American Express today (October 28, 2021) unveiled its first-ever debit card as competition for small-business customers heats up. The card will be part of a new digital business checking account, the company said in a statement Thursday. While other banks have used AmEx’s network for debit cards of their own, this marks the first time the payments giant is issuing a debit card itself.
According to the company, the account offers a secure, high-yield, and low fee digital banking experience with a competitive APY of 1.1% on balances up to $500,000. The checking account connects with existing American Express Credit Cards and comes with a Business Debit Card, the first to be issued in the U.S. by American Express.
According to a news release issued by the company, a U.S. small business can now apply for the new business checking account in as little as 10 minutes and, if approved, receive all the initial features listed in their release.:
- Earn $300 deposit as a welcome bonus
- Earn interest on balances up to $500,000 with a competitive APY of 1.1%
- No monthly maintenance fees or minimum balance requirement
- Full-service digital banking that makes it easy to access and manage your checking account, while also connecting to existing American Express Cards
“We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer-first, full-service digital business checking account that makes cash management easy, processes a range of payment types, and earns high-yield interest on balances up to $500,000.”
Dean Henry
Executive Vice President of Global Commercial Services at American Express.