Amex Business Checking: 35,000 Membership Rewards Points and 1.30% APY

If you run a business and have been thinking about opening a new checking account, American Express just made their offer a lot more tempting. The welcome bonus on Amex Business Checking has jumped to 35,000 Membership Rewards points — that's up from the 20,000 points it started at, and it's a solid haul for an account with no monthly fees. But is it worth the hoops? Let's break down what you actually have to do, what the account pays, and where the fine print might trip you up.

What You Need to Do for the 35,000 Points

The requirements are straightforward but not trivial. You have to open your first American Express Business Checking account, deposit $5,000 in new money within 20 days, keep an average balance of $5,000 for 60 days, and make 10 qualifying transactions within 60 days. The clock on the average balance starts once your new-money deposits hit $5,000, so don't wait too long to fund the account.

New money means exactly that — it can't come from another Amex Business Checking account, and you can't fund it by redeeming Membership Rewards points for deposits. Qualifying transactions are mobile deposits and electronic/online transactions like ACH, wire, and bill payments. Debit card purchases don't count toward the 10 transactions, and neither do transfers between Amex Business Checking accounts held by the same business.

• Deposit $5,000 in new money within 20 days of opening
• Maintain a $5,000 average balance for 60 days
• Complete 10 qualifying transactions within 60 days
• Debit card purchases do not count as qualifying transactions

The Account Itself: No Fees, Decent APY, and Debit Card Points

Beyond the bonus, the account has some genuinely useful features. There are no monthly fees and no minimum balance requirement, so you won't get nickel-and-dimed just for keeping it open. The APY is 1.30% on balances up to $500,000 — not the highest you'll find these days, but respectable for a business checking account with no hoops to jump through after the bonus.

You'll also earn 1 Membership Rewards point for every $2 spent on eligible Business Debit Card purchases. That's a nice touch if you already use a debit card for business expenses, though it's not going to move the needle for most people. The bigger perk might be the ability to convert Membership Rewards points into cash deposits directly into your checking account. If you have a Business Platinum card, you get 1 cent per point; otherwise, it's 0.8 cents per point. And since this account keeps your Membership Rewards points alive even if you close all your credit cards, it's a handy fee-free way to preserve your points stash.

• No monthly fees or minimum balance requirements
• 1.30% APY on balances up to $500,000
• Earn 1 Membership Rewards point per $2 on eligible debit card purchases
• Convert points to cash deposits: 0.8 cents per point, or 1 cent with Business Platinum
• Keeps your Membership Rewards points active with no annual fee

Who Qualifies — and Who Doesn't

This is where it gets a little tricky. You're only eligible for the welcome offer if you open your first American Express Business Checking account. If your business currently has or has ever had an Amex Business Checking account, you're out of luck. That means if you grabbed the old $300 bonus on this same account, you probably can't get the points bonus now. Some folks have speculated that closing the old account and reopening might work, but there's no guarantee.

On the bright side, some readers have reported being approved as a sole proprietorship using just their SSN and a driver's license as business documentation. So you don't necessarily need a formal LLC or corporation to apply. The application is a soft pull, which means it won't ding your credit score, and there's no listed household limit, so multiple people in the same household could potentially each open an account.

• Only for first-time Amex Business Checking customers
• Previous account holders likely don't qualify
• Sole proprietors can apply with SSN and driver's license
• Soft credit pull
• No household limit listed

Watch Out for These Fees and Gotchas

The account is mostly fee-free, but there are a couple of charges to keep on your radar. Outgoing domestic wires cost $20 each, and foreign transactions — including ATM withdrawals abroad — incur a 2.7% fee after conversion to US dollars. Incoming domestic wires and ACH transfers are free, so routine banking won't cost you anything.

Also, remember that the bonus may be taxable and reported on a 1099. Amex will value the points at either 0.8 or 1 cent each, so depending on your tax bracket, you might owe a little something come tax time. And the bonus points won't post until 8–12 weeks after you meet all the requirements, so don't expect them overnight. Finally, the offer expires on January 3, 2023, so if you're interested, don't drag your feet.

• Outgoing domestic wires: $20 each
• Foreign transaction fee: 2.7%
• Bonus may be taxable (1099)
• Points post within 8–12 weeks after qualifying
• Offer ends January 3, 2023

Is It Worth It?

If you value Membership Rewards points at around 1 cent each, 35,000 points is worth roughly $350 — and potentially more if you transfer them to travel partners. That's a solid return for parking $5,000 in an account for a couple of months, especially since the account has no monthly fees and pays a decent APY while your money sits there.

The main catch is the eligibility restriction. If you've never had an Amex Business Checking account, this is a no-brainer if you can meet the requirements. If you've had one before, you're probably sitting this one out. And if you're on the fence, just remember that the 1.30% APY is decent but not spectacular — you're really here for the points.

• 35,000 points could be worth $350+ depending on redemption
• No monthly fees and a competitive APY make the hold period painless
• Best for those who haven't had this account before
• Offer expires January 3, 2023

Bottom Line

• 35,000 Membership Rewards points bonus for new Amex Business Checking customers
• Requires $5,000 deposit, $5,000 average balance for 60 days, and 10 qualifying transactions
• No monthly fees, 1.30% APY on balances up to $500,000
• Earn 1 Membership Rewards point per $2 on eligible debit card purchases
• Only for first-time Amex Business Checking account holders
• Offer ends January 3, 2023; bonus may be taxable

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