American Express (NYSE:AXP) announced that American Express Business Checking is now available to any eligible U.S. small business, “offering a digital banking experience with no monthly maintenance fees, 24/7 service, and the ability to earn and redeem Membership Rewards points with select travel partners and for deposits directly into their Business Checking account.”
American Express Business Checking originally “launched in October 2021 and has been available to existing U.S. American Express® Card Members.”
This is the first business banking product “offered by American Express that allows customers to earn and redeem Membership Rewards points.”
American Express is committed “to backing small businesses with its flexible Membership Rewards® program.”
In October of this year, American Express had “announced updates to its U.S. Business Gold Card, including the ability to automatically earn 4X Membership Rewards points in the top two eligible categories where their business spent the most each billing cycle, taking the guesswork out of earning rewards.”
Points cap applies. Customers can “get increased value from their American Express Business Checking account through Membership Rewards as well.”
Gina Taylor, Executive Vice President and General Manager of Business Blueprint and Banking at American Express, said:
“Cash flow is critical for small businesses and American Express Business Checking is designed to support the daily money management that businesses need, plus an on-the-go banking experience that not only matches the way they work, but rewards them for it. We’re backing small businesses even more by rewarding them for doing something that’s core to the health of their business: banking.”
As noted in the update, American Express Business Checking and Membership Rewards help deepen backing for customers.
Checking account holders can redeem Membership Rewards points for travel with participating partners like Delta, Hilton, and Marriott Bonvoy, or choose to make deposits directly into their American Express Business Checking account.
Kenny Okagaki, Owner of Chameleon Vintage, a boutique vintage clothing store in San Francisco, said:
“American Express has really become the centerpiece of our back office through our Business Cards and our Business Checking. I’ve been able to use [Membership Rewards] points to travel back to Japan to source clothing for my store. For small businesses, little perks can really add up – rewards can truly scale impact by helping us purchase items for the business and assisting us with travel to help us grow.”
American Express Business Checking is branchless, so business owners can manage their bank account on their own time with digital tools, including:
- No monthly fees or minimum balance requirements
- The ability to earn 1.30% APY on balances up to $500,000
- Customers can oversee their accounts
- Make mobile check deposits
- Pay vendors and bills
- Access 24/7 support– anytime, anywhere online or via phone.·
- Customers can also link their Business Checking account and American Express Business Cards to QuickBooks in one simple step to view their accounts and transactions.