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American Express One

This article was written by in Credit, Saving. 2 comments.


Editor’s Note: Thank you for your interest, this offer expired and is no longer available.

American Express is offering a relatively new (well, a few months old) credit card called One. As you spend, 1% of each purchase is automatically deposited into a savings account that’s currently earning 3.5% APY. It’s not a horrible interest rate, beating that of most traditional banks, but barely in the mix compared to interest rates from online banks.

I’ve seen some write-ups about American Express One on a few blogs. Not “One” person mentioned the especially heinous $35 annual fee (waived for the first year) hidden discreetly in the small print of the application. Most people would be better off with a rewards card like the CitiBank Dividend Platinum Select. That’s my card of choice, offering 5% back at grocery stores, gas stations, and drug stores and 1% back on everything else.

It goes without saying that the only way to take advantage of credit cards offering rebates is to pay the balance off in full every month.

Updated October 10, 2014 and originally published December 20, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 2 comments }

avatar Neo

I don’t know anything about the AE One card but I believer in the Citibank Dividend Platinum Select MasterCard and its Citibank Dividend Dollars program. I was able to get the $300 maximum last year.

http://neos-nest-egg.blogspot.com/2005/12/citibank-dividend-dollars-program.html

Neo

avatar FMF

I use a combo of Amex Blue (up to 1.5% back on EVERYTHING after certain levels of spending) and my Subaru MC (which gives 3% back on everything good in Subaru bucks). Just got my 30,000 mile tune up for a bit above half price because of the savings on the latter card.

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