No minimum balance requirement.
- This account does not support wire payments, overdraft protection, or online bill payment for now.It also does not support Zelle yet.
- AmEx is very new to the debit card market so we don’t know its acceptance rate yet.
- You can only open this account if you have an AmEx credit card for more than 3 months.
- If you only have this account, you can’t transfer your MR points to its partner mileage programs, you can only redeem it towards cash at a very poor rate.
If you have a credit card that earns MR, then you will be able to transfer the points that you earn from this account.
Bonus Requirements
- You are not eligible for the Welcome Bonus if you have an existing Rewards Checking Account.
- Receive 2 separate qualifying Direct Deposit (DD) of $1,000 or more within 90 days.
Summary
Finally AmEx has its own checking account.Earning MR points on debit card purchases is a good feature, even though the rate is only 0.5x.Not sure how the approval rate is, data points are welcomed.0.50% APY is also competitive.
However, as a checking account, not supporting wire transfers makes me feel it’s not a complete product.
It’s probably better to wait for a few years to actually open and use this account.
Application Link
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Frequently Asked Questions
Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.
However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.
Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.
Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.
