NEW YORK—American Express has 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.
While other banks have long used AmEx’s network for debit cards of their own, this marks the first time the payments giant is issuing a debit card itself, Bloomberg noted.
The checking account is slated to come with a $300 cash bonus for new users of the account and an annual percentage yield of 1.1%. Starting in 2021, customers of the product will also be able to earn AmEx’s membership rewards points and redeem them for deposits into their accounts.
Throughout the pandemic, spending by small and medium-size businesses, or those with less than $300 million in annual revenue, has been a surprising bright spot for AmEx, which has seen overall volumes on its network suffer amid travel restrictions during the COVID-19 pandemic, Bloomberg said.