Amex Rewards Checking: Earn $300 and 4X Points on Debit Purchases

If you've been on the fence about opening a checking account with American Express, now might be the perfect time. They're running a limited-time promotion that stacks a $300 welcome bonus with an elevated 4X points earning rate on debit card purchases. Let's break down what you need to know to take advantage.

The $300 Welcome Bonus – What You Need to Do

The headline offer is a $300 cash bonus, but it's not automatic. You need to open a new Rewards Checking account by July 30, 2026, and then have at least $7,500 in qualifying direct deposits hit the account within the first 90 days. Qualifying deposits include things like payroll, pension, Social Security, or tax refunds – basically, money from an employer or government. Person-to-person transfers, internal transfers from your Amex Savings account, or deposits made by check don't count.

Once you meet the requirements, American Express will deposit the $300 into your account, though it can take 8 to 12 weeks to show up. Also, keep the account open until the bonus posts, or you might lose it.

• Open account by 07/30/2026
• Receive $7,500+ in qualifying direct deposits within 90 days
• Bonus typically posts within 8-12 weeks after meeting requirements
• Limit one bonus per customer; previous account holders not eligible

4X Points on Debit – A Limited-Time Boost

On top of the cash bonus, Amex is offering a temporary boost on debit card rewards. Normally, you earn 1 Membership Rewards point for every $2 you spend. But through July 31, 2024, you'll earn 4 points per $2 – that's four times the usual rate. There's a cap, though: the promotion applies only to the first $1,500 in eligible debit purchases. After that, you're back to the standard rate.

If you already have a Membership Rewards-enrolled credit card, you can pool these points with your existing balance and redeem them for travel, gift cards, or even cash back into your checking account. If you're new to Membership Rewards, your redemption options will be more limited, but you can still use points for statement credits or deposits.

• 4X points per $2 on debit purchases through 07/31/2024
• Applies to first $1,500 in spend during the promo period
• Points can be redeemed for deposits into your checking account

What Else Should You Know?

Beyond the bonuses, the account itself is pretty solid. You get a 1.00% APY, which is about 10 times the national average, and there are no monthly fees or minimum balance requirements. The debit card also comes with zero liability fraud protection and purchase protection on eligible items for up to 90 days.

One thing to watch out for: you need to fund the account within 60 days of opening to keep it active. Also, if you're not already an Amex cardholder, you might not be eligible to apply – the offer is currently open to U.S. Basic Consumer Card Members, additional card members, and existing Amex savings or CD customers.

• No monthly fees, no minimum balance
• 1.00% APY on all balances
• Free ATM access at 70,000+ locations nationwide
• Must fund account within 60 days of opening
• Eligibility limited to existing Amex customers

Bottom Line

• The $300 bonus is a solid return for meeting the $7,500 direct deposit requirement – treat it like a 4% bonus on that amount.
• The 4X points promotion is worth up to 3,000 Membership Rewards points if you max out the $1,500 spend cap.
• Make sure you use qualifying direct deposits (payroll, government benefits) – not transfers from other accounts.
• If you're new to Amex, check eligibility first; this account isn't open to everyone.

Common Questions