American Express introduced a new way for eligible U.S. Consumer and Business Cash Back Card Members to redeem rewards for a deposit into eligible American Express bank accounts, creating a more integrated experience across their Card and banking products and giving customers more options in how to redeem the rewards they earn.
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U.S. Consumer Cash Back Card Members can now redeem Reward Dollars for a deposit directly into an American Express® High Yield Savings Account (HYSA), helping turn rewards into compounded growth2. Graphite
Business Cash Unlimited Card Members can also now redeem Reward Dollars for a deposit into an American Express Business Checking account.
“Card Members want their rewards to be useful, flexible, and easy to put toward the things that matter most to them,” said Corey Timlin, Senior Vice President of Consumer Banking at American Express. “With the majority of our deposits coming from existing Card Members, we have a unique opportunity to bring Cards and banking closer together. By making it possible for Card Members to turn the rewards they earn into savings and everyday banking, we’re creating a more connected experience that helps them get even more value from their relationship with American Express.”
How to Redeem Cash Back Reward Dollars for Deposits into an Amex High Yield Savings Account or a Business Checking Account
Redeeming Reward Dollars for a deposit into an Amex High Yield Savings Account or Amex Business Checking account takes just a few simple steps through an American Express online account, with redemption through the Amex App coming soon.
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