American Express now lets certain Blue Cash and business cardholders move cash-back rewards into an Amex savings or checking account, with no minimum.
American Express now lets some cardholders send their cash-back rewards straight into an Amex bank account instead of spending them. Holders of the Blue Cash Everyday and Blue Cash Preferred cards can deposit rewards into an American Express high-yield savings account.
Business owners with the Graphite Business Cash Unlimited card can do the same with an Amex business checking account. Both options pay out 1 to 1, so one reward dollar becomes one dollar in the account. There is no minimum amount to redeem, so even small reward balances can be moved.
The change touches people who hold one of those three cards. To use it, you would need an Amex bank account to receive the money. For Amex, the move links its credit card and banking products. Other banks work on the same idea. Bank of America, for example, offers a tiered rewards structure that can give cardholders better benefits based on the deposits and assets they keep with the bank.
The source does not say what interest rate the savings account pays, whether the accounts carry fees, or when the option became available. It also does not explain how to open an account. Cardholders should confirm those details with Amex before moving money.
If you hold one of these Amex cards, you can turn rewards into savings with no minimum, but you need an Amex bank account first.
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