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American Express® Rewards Checking: Introducing a Debit Card With Differentiated Value, Backed by a Mobile-First Experience

March 2, 2022

New Checking Account Expands Membership for Eligible U.S. Consumer Card Members with Value Customers Expect


The American Express® Rewards Checking Account for U.S. consumer Card Members recently launched, armed with the insights that consumers were seeking a seamless digital experience with a high annual percentage yield (APY)1, a path to earn Membership Rewards® points2, and purchase protection for eligible purchases3, all with no monthly maintenance fees or minimums.

Matching products to customer needs is at the center of the Card Membership model. Since the launch of the first American Express® Card in 1958, the Company has created a legacy of exceptional value to help bring membership to life in the ways that matter most.

American Express® Rewards Checking further enhances the everyday membership experience. Available to existing and approved American Express U.S. Consumer Primary Card Members, the all-digital, mobile-first checking account helps customers earn rewards on even the smallest of day-to-day purchases.

According to a recent study*, GenXers use their Debit Card to pay at the supermarket (60%) and for restaurant dining (59%); Millennials use it for clothing purchases (60%) and at the supermarket (56%); and GenZers use it for coffee shop purchases (63%) and restaurant dining (58%).

American Express Card Members shared that they want more from the traditional checking account and with American Express® Rewards Checking, Card Members receive a Debit Card that is contactless-enabled for tap-and-go payments at participating merchants. Eligible Card Members receive differentiated value – including a high-yield 0.50% APY that is higher than the national rate1, the ability to earn Membership Rewards® points on eligible Debit Card purchases2, purchase protection on eligible American Express Debit Card purchases3, no monthly maintenance fees or minimum balance fees, and fee-free ATM withdrawals with their Debit Card at 37,000 MoneyPass® ATM locations nationwide4, among others.

The all-digital experience is available right from the American Express App5.

“Membership should be easy and with 85% of our Card Members digitally engaged with us**, it was crucial to have Amex Rewards Checking accessible from the Amex App,” said Delma Quash, Vice President, Product Management - Amex Mobile. “Card Members who sign up for Rewards Checking will have account management for all their Cards right at their fingertips.”  

Carl Barkey, Vice President, Product Enterprise Digital Member Experiences Web Product & Experiences, added that “Our award-winning website brings together all of the products that demonstrate the powerful backing of American Express. We are thrilled to now offer Amex Rewards Checking as part of our best-in-class digital experience.”

Terms and limitations apply. For more information about Amex Rewards Checking, visit here.

 


 

Methodology

* This Morning Consult poll was conducted between December 14-15, 2021 among a national sample of 2,200 adults. The interviews were conducted online, and the data was weighted to approximate a target sample of Adults based on gender, educational attainment, age, race, and region. Results from the survey have a margin of error of plus or minus 2 percentage points.

 ** As of October 2021, approximately 85% of active card members were digitally engaged with American Express on the mobile app or website.

 1 The 0.50% Annual Percentage Yield (APY) as advertised is accurate as of 02/16/2022. APY is subject to change at any time without notice before and after a Rewards Checking Account is opened.  Please see the Rewards Checking Account Terms for additional terms and Truth-in-Savings disclosures. Transaction fees may reduce APY. APY rate compared to national deposit rate from the FDIC’s published Monthly Rate Information for Interest Checking deposit products. FDIC national rate is calculated as the simple average of interest rates paid by US FDIC-insured depository institutions and branches for which data is available. This national deposit rate reflects APY paid on a variety of interest-bearing checking accounts with terms, services and limitations that may differ.  See the FDIC Website for details.

 2 Currently, Debit Card Members can only redeem Membership Rewards points for a deposit into their checking account. However, if they also have a Membership Rewards Account in connection with a Card Account, their Rewards Accounts can be linked and they will have access to all redemption options offered with that Card Account.

 3 Purchase Protection 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. The coverage is limited up to $1,000 per occurrence, up to $50,000 per account per calendar year. Please read important exclusions and restrictions to see if your item is eligible for coverage. Purchase Protection is underwritten by AMEX Assurance Company. Subject to additional terms, conditions and exclusions. For full Terms and Conditions, see americanexpress.com/PPterms. If You have any questions about a specific item, please call Us at 1-800-228-6855, if international, collect at 1-303-273-6498.

 4 Visit americanexpress.com for Terms and Conditions and to find participating ATMs in the U.S.

 5 iOS and Android only. See app store listings for operating system info.

 Accounts offered by American Express National Bank. Member FDIC.

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