Amex Now Allowing CashBack Redemptions to Deposit Accounts

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Written by: RJ

American Express will now allow personal cash back cards to redeem cash earned into an Amex savings account or business checking for business cards.

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.”

A More Connected Membership Experience for Cash Back Card Members

• For U.S. Consumer Cash Back Card Members, Reward Dollars can now be redeemed for a deposit directly into an Amex HYSA at a 1:1 redemption rate. Once deposited, those funds can earn the account’s competitive APY with daily compounding interest which is deposited monthly.
• For example, Blue Cash Preferred^® Card Members can earn an industry-leading 6% cash back at U.S. supermarkets on up to $6,000 in purchases per year and on select U.S. streaming subscriptions then redeem those Reward Dollars for deposits directly into an Amex HYSA with a competitive APY.
• For Graphite™ Business Cash Unlimited Card Members, Reward Dollars can now be redeemed for a deposit directly into an Amex Business Checking Account at a 1:1 redemption rate.
• In 2027, American Express plans to introduce an additional feature that will give Consumer Card Members who also have an American Express HYSA the ability to automatically redeem Reward Dollars for deposits into their account.

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. Here’s how:

• Log in to your American Express account online.
• Select your eligible Cash Back Card and navigate to your Reward Dollars.
• Choose the option to redeem Reward Dollars for a deposit into your American Express HYSA (for U.S. Consumer Cash Back Card Members) or Business Checking Account (for U.S. Business Cash Back Card Members).
• Enter the amount of Reward Dollars you’d like to redeem for a deposit. There is no minimum redemption amount.
• Review and confirm your redemption of Reward Dollars for a deposit directly into your HYSA or Business Checking Account (as applicable), where you can begin earning interest.

 

Press release