7/26/2023 0 Comments Capital one checkbookIt can help protect covered purchases made on your eligible card against accidental damage or theft, for up to 90 days from the covered purchase date and is limited to up to $1,000 per occurrence, up to $50,000 per account per calendar year. The benefit requires no enrollment and is provided at no additional charge. In addition, Amex debit card purchases offer purchase protection, covering accidental damage or theft. There are no monthly maintenance fees or minimum balance fees on accounts, which are two big positives. When asked about the potential to earn Membership Rewards points instead of cash as interest (similar to how the cobranded savings account from Bask Bank and American Airlines can earn interest in the form of AAdvantage miles), Bergman said, "Cash is the move right now, but we always will consider other ways to satisfy the needs of our cardholders." So if you end up opening one of these accounts and want to earn points as interest instead of cash, be sure to let Amex know and they may change these terms. That interest is in the form of cash, not Membership Rewards points. (Photo courtesy of Amex) APY and other perksĪt the time of writing, Amex Rewards Checking includes a 0.50% annual percentage yield (APY) on the entire account balance, which Amex says is 10 times higher than the national rate. So really, this new account is mostly targeted at folks with Membership Rewards-earning cards from Amex. However, your only option will be redeeming for a deposit into your account at a rate of 0.8 cents per point. If you only have an Amex consumer card that earns rewards other than Membership Rewards points, such as the Blue Cash Preferred® Card from American Express or a cobranded card like the Delta SkyMiles® Gold American Express Card and Hilton Honors American Express Surpass® Card, you can still register for Amex Rewards Checking and earn points on your debit card transactions. The upside to this? You can combine your points for maximum value - which includes transferring them to travel partners. The Membership Rewards points earned through Amex Rewards Checking are the same as those earned across Amex's consumer cards. Of course, this debit card isn't intended for you to switch from, say, earning 5 points per dollar on The Platinum Card® from American Express for flights booked directly with airlines or with American Express Travel (on up to $500,000 on these purchases per calendar year).īut for some purchases, such as paying taxes or when your credit card isn't accepted at select merchants but a debit card is, earning any points at all is a positive (and welcome) change. Therefore, a 1% return (according to our valuations) isn't terrible. See privacy policy.Īccording to TPG's independent valuations, a single Membership Rewards point is worth 2 cents. The Points Guy will not share or sell your email. I would like to subscribe to The Points Guy newsletters and special email promotions. Here are all the details of this new digital checking account from American Express along with how users can earn Membership Rewards points. "We are meeting a need in the market with the continued expansion of our membership portfolio," Liz Bergman, vice president of digital checking and debit product management at American Express, told TPG in a phone interview.īergman said that cardholders have been requesting an Amex checking product, and this is primarily meant to satisfy that demand. Get the latest points, miles and travel news by signing up for TPG’s free daily newsletter. What's more, checking account holders will be able to earn Membership Rewards points on purchases made with their debit card, which is potentially a major development for some customers. With a digital consumer checking product (plus its existing online savings account option), Amex intends not only to be your main mode of payment, but also a way to manage your money and keep it safe. The American Express® Rewards Checking program is launching today and will initially be available to eligible U.S. A major player is entering the world of digital checking accounts.
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