American Express Business Checking members can now earn rewards to reinvest in their businesses

American Express announced Thursday that Business Checking account clients will now earn Membership Rewards points for using their debit card. Cardholders will earn 1x point per $2 spent, with no monthly fee.

Membership Rewards points are worth 0.6 cents each and can be deposited directly into Business Checking accounts. Other features of the Business Checking account include an annual percentage yield (APY) of 1.1% on balances up to $500,000. Account holders can manage their account and any American Express cards they have in the mobile app.

Business Checking members can also earn a welcome bonus of 20,000 points for the “completion of qualifying actions,” the company said. Qualifying actions include:

• Depositing $5,000 or more from a non-Amex source to your account within 20 days of account opening.
• Maintaining an average account balance of $5,000 or more for 60 days, from the date of the $5,000 deposit.
• Completing 10 qualifying transactions within 60 days of opening the account. Qualifying transactions include mobile deposits, electronic/online transactions such as bill payments, redeeming points for deposits, and Business Debit card transactions, among others.

If membership points are worth 0.6 cents, that means the welcome bonus of 20,000 points would equate to $1,200.

Amex released an all-digital consumer checking account earlier this year with a similar rewards structure. Rewards earned with the cardholder’s debit card are pooled with those earned by any American Express card consumers may have. It’s likely that the Business Checking account works the same way for any American Express business cardholder.

For consumers who have an American Express business card, you can choose to either use your debit points as direct deposit or use it with your card’s redemption options, like travel or redeeming for gift cards.

To open a Business Checking account with Amex, business owners will need:

• Employee Identification Number (EIN) or Taxpayer Identification Number (TIN)
• Articles of Organization or a Certificate of Formation
• Driver’s License, State I.D., or Passport for each owner
• Social Security Number (SSN) and ID verification for any Beneficial Owner with ownership of 25% or more
• “Doing Business As” (DBA) certificate only if your business operates under more than one name
• US business address
• Information about your industry, size, and the purpose of your account

There is no cost to open an account, nor are there any minimum balance requirements or maintenance fees.