American Express Offers First-Ever Debit Card

American Express has introduced a new Business Checking account designed for small and mid-sized (SME) businesses. This fully digital Business Checking account offers a secure, high-yield, and low fee digital banking experience with interest rate of 1.1% on balances up to $500,000. The checking account connects with existing American Express Credit Cards and comes with a Business Debit Card, the first to be issued in the U.S. by American Express.

“We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer first, full-service digital business checking account that makes cash management easy, processes a range of payment types and earns high-yield interest on balances up to $500,000. Plus, customers will soon be able to earn and redeem Membership Rewards points,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express. “This is business checking with the best of American Express – security, service and rewards they can invest back into their business.”

Early next year, the company says Business Checking customers will be able to earn Membership Rewards points and redeem them for deposits into their Business Checking account.

The announcement expands American Express’ small business offerings within and beyond the Card, building on its acquisition in 2020 of Kabbage, a FinTech providing small business cash flow solutions.

U.S. small and mid-sized businesses can now apply for the new Business Checking account in as little as 10 minutes and, if approved, receive all the initial features listed below:

  • Welcome Bonus: New Business Checking customers will earn a $300 deposit as a welcome bonus.
  • Competitive APY: Benefit from high-yield APY of 1.1% on balances up to $500,000.
  • No Monthly fees: Enjoy $0 monthly maintenance fee and no minimum balance requirement.
  • ATM Access via Moneypass: American Express has also partnered with MoneyPass to offer a network of 37,000 fee-free ATMs to Business Checking customers for ATM cash withdrawals and balance inquiries.
  • Supports multiple transaction types: Access a full suite of payment options to receive and transfer funds including Debit Card, Bill Pay, ACH, Wire transfers and Check.
  • Connected Membership Features: View your existing American Express Cards and your Business Checking account all in one place. Starting in 2022, Business Checking customers will be able to earn Membership Rewards points and redeem them for deposits into their Business Checking account.
  • Fast onboarding process: Apply and get a decision in as little as 10 minutes – all without needing to step foot into a bank branch.
  • Simple and intuitive app functionality: Manage your account via a full-feature, one-stop iOS app, including mobile check deposit capability.
  • View-based access: Provide members on your team with access to view your Business Checking account. Additional role-based functionalities to come in 2022.
  • Trusted customer service: Access to 24/7 support and American Express specialists, just a call or click away.