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American Express Converts Card Rewards Into Bank Deposits

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American Express Converts Card Rewards Into Bank Deposits

American Express has introduced new ways for consumer and business cardholders in the United States to redeem rewards for a deposit into eligible American Express bank accounts, the company said in a Thursday (Oct. 29) press release.

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For consumers, U.S. Consumer Cash Back Card members can redeem Reward Dollars for a deposit into an American Express High Yield Saving Account at a 1:1 redemption rate, according to the release.

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For businesses, U.S. Business Cash Back Card members can redeem Reward Dollars for a deposit into an American Express Business Checking account at a 1:1 redemption rate, per the release.

These new options are designed to offer cardholders more options in how to redeem rewards as well as a more integrated experience across their card and banking products, the release said.

“Card members want their rewards to be useful, flexible and easy to put toward the things that matter most to them,” Corey Timlin , senior vice president of consumer banking at American Express, said in the release. “With the majority of our deposits coming from existing Card Members, we have a unique opportunity to bring Cards and banking closer together.



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