Title: American Express Business Checking Account: Earn 50k Membership Rewards
Introduction:
American Express is currently offering a lucrative deal for small business owners – a chance to earn 50k Membership Rewards by opening a new business checking account. This article will delve into the details of this offer, its historical trends, and the qualifying transactions required. Additionally, we will explore the benefits of an Amex Business Account and the necessary requirements for signing up.
Disclaimer:
Before diving into the specifics, it is important to note that Monkey Miles is part of an affiliate sales network and may receive compensation for sending traffic to partner sites. The opinions, reviews, analyses, and recommendations presented in this article are solely the author’s and have not been reviewed, endorsed, or approved by any of the entities mentioned.
The Offer:
American Express is currently running a promotion where small business owners can earn 50k Membership Rewards by opening a new business checking account. To fulfill the requirements and be eligible for the bonus, the following conditions must be met:
1. Make a deposit of $5k or more within 20 days of opening the account.
2. Maintain an average balance of $5k or more for 60 days.
3. Make 5 or more qualifying transactions within 60 days of opening the account.
It is important to note that while this offer primarily targets businesses, sole proprietors may also qualify. The deal is set to expire on 03/31/24.
Historical Trends:
American Express has offered similar deals in the past. Here is a brief overview of the historical offers:
1. January 31: $5k deposit, $5k average balance for 60 days, 5 transactions in 60 days.
2. November 23: 50k bonus, $5k deposit, $5k average balance for 60 days, 5 transactions in 60 days.
3. December 22: 60k bonus, $5k deposit, $5k average balance for 60 days, 10 transactions in 60 days.
Qualifying Transactions:
To meet the requirement of making 5 or more qualifying transactions, it is important to understand what American Express defines as a qualifying transaction. The great thing about this offer is that mobile deposits also count as qualifying transactions. It is worth noting that the account is fully digital, so if you prefer to have the option of in-person branch assistance, this offer may not be suitable for you.
Benefits of an Amex Business Account:
Apart from the enticing 50k Membership Rewards offer, an American Express Business Account offers several benefits. These include:
1. Earn 1 Membership Reward point for every $2 spent on the Business Debit card.
2. Earn an APY on Business Deposits.
3. No fees for domestic ACH payments.
4. No fees for incoming domestic wire transfers.
5. $20 fee for outgoing domestic wire transfers.
6. No fees for incoming international ACH payments.
Requirements for Signing Up:
To sign up for an Amex Business Checking Account, the following information needs to be provided:
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 ID, 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 (only if the business operates under more than one name).
6. U.S. business address.
7. Information about the industry, size, and purpose of the account.
220k Offer in tandem with Amex Biz Platinum:
For those interested in maximizing their rewards, there is an additional offer that can be combined with the Amex Business Checking Account. By having the Business Platinum® from American Express and participating in the Business banking Offer, eligible individuals can potentially earn a total of 220k Membership Rewards. To qualify for this offer, individuals must spend $15k within 3 months.
Personal Experience and Conclusion:
The author has personally taken advantage of this offer in late 2023 and is currently in the process of getting approved. While opinions, reviews, analyses, and recommendations presented in this article are solely the author’s, it is important to consider the potential benefits of this offer and the historical trends.
In conclusion, American Express is offering a lucrative opportunity for small business owners to earn 50k Membership Rewards by opening a new business checking account. By fulfilling the requirements and understanding the qualifying transactions, individuals can maximize their potential rewards. However, it is essential to consider personal preferences, requirements, and the expiration date of this offer before making a decision.