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.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
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. 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.”
The PYMNTS Intelligence report “How Consumers Decide Which Credit Card to Pay With“ found in 2025 that rewards, offers and benefits play a key role in a consumer’s decision about which card to use for a purchase.
“More than 1 in 4 shoppers toggle between those cards when paying,” the report said. “The fickleness leaves open ground for issuers to drive increased usage by making a particular card’s benefits as appealing as possible.”
In some other recent moves, American Express partnered with Airbnb to offer eligible cardholders more choices of places to stay when traveling and additional ways to earn points, equipped its corporate card program with new spend management tools and launched a new high-yield Business Savings account as part of its strategy to add integrated financial solutions to Amex Business membership.
Add as Preferred Source
