AwardWallet receives compensation from advertising partners for links on the blog. The opinions expressed here are our own and have not been reviewed, provided, or approved by any bank advertiser. Here's our complete list of Advertisers.
This promotion has ended; please review current/active promotions.
American Express just announced a promotion offering Rewards Checking debit card holders 4X their normal Membership Rewards points on purchases through July 31, 2024. Whether you've got a qualifying account or are interested in learning more during this great promotion, here's everything you need to know.
4X Rewards With American Express Rewards Checking
In 2022, American Express launched Rewards Checking, offering a debit card for earning Membership Rewards. The normal earning rate is 1 point per $2 spent, which isn't great. However, not many debit cards earn any rewards, so half a per dollar is better than nothing.
Now, that deal is getting four times better. From June 3 to July 31, 2024, American Express Rewards Checking debit card holders will earn 4X their normal points on up to $1,500 in spending. This means members earn 4 points per $2 dollars spent — or 2 points per dollar — and can earn up to 3,000 bonus points with this promotion.
This might not seem like a lot of points, but if you have another card that earns Membership Rewards, you can transfer your points from your debit card to Amex's valuable travel partners. That's a far better deal than what you'll get from cashing out your points into your bank account.
Key terms
- Make eligible purchases between June 3 and July 31, 2024.
- Earn 4X points (4 points per $2) on up to $1,500 in purchases.
- Eligible purchases must post to your card by July 31 to earn 4X points.
- After spending $1,500 with the Amex debit card, continue earning 1 point per $2 on further purchases.
- Open an account here if you don't have one yet; there are no minimum balance requirements or minimum balance fees.
Our Take
Debit cards that offer rewards are a rather rare best after the so-called Durbin Amendment of 2010. Charles Schwab recently announced a debit card that earns cash back that's slightly similar to the Amex debit card. Little by little, banks are bringing back rewards for debit cards, but these remain an exception. If you already have an American Express Rewards Checking debit card, consider using the card for up to $1,500 in spending by July 31 to maximize these rewards.
Keep in mind that an American Express Rewards Checking account also gains 1% interest per year. Of course, that's only $10 per year on $1,000 in the account. However, every little bit adds up, or at least helps to keep up with inflation, and it's definitely higher than what most accounts are offering right now.
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.