What’s so special about American Express One credit card? They encourage you to save since it will deposit cash rebates of 1% of purchase value into a high yield savings account under the cardholder’s name. The FDIC insured 2.75% APY account is opened automatically with your credit card application.
More importantly, card holders can enjoy the many benefits such as no maximum credit limit imposed and the ability to track their monthly spending. The tracking alert system helps you keep tabs on how much you spend on your card.Furthermore, American Express will hook you up with a $50 bonus upon the first purchase made with the American Express One card. You can deposit money into your 5% savings account anytime. Last but not least, they waive the first year fee of $35. If you don’t find the account useful, you can cancel your card before the 1 year anniversary without paying any fees at all.
More great features include the convenience of managing their card account and bill payments online. Also, the American Express One card includes travel accident insurance and car rental insurance coverage for card holders. Finally, the grace period for this card is set for 30 days which is 10 days longer than the average credit card. With the rebates into high-yield investment accounts and a $50 bonus, American Express One is easily one of my top credit cards.