The One from American Express credit card is currently offering a $50 cash bonus to new members.
Just apply for the One from American Express card and make 1 purchase of any size, and the $50 credit card bonus will be deposited into a high-yield savings account in your name.
The $50 cash bonus will be deposited into your savings account within 5 to 8 weeks after your first purchase.
One from American Express® provides a full 1% cash rebate on all of your purchases, which will be deposited into your savings account as well.
The high-yield savings account from American Express Bank will be automatically opened in your name when you are approved for the One credit card.
The savings account is maintained for free, and you will have complete access to your savings at any time.
Plus, there is no minimum balance requirement to maintain the account, so you can withdraw your entire $50 credit card cash bonus at any time.
The savings account is FDIC-insured, and you can make additional deposits into your savings account if you would like to take advantage of the interest earnings.
It is important to understand that the One from American Express card does have an annual fee of $35, but this annual fee is waived for the first year.
After the fee-free first year, you may want to reevaluate your participation in this program, as the annual fee may eliminate any interest earnings you would gain, and there are plenty of Cash Rebate Credit Cards with no annual fees that can save you more money for free.
You may also consider transferring your savings into a free ING Direct savings account, which offers a great interest rate and a $25 ING Sign-Up Bonus for their free online savings account.
However, for the purpose of receiving the $50 cash bonus and taking advantage of the 1% cash rebate deposited into a high-yield savings account, this card is well worth participating for at least the first year.
The One from American Express® credit card also offers an interest protection feature, which helps save you money when you carry a balance.
Unlike some cards that charge you interest on your new purchases when you’re already carrying a balance, the One card never charges you interest on your new purchases, even if you are carrying a balance.
That means you can carry a balance from your previous month’s purchases without paying interest on your new purchases, which helps save you money when you carry a balance, and American Express outlines these savings for you in your monthly billing statements and online account.
The One from American Express® card has no preset spending limit, so you can spend as much as your personal resources and credit qualifications will allow, which means you can make very large purchases on this card to take advantage of the 1% cash rebate.
If you’d like to share your One from American Express card, there are no annual fees for additional cards, and the additional cards also earn the 1% cash rebate deposited directly into your savings account.
American Express Credit Cards offer many additional services and features to assist you in emergencies and protect your purchases, and they offer many credit card discounts and savings.
Check out these additional Cash Bonus Credit Cards for even more savings.
Take advantage of this $50 credit card bonus from American Express to get cash rebates deposited into a high-yield savings account in your name.