Amex Checking and Debit Card (MR points earning)

[Anonymous]

Hello everyone!

I just found out about this and couldn't find anyone posting about it. What are your thoughts?

https://about.americanexpress.com/all-news/news-details/2022/Expands-Membership-With-New-American-Ex...

[Anonymalous]

0.50% APY isn't the highest out there, but it's uncapped and in the running with the best savings accounts. No minimum balance or maintenance fees is good. Reasonable number of free ATMs. ATM withdrawal $1000/day, ACH $10,000/5 days, and mobile deposit $5,000/30 days -- the last is pretty bad. No mention of Zelle. No overdraft or rejected check fees, which is surprising.

https://www.americanexpress.com/en-us/banking/online-checking/rewards-checking-account-terms/?intlin...

A debit card that earns 0.5 MR/$1 sounds nice, but if you don't have any credit cards that earn MR points, it only redeems as cash. Which is better than nothing, but seems like a waste. However if you do have an MR-earning card, you can link it and use the MR points as they're supposed to be used. Using the 2:1 valuation, that makes it roughly equal to a 1% back card, which is nice for a debit card. Though if you have an AmEx card that earns MR points, you're probably not using your debit card much.

Sounds fine, but probably mostly appeals to people already in the AmEx ecosystem.

[Anonymous]

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@Anonymalous wrote:

0.50% APY isn't the highest out there, but it's uncapped and in the running with the best savings accounts. No minimum balance or maintenance fees is good. Reasonable number of free ATMs. ATM withdrawal $1000/day, ACH $10,000/5 days, and mobile deposit $5,000/30 days -- the last is pretty bad. No mention of Zelle. No overdraft or rejected check fees, which is surprising.

https://www.americanexpress.com/en-us/banking/online-checking/rewards-checking-account-terms/?intlin...

A debit card that earns 0.5 MR/$1 sounds nice, but if you don't have any credit cards that earn MR points, it only redeems as cash. Which is better than nothing, but seems like a waste. However if you do have an MR-earning card, you can link it and use the MR points as they're supposed to be used. Using the 2:1 valuation, that makes it roughly equal to a 1% back card, which is nice for a debit card. Though if you have an AmEx card that earns MR points, you're probably not using your debit card much.

Sounds fine, but probably mostly appeals to people already in the AmEx ecosystem.

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That was my view of it as well. I'm mostly interested in the debit card. It would allow me to earn points for travel on charges that would charge me a fee for using a credit card. Hopefully it will work that way and not be treated as a credit card.

[Anonymalous]

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@Anonymous wrote:

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That was my view of it as well. I'm mostly interested in the debit card. It would allow me to earn points for travel on charges that would charge me a fee for using a credit card. Hopefully it will work that way and not be treated as a credit card.

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Shouldn't be a problem, debit cards are a completely different beast. And yes, it's probably a good way to wring a few points out of utilities or gas stations that charge a surcharge when you pay with a credit or charge card.

[EAJuggalo]

I was excited about it until I thought about it for a minute and realized that I haven't used a debit card on any of my three checking accounts in almost 5 years.  Now that I have an AMEX BBP I can get 2x MR on all my purchases anyway so this isn't worthwhile to me.  If I only had my Gold it might be worthwhile, for those things that take a debit card but not a credit card I use Paypal Key.

[MySunrise271]

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@EAJuggalo wrote:

I was excited about it until I thought about it for a minute and realized that I haven't used a debit card on any of my three checking accounts in almost 5 years.  Now that I have an AMEX BBP I can get 2x MR on all my purchases anyway so this isn't worthwhile to me.  If I only had my Gold it might be worthwhile, for those things that take a debit card but not a credit card I use Paypal Key.

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Using PayPal key will allow you to pay as if you are using a debit transaction even though it's attached to a credit card🤔

[FreedomHammer]

I signed up for their new checking account product. 

I dislike their funds availability schedule: if you pull a payment from another financial institution, they sit on the funds for a full five business days, which seems excessive.

On the other hand, I can pay off my Apple Card balance with Apple Cash funds and there is no waiting for an ACH transfer. 

[Anonymous]

@EAJuggalo I still have a few places I can't use a credit card for without a hefty fee. So there is some value there for me. I haven't heard of Paypal Key though. I might have to look into that. It would be great to have the Amex BBP. Hopefully I'll have it one day.

[Anonymous]

@FreedomHammer Yes, that does seem excessive. Hopefully they'll change that in the future.

[EAJuggalo]

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@Anonymous wrote:

@EAJuggalo I still have a few places I can't use a credit card for without a hefty fee. So there is some value there for me. I haven't heard of Paypal Key though. I might have to look into that. It would be great to have the Amex BBP. Hopefully I'll have it one day.

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It's offered to verified PayPal members, you give the number to merchants and it processes as a debit card on their end.  I use it to get the auto pay discount from Verizon, and keep the cell phone insurance from the Freedom Flex.  I have not tried it for anything else since I don't have anything else that takes debit for free but charges for credit.