Verdict: One From American Express is a good card for those who don’t want to deal with rewards programs and have money they save automatically put into a high yield FDIC insured savings account. Make sure you keep in mind that there is an annual fee of $35 after your first year of use.

If you are looking into financial savings credit cards you will probably come across One From American Express. This card puts 1% of what you spent back into a high yield savings account that is FDIC insured. If you are looking to “automate” your savings that you definitely want to look into this card. Some people don’t like to deal with credit card rewards programs because they feel that they are a hassle or they never end up redeeming them. This card works good for these people too because there are no rewards to redeem, your money saved is automatically transfered into the savings account.

How it Works

There are no fancy rewards system to explain with this card. 1% of every dollar you spend is put into a high yield savings account that is insured for up to $100,000 and is opened in your name. There are no caps on this offer so you can earn unlimited savings every month. You receive $50 after your first purchase as a bonus that is put into your savings account. Your savings account earns an annual yield of around 4.5% (varies from year to year).

Fees

There are no annual fees for the first year with One From American Express. The annual fee after this period is $35. The APR depends on your credit however it is either the prime rate plus 5.99%, 6.99% or 9.99%. There is no pre-set spending limit.

Pros

• Interest Protection – The Interest Protection Plan allows you carry a balance on your card and get a grade period for intrest on new purchases. Most cards give you no grace period if you are currently carrying a balance on your card.
• Buyers Assurance Plan - American Express matches the manufacturers warranty of any products bought with the One from American Express card up to an additional one year. This is great for buying electronics.
• Return Protection - If you try to return a product you buy with your card within 90 days and for some reason the store won’t take it back American Express will refund the purchase price to you, up to $300 per item (maximum of $1000 annually)
• Emergency Card Replacement- If your credit card is lost of stolen American Express provides Emergency Card replacement services that will assist you in replacing your card immediately.

Cons

• Annual Fee of $35 after the first year.

Conclusion

One From American Express is a great card for those who don’t want to deal with credit card rewards programs or who are looking to built upon their savings with a High-Yield FDIC insured savings account. If you have fair credit you shouldn’t have a problem getting this card. Recently there have been a lot of financial books written about automating your savings by having money automatically put into a savings account every month. This card can help you accomplish that.

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