American Express Rewards Checking Review: The GOOD and BAD News
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Have you heard about the new American Express Rewards Checking account and are wondering what it was to offer? Let’s take a closer look at the debit card and whether or not it’s worth opening an account.
Review: https://fioney.com/american-express-rewards-checking-review/
While American Express may be mostly known for its high-end credit cards like the Platinum, the company recently introduced a new debit card option. With Amex Rewards Checking, customers can enjoy a number of banking perks alongside other benefits such as Purchase Protection. all without monthly fees or minimum deposit requirements. So what else does Reward Checking have to offer? Let’s take a look at a few things to know about the new account, including how it stacks up against some of the hype surrounding it.
The first things to know about the American Express Rewards Checking account are that the Amex debit card does earn Membership Rewards points, and you can then redeem those points for deposits into your account
Easily the biggest headline of the Amex debit card is that it earns Membership Rewards points. Specifically, cardholders can earn 1 MR point per every $2 spent with the card. Considering that most MR-earning cards have a base of 1 point per dollar spent, this might not sound like a great deal, but it’s still unique for a debit card. Also notable is that, unlike with Amex credit cards in which customers won’t typically see earned points applied to their accounts until after they’ve paid off their statement balance, I’ve noticed that points from my debit purchases have applied as soon as the transaction posts.
For those who already earn Membership Rewards points with a credit card, any point earned with Rewards Checking will be lumped into the same account and can be redeemed in any way they see fit. Additionally, customers will now have the option to redeem their points for deposits into their Rewards checking account. By the way, cardholders who don’t currently have a Membership Rewards-earning credit card and open a Reward Checking account will only be able to redeem their points for deposits.
In either case, points are assessed at a value for 0.8¢ each when used for these deposits, meaning that cashing in 10,000 MRs would yield an $80 deposit. This option is available for any MR points you earn as Amex doesn’t differentiate whether points were earned by your credit or debit card. There also doesn’t seem to be a minimum number of points redeemable as I was able to cash out a single point as a test – although this could obviously change in the future.
Next, to add funds to your account, you can either connect an external bank account or use mobile check deposit in the app
When it comes to moving money to your accounts, you have a couple of options. First, if you already have banking accounts linked to your Amex account for payments, you’ll have the chance to simply add them to your checking account as well. Alternatively, you can select your current bank and log in to your account in order to link it. Currently, you can link up to four external accounts at a time.
Meanwhile, if you want to deposit a check, that option is available using the Amex app. Seeing as many FinTech apps these days have started cutting mobile check deposit from their lists of features, it’s kind of nice to see Amex incorporating it from the jump.
In addition to those checking features, the account also earns interest much like a savings account
Despite being a checking account, Amex does offer a fairly respectable APY. At the time of this recording, Amex is offering 0.5% APY on Rewards Checking funds. While this isn’t outstanding, it is 10 times the national average and happens to match what Amex pay on its high yield savings account. So, considering that most checking accounts don’t even pay any interest, I think this is a qualified win.
If you want to pull cash out of your account, you’ll be able to access thousands of fee-free ATMs with your Amex debit card.
Like many other digital bank accounts without physical branches, Amex partners with an ATM to provide customers with fee-free options. In this case, Amex Rewards Checkings users can withdraw cash at MoneyPass ATM network machines. While it’s a bit smaller than the Allpoint network, I personally prefer MoneyPass’s locations. To find one of these more than 37,000 machines, customers can use the Located ATM feature within the Amex app.
For more money management product reviews make sure to visit https://fioney.com/category/reviews/money-management-reviews/
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#Amex #MembershipRewards #Moneyat30
Which Checking Account Is Best, American Express Rewards Checking Review: The GOOD and BAD News.
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