American Express is introducing a feature that lets eligible U.S. consumer cardholders transfer credit card rewards directly into an American Express High Yield Savings Account. The move links the issuer’s rewards program with its consumer banking products and gives cardholders another way to use cash-back rewards.
Under the new feature, cardholders can deposit Reward Dollars into the savings account at a 1:1 redemption rate. The deposits earn interest that is compounded daily and credited to the account each month. The feature does not require a minimum redemption amount, according to the announcement.
How the rewards transfer works
Credit card rewards are commonly used for purchases or applied as statement credits, which reduce the amount owed on a card bill. American Express is adding a savings option instead. Eligible cardholders can direct their Reward Dollars into the issuer’s high-yield savings product rather than using them exclusively against card spending.
| Feature | Details |
|---|---|
| Eligible consumers | Eligible U.S. consumer cardholders |
| Redemption rate | 1:1 into an American Express High Yield Savings Account |
| Interest | Compounded daily and credited monthly |
| Minimum redemption | None |
| Automatic deposits | Planned for 2027 |
The company also said that members of the Graphite Business Cash Unlimited Card can transfer rewards into business checking accounts. That option is separate from the consumer savings feature and is intended for eligible business card members using rewards for everyday banking needs.
What changes for cardholders
The feature expands the potential use of rewards beyond purchases and statement credits. Once transferred, the Reward Dollars can remain in a savings account and earn interest under the account’s terms. The announcement did not provide a savings rate or specify which consumer cards qualify.
American Express said automatic savings deposits are planned for 2027. The planned option would allow rewards to be routed into savings without requiring a cardholder to make each transfer manually. No launch date for the automatic feature was provided.
- Eligible U.S. consumer cardholders can transfer Reward Dollars into an American Express High Yield Savings Account.
- The transfer value is 1:1, with interest compounded daily and credited monthly.
- Graphite Business Cash Unlimited Card members can move rewards into business checking accounts, while automatic savings deposits are planned for 2027.
The arrangement also gives American Express a closer connection between its credit card and deposit products. For consumers, the practical effect is that qualifying rewards can be used to build a balance in the issuer’s savings platform instead of being redeemed only for spending-related benefits.
