American Express has just launched a new product for consumers in the United States, and I think this could be pretty interesting… maybe?
Continue reading: Intriguing: Amex Launches New Rewards Checking Account
Share your questions, experiences, and thoughts below.
My only concern is a lack of atms. There are moments in life where cash is needed.
Interesting concept. I'm going to have to look into it more.
Can't wait for people to game it using MS and ruin it for the rest of us, though.
will it be accepted at Costco ?
would there be bonus points for a high balance?
Probably too early to say but IMO gaming this is suicidal, AMEX FR is no joke, and I am not putting my MR balances on the line.
Very interesting, I'm definitely going to look into it. I already have a high yield savings account with them, and I've used other Amex financial products before (like small personal loans) so I could be on board with having my checking with them. The only hesitation is that I'm otherwise with Chase, and I'm concerned that shutting down my checking account there will make it harder for me to apply to Chase credit cards later (and I'm not going to pay a monthly fee with Chase to keep my account open if I'm not using it).
Every time I have tried to use online or other alternative checking accounts, I always go back to Chase (tons of ATMs and branches) with Schwab (ATM reimbursement) and Ally (same thing) augmented
I have a relative who is an authorized user on my Amex Platinum card as he is rebuilding his credit. Would he be able to get the debit card if he isn't a primary card holder?
Maybe they'll reimburse ATM fees, like Schwab does? If so, that would get my business.
Interesting for the ability to make tax/rent/other payments by debit card for points in situations where the fee for credit card payment is high, but not much else.
I couldn’t find it in the press release or in terms and conditions. Any word on whether EFT debits, like, say, my mortgage payment, would earn points since the debit is not off the physical card? (I assume not)
In a way, this seems like a short step beyond the Serve Card. I doubt whether this will be of any meaningful utility for anyone who needs more than the absolute basics. The same applies to its Kabbage offering.
No ATM reimbursements. However the are offering surcharge-free access at 37,000 MoneyPass ATNs.
this may help some utilities & insurance only draft out of a checking account, at least getting 0.5 miles per $ instead of nothing
It's not a hard pull since it's not a credit card..and it's only for current amex card holders who are in good standing. So they already have all if your info when you sign up...no hard soft or hard pull on your credit...I signed up earlier this morning.
...this is a good back up/secondary checking account to have ....which is what I'm using it for.
I’ve had an American Express savings account for a few years. It also offers 0.50%. API but it doesn’t give any miles. I would like to know if this savings account could be linked to the new checking account.
Do they offer online bill payment and actual check writing service options? It looks like from the description, that it is only a debit card transaction service.
Direct deposit should keep the basic Chase checking account free; split your pay check, pay your Chase cards with it and transfer the rest out :).
I had the same question and actually just had to go look at the current rates over there. Since savings accounts often get higher interest rates than checking, it will be interesting to see if the two stay the same.
I am seriously considering this, to pay taxes, utilities, insurance, and especially Venmo. Earning MR points, even at 1:2, without paying fees makes sense to me. I might wait, though, to see if Chase/Citi/CapOne come up with a competing product.
Do these "debit" transactions actually process as debit or credit? Obviously amex would pull the money out of your account right away, but to be able to fund both high-interest and a rewards structure, I'd be worried that "eligible transactions" would exclude any that process as debit. This would damage usefulness for things like utility bills, rent, etc.
You can use MoneyPass ATMs. And if you set the ATM search filter to "No fee ATMs," you will find free ATMs for your zipcode.
Why is 1 point for every 2 dollars spent regarded as one of the "most rewarding"? I'd say it was among the least rewarding. A decent card should be 2% cash back. This is 0.5%.
It is "most rewarding" for being a debit card, as most debit cards don'y provide any rewards.
No.
"You must be the primary Card Member (..)"
https://www.americanexpress.com/en-us/banking/online-checking/
It does not seem like a good option for writing checks since you have to pay for the paper checks and you cannot deposit cash like you can with a brick and mortar bank's checking account/ATM. It seems to be nothing but a ATM card.
Opened the checking account and just got the debit card in the mail. Tried using it on pay1040.com. The convenience fee was 1.87% not $2.50. I don't think this debit card is going to work for taxes/mortage/insurance/utilities etc. Bummer. Has it worked for anyone else?
Hi,
I was reviewing your post about the new Amex rewards checking. I applied and was approved for one. I now find that it doesn’t offer free checks like other online checking accounts. It directs me, when I order new checks, to a Harland-Clarke website which charges about $18.00 for 80 checks.
Just thought you might update your viewers with this information when they compare new online checking accounts.
Many thanks.
cvsuri
For me, tax payment and earing points are the major reason for signing up. Any data point? Thank you.
@Travel Free, thanks for trying this out and reporting back. Your potential use case was the only reason I was considering the AmEx checking account. If the card runs as a CC (ie no PIN) I now understand how AmEx is able to offer the rewards structure, but it also makes it useless for saving CC charges on payments like Fed Taxes, etc.
Does Amex do a hard pull when shooting for this checking account ? ( I have a credit card with them since 2014)
Just got the debit card. Tried to use it to pay my mortgage and car payment (through Toyota) through PayPal bill pay. Entered the debit card info, but it kicked me back to my checking account for the funds. Was hoping the debit card would work!