NEW YORK—American Express has launched a checking account that comes with a debit card that will allow its customers to accrue its popular Membership Rewards points the same way they do on its credit and charge cards.
It’s a notable move for AmEx since only a handful of small banks and credit unions offer cash back or rewards for debit card purchases, noted the Associated Press.
AmEx’s checking account will come with a debit card and an annual interest yield of 0.5%.
The debit card will give account holders one Membership Reward point for every $2 they spend on purchases. Those points can be pooled with the Membership Reward points the cardmember might already be already earning on a credit card.