One From American Express : American Express One Card

One From American Express : American Express One
One from American Express is a revolutionary cash back credit card as it is in a class all by itself. The basic premise of this card is that 1% of all of your purchases will be deposited into an FDIC insured high yield savings account. There is also no pre-set spending limit and no cap on the amount of money deposited into this account.

One From American Express

No Pre-Set Spending Limit
Never pay interest on new purchases
The Savings AcceleratorSM Plan contributes 1% of eligible purchases into an FDIC-insured High-Yield Savings Account in your name
First Year Fee-Free - A $35 savings

Intro APR	Intro Period	Regular APR	Annual Fee	Balance Transfer	Credit Type
N/A	N/A	As low as 11.24%	First Year Free	Yes	Good

One From American Express Details:
Perhaps the best aspect of this offer is that for every dollar spent, you get .01 deposited into a high yield savings account. This is much different from most cash back credit cards. Other offers of this variety allow you to earn cash back percentages depending upon where you spend your money. For example, the Discover Open Road Card allows you to earn 5% cash back on gas only at gas stations. With this offer, you earn 1% cash back everywhere you use your card. In addition, you earn 3.5% cash back on the 1% you earn annually.

How The Cash Back Program Works:

To shed a little light on the cash back program, let's use some concrete numbers for clarification. Let's say that you spend $10,000 on your American Express One Card. 1% of that will be deposited into a high yield savings account, which is $100. At this point you have already earned $100 for doing nothing except for using your card. Now, on that $100 you will also begin earning 3.5% interest, so at the end of the year, you will have $103.50. Obviously, the more you spend, the more you earn.

Who Should Use This Card?

People who will benefit the most from American Express One are individuals who either spend alot of money on credit cards or those who have the discipline to run as much of their life as possible on plastic. If you use a One from American Express for all of your purchases including gas, groceries, dining-out, books, etc. you will be able to maximize your savings. If you do this, over time the 3.5% annual percentage yield in the high yield savings account will become more and more significant.

Additional benefits to this offer are the lack of pre-set spending limit, the first year with no annual fee, and the prestige of becoming a member of the American Express network. You may view more American Express credit cards by visiting our American Express section.

Home | Articles | Contact Us | Sitemap | Add To Favorites