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One from American Express®

• No pre set spend limit
• Never pay interest on new purchases
• The Savings AcceleratorSM Plan contributes 1% of eligible purchases into an FDIC-insured High
• Yield Savings Account in your name
• First Year Fee-Free - A $35 savings

 

Who Is It For?

One from American Express is designed for those with good or excellent credit who plan to take advantage of the unique Savings Accelerator Plan.

Through the Savings Accelerator Plan, cardholders earn a cash rebate of 1% on all eligible purchases. The rebates are deposited into an FDIC-insured, high-yield savings account in the cardholder’s name with a special rate of 5% APY.

The card is only suitable for residents of the United States. It is not available to residents of Puerto Rico.

 

The Benefits

You are gifted with $50.00 after card acceptance. Fifty dollars is deposited into your savings account after you enroll to jumpstart your savings plan.  The high interest Yield bank account is automatically activated for you after you acquire your One From American Express.

Earn high interest on your savings. The high yield savings account that your money is deposited into has a 5% variable rate.

No annual fee is charged for a full year. After the year is up you are charged a $35 annual fee.

One From American Express comes with Interest Protection. This means that you never pay interest on new purchases even if you carry a balance.

You manage your account online – The One From American Express card comes with an online account that provides the convenience of paying your credit card bill online. You are also able to monitor what goes on in your account with full access to an online account report.

Duplicate cards are complimentary.  Duplicate cards are not only free but you can earn 1% towards your savings every time they are used as well.

You have a Return Protection Plan. If you try to return a designated item within 90 days from the date of purchase and the merchant won’t take it back, American Express will refund the full purchase price, up to $300 per item.

You have extra protection from theft or loss of your card while traveling.  American Express provides quick emergency cash and emergency card replacement should your card be stolen.

You have a great deal of travel insurance. This card offers $100,000 in travel insurance.

The card comes with a Global Assist Hotline. Whenever you travel more than 100 miles from home, you are covered 24/7 with medical, legal, financial or other emergency assistance, including medical and legal referrals, passport assistance, cash access, lost luggage and more

You are not held liable for unauthorized transactions that appear to be conducted on the Internet.  This means that you don’t have to pay the usual $50 fraud liability charge.

 

The Drawbacks

Cash Advances could be very expensive depending on your credit rating. The APR for cash advances varies according to the applicant’s credit history.

Monthly payments are applied to purchases first.  This card charges a 14.24% variable on which goes towards fees or purchases. The amounts that you pay monthly are not applied to the highest interest garnering activities such as taking out a cash advance.  This can cause your monthly charges to accumulate.

The interest rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

You cannot earn the 1% cash back on related American Express products. Cash and cash equivalent transactions (including American Express® Travelers and Gift Cheques), finance charges, fee’s returned goods or services and account adjustments do not earn a rebate.

The Return Coverage is limited. Coverage is limited to $300 per item, excluding shipping and handling, and up to a maximum of $1,000 annually per Card Account and is subject to additional Terms, Conditions and Exclusions.

 

Fees To Watch Out For

Late payment fee:  $29

To Summarize –

One From American Express is great for people who have a long term plan to save money in an account that earns interest. It is also a highly recommended card for those who drive or travel as it comes with extensive accident, automobile, medical and legal insurance.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A*	N/A*	14.24%*	1st year free; then $35	Yes	Good Credit