Check out Amex rewards: Earn points with a debit card

Americans generally don’t earn rewards for paying with a debit card. That’s because unlike credit cards, the fees that issuers can charge merchants to accept debit cards are limited by law to relatively low levels, which makes them cost-prohibitive. offer rewards for using debit cards.

But on Tuesday, American Express launched an innovative new checking account that not only earns interest, but also earns rewards when you use a connected debit card to make purchases. The account, called Amex Rewards Check, has no minimum balance and no monthly maintenance fees and is available starting today at americanexpress.com/en-us/banking/online-checking/ for customers who have had an Amex personal card for at least three months.

“Customers want more from their checking accounts without giving up benefits that matter to them,” said Eva Reda, executive vice president and general manager of consumer banking at American Express. “That’s why we built Amex’s Check Rewards feature to bring more value to members.”

Check out Amex’s rewards earn 1 American Express Membership Rewards point for every $2 spent on purchases made with the account’s debit card. That’s half the base rate of a regular credit card, but comparable to very few deposit accounts that offer any rewards for using a debit card. There are no bonus categories with this debit card – all qualifying purchases earn points at the same rate.

For consumers who don’t have any fees or an American Express credit card, points earned with an Amex Rewards Check debit card can be redeemed for a deposit back to your account at rate 0, 8 cents per point. That means you’re effectively earning a 0.4% cashback on all your debit card purchases if you redeem this way, which isn’t huge but better than nothing .

However, things start to get much more interesting if you have even a single American Express card that earns Membership Rewards points. That’s because consumers can combine all of their Membership Rewards points across all of their American Express products – including the Amex Rewards Check – and then gain access to all of their American Express products. All redemption options are usually provided with your card account.

So if you have a card like American Express® Gold Card or Platinum Card® from American Expressyou’ll be able to redeem the points you earn with your Amex Rewards Czech debit card for travel at American Express Travel or at Amazon through the online retailer’s Shop With Points program, or you can even ship them to any any of Amex’s 21 airlines and hotel partners.

That can make your score a lot more worthwhile. While some of those alternative redemption options have the same value as loading points back into your account, you can get more out of redeeming your points for travel, especially through partners. publisher’s travel agency. That’s why frequent flyer sites The Points Guy Amex Membership Rewards value at 2 cents per person – and you can get more when you redeem them for international first and business class flights.

Free ATM withdrawals and purchase protection

Account holders can access Check Amex’s Rewards through the American Express mobile app, available for both iOS and Android. Check deposits are done digitally with the app. There are no monthly fees in the account, no matter what your balance is and you earn 0.5% Annual Percentage Return (as of February 3, 2022) from your funds. While that’s not a huge amount of interest, it’s great for a free checking account in today’s low interest rate environment.

In addition, account holders can get free ATM withdrawals using their account’s debit card at 37,000 MoneyPass ATMs nationwide. The card is also contactless enabled for touch and move payments, and purchases made with the card are protected at purchase, so the things you buy are protected against theft or damage. for the first few months after you buy them.

Finally, you’ll have access to American Express customer service 24/7, by phone or chat if you run into any issues, and you’ll have fraud protection and account monitoring. me.

Honestly, the only thing missing from the Amex Rewards Checking account is the signup bonus. But while you won’t get anything extra when you open an account, the value from the account itself and the ability to earn rewards on your debit card purchases make it easy to win.

Since there are essentially no fees for opening and maintaining an account, there’s really no downside to getting one. And while CNN is underrated still believe you should use a credit card for most of your regular purchases – as you’ll earn more rewards and get more protections in doing so – there’s always some items cannot be paid for when using a credit card. That’s where Amex’s Rewards Check can be a powerful tool in your financial arsenal.

So if you want to earn rewards from your debit card, you will do very well with an Amex Rewards Checking account, especially if you can pair it with a charge or an American Express credit card. and redeem points to travel. It’s definitely worth considering if you’re primarily a debit card user or if you just want another option when it comes to earning rewards from your banking relationships.

These American Express cards also earn Membership Rewards Points that can be combined with points earned from Amex Rewards Check account debit cards and then redeemed for travel or transfers:

Amex Personal Card:
American Express® Gold Card
Platinum Card® from American Express

Amex business card:
American Express Blue Business® Plus Credit Card
American Express® Business Gold Card
American Express Business Platinum® Card

Looking for a new credit card? Check out CNN Underscored’s list of about Best American Express card.

Get all the latest personal finance deals, news and advice at CNN Suberscored Money.