Cash Your Amex Points with Business Checking Account, Plus a 20K Bonus
American Express launched a business checking account for small businesses last year. At the time we were told that soon you would be able to convert Membership Rewards points to cash using this account, and now the day has come.
I expected this to be terrible value, but I was pleasantly surprised. You can actually get a value of up to 1 cent per point. And to make things even better, you get a 20,000 Membership rewards points bonus with a new account and 1.1% APY. Let’s see all the details.
Earn 20,000 Membership Rewards® points when you 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 (mobile deposits, and electronic/online transactions, including ACH, Wire, and Bill Payments made to or from your account)
After you have completed all the above qualifying criteria, American Express will credit the Membership Rewards points to the Membership Rewards Program Account linked to your American Express® Business Checking account within 8-12 weeks.
Redeem Points for Deposits
This option is similar to the Charles Schwab account that lets you cash your Membership Rewards® points at a value of 1.1 cents per points.
With the American Express Business Checking account you can redeem points for deposits at the standard rate of 1000 points for an $8 deposit. But, 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). Generally, deposits will post to your account within 48 hours of redemption.
Other Account Details
here are some of the main features of the American Express® Business Checking account:
- Earn 1.10% APY on balances 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.
This is a good option to keep in mind, if you need to cash your Membership Rewards points. While the Schwab Platinum card gives you a better value (1.1 vs 1.0), this is a free option that lets you redeem Amex points for cash.
Plus, if you apply now, you also get a bonus of 20,000 Membership Rewards points (previous offer was $300), and 1.1% APY.