Title: American Express Business Checking Account: Earn 50k Membership Rewards
Introduction
When it comes to banking and financial services, American Express is a well-known and trusted brand. In addition to its credit cards, the company also offers various banking products, including business checking accounts. Currently, American Express is offering an attractive promotion for new business checking account holders. By fulfilling certain requirements, you can earn 50,000 Membership Rewards points. In this article, we will explore the details of this offer and discuss whether it is the best deal available.
Understanding the Offer
To take advantage of this promotion, you must open a new business checking account with American Express and meet the following requirements:
1. Make a deposit of $5,000 or more within 20 days of opening the account.
2. Maintain an average balance of $5,000 or more for 60 days.
3. Make five or more qualifying transactions within 60 days of opening the account.
It is important to note that while this offer is targeted towards businesses, Sole Proprietors may also qualify. The promotion is set to expire on December 12, 2023.
Historical Offers
American Express has previously offered similar promotions for their business checking accounts. For example, in November 2023, the offer was 50,000 Membership Rewards points with the same deposit and average balance requirements, but it required 10 qualifying transactions within 60 days. In December 2022, they increased the offer to 60,000 Membership Rewards points with the same requirements as November, but again with 10 qualifying transactions.
Qualifying Transactions
American Express defines qualifying transactions as specific types of activities that are eligible for earning the promotion. Notably, mobile deposits also count as qualifying transactions. This is advantageous for those who prefer digital banking as the account is fully digital. However, if you prefer in-person banking at a branch, this account may not be suitable for you.
Benefits of an American Express Business Account
Apart from the promotional offer, opening an American Express Business Account comes with several benefits. These include:
1. Earning Membership Rewards points: You can earn 1 Membership Reward point for every $2 spent using the Business Debit card.
2. Earning interest on business deposits: The account offers an Annual Percentage Yield (APY) on business deposits.
3. Fee-free payments: Domestic ACH payments and incoming domestic wires have no fees.
4. Fee-free account services: Monthly account maintenance, account opening, additional accounts, mobile deposit capture, e-checks, outgoing and incoming returns, non-sufficient funds, stop pay, billing inquiry, duplicate credit/debit received, admin processing, and statement copy services are all fee-free.
5. No processing fees for physical checks.
Signing Up for an American Express Business Checking Account
To sign up for an American Express Business Checking Account, you will need to provide the following information:
1. Employee Identification Number (EIN) or Taxpayer Identification Number (TIN)
2. Articles of Organization or a Certificate of Formation
3. Information from a Driver’s License, State I.D., or Passport for each owner
4. Social Security Number (SSN) and ID verification for any Beneficial Owner with ownership of 25% or more
5. “Doing Business As” (DBA) certificate if your business operates under more than one name
6. U.S. business address
7. Information about your industry, size, and the purpose of your account.
Personal Opinion and Conclusion
As an affiliate sales network, Monkey Miles receives compensation for sending traffic to partner sites. However, the opinions, reviews, analyses, and recommendations in this article are the author’s alone and have not been reviewed, endorsed, or approved by any of the mentioned entities.
Considering the current promotion from American Express, opening a business checking account with them seems like a worthwhile opportunity. Although the bonus has dropped from 60,000 to 50,000 Membership Rewards points, the requirements have become easier to fulfill. With only 5 qualifying transactions necessary, including mobile deposits, it is a convenient way to earn additional rewards.
In conclusion, if you are a business owner or a Sole Proprietor, opening an American Express Business Checking Account can be a smart move. Not only can you take advantage of the current promotion and earn valuable Membership Rewards points, but you will also benefit from the various features and benefits offered by American Express.