Articles
about One from American Express®
I have received numerous inquiries regarding One from
American Express, a new cashback credit
card that deposits 1% cashback into a high yield savings
account. Here I’ll discuss the features, benefits, and fine
print issues of One from American Express.
Delving into the precise rewards value of this Amex credit
card is a little difficult. Whenever you make a purchase,
American Express makes a deposit of 1% into a high-yield
savings account. The amount of interest you can earn will vary
dramatically from cardholder to cardholder.
Now, because I’m a rewards junkie, I use my credit cards
for every purchase and pay my balance in full each month. Why
use an ATM card when you can get paid to use your credit card?
It doesn’t make sense. Assume you use your One from American
Express credit card for all of your everyday purchases. Over
the course of a year, most people’s food, gas, and
entertainment expenses exceed $10,000 to $15,000, especially
those with large families. Thus, if you spend $10,000 with the
One from American Express credit card, you’ll receive a $25
bonus deposit for signing up, $100 in savings deposits, plus
interest. So far, very good.
Additionally, new card members are charged no annual fee
their first year, and are benefited even more by the
innovative Interest Protection feature that allows you the
opportunity to pay no interest on new purchases, even if you
carry a balance.
However, small spenders do face a problem. During the
second year of card membership, there is an annual fee of $35.
For those who spend $10,000 or more each year on their credit
card, this doesn’t pose too much of a problem, as you’ll earn
more than the fee in rewards. However, if you
only spend a few thousand dollars a year, the annual fee will
really eat away at your rewards. For those who fit into the
small spending category, other cashback credit cards, such as
the
American Express ® Blue Cash.
Overall,
One from American Express® provides great value for large
spenders. But, unlike cashback credit cards that charge no
annual fee, this credit card may not be the best option for
smaller spenders.
Click here
to apply for the One from American Express® credit card
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