American Express launches its first digital-checking account for rewards-hungry consumers
American Express, known for its array of perks-laden cards, is jumping into the highly competitive arena of digital-checking accounts.
The company on Tuesday launched Amex Rewards Checking to its U.S. customers. Any non-business card member in good standing is eligible for the no-fee, no minimum balance account, according to Eva Reda, American Express’ general manager for consumer banking.
While there is no shortage of options for Americans seeking a checking account, from fintech disruptors to big banks, American Express is offering this enticement: Customers who enjoy racking up points on transactions can use the account’s debit card to earn one reward point for every $2 spent, as well as a 0.50% annual yield on balances.
“The reason we are putting together this really nice [annual percentage yield] and the rewards is to absolutely maximize the loyalty we can get from those customers,” Reda said. “The time just feels right based on where customers’ heads are, who’s using the product and how mass this sort of a solution is quickly becoming.”
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