"One" Credit Card Offers Cash Back with a Twist
American Editor’s Note: Thank you for your interest, this offer expired and is no longer available. Express has launched a new credit card aimed at getting a leg up on other cash back reward cards. One from American Expresscontributes 1% of cardholder purchases into a high-yield savings account.
The current interest rate on that account is 3.15%. While the 1% cash back offer is standard on many competitors’ cards, the rebate is generally returned as a check or used as a credit on the cardholder’s account. One from American Express may be the first credit card to offer interest on the money rebated.
The One from American Express card will include a $35 annual fee. While this fee will be waived for the first year, it obviously will cut into cardholders’ rebates in subsequent years.
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