Credit Tips: American Express One Credit Card Review

Posted On: April 1, 2006

Author: shooter
Posted: Sat Oct 29, 2005 2:10 am
Post subject: One from American Express

I was about to apply for the new One card from AmEx last week but decided against it due to the $35 annual fee after the first year. I figured I would have to make $1000 in yearly rebates (at 3.5% interest) in order to even make up the annual fee. I do, however, really like the card concept. Are there any other cards that have the same deal, i.e. your rebate goes into a savings account.

I am aware of Citi’s Upromise card but I’d rather have something that goes into an account I can use for whatever I want.

I looked up high-yield accounts on google and found that Emigrant Direct has the best rate out there for no minimum balance. I am always leery of internet transactions. Has anyone had experience with Emigrant Direct. I read through their website and felt pretty comfortable with it but I’d like to hear from some actual customers.

Author: creditnewbie
Posted: Sat Oct 29, 2005 4:48 am
Post subject: American Express One Credit Card Review

bank of ameica has a new thing called “keep the change” if you charge your debit/check card, they deposit the change into a savings account and they match it 100% for 3 months then it’s 5% extra but you need to keep the accounts open for 1 year before you get the “change”. If you charge $4.10, they give you $0.90 wich is a better deal than Amex as long as the charges you make are less than $100. You can charge $2.01 and get $.99 I already enrolled in it but haven’t had a chance to use my check card due to Wilma–I’m only using my credit card with 0% APR for now.
I looked into Emigrant direct and there was something in the terms and conditions that didn’t appeal to me, so I didn’t open an account with them. The clause said that they can practice their legal right of requiring 60-day notice to withdraw money. I called them about it and they said that case is only when there is some kind of disaster and everybody started withrawing their funds. In my case, I was gonna deposit a large amount but got a little nervous, so I didn’t.

Author: scarymary
Posted: Sat Oct 29, 2005 10:01 am
Post subject:

That sixty day thing made me nervous too (thanks to this site, I actually read the terms & conditions now)… I did open an account with $1 so I would be eligible for their cash rewards CC that is due to come out soon. It will only be available to customers.

If it makes you feel better, my dollar has been deposited and is still safe and sound!

Author: annie
Posted: Sat Oct 29, 2005 10:23 am
Post subject: Re: One from American Express

shooter wrote:

I looked up high-yield accounts on google and found that Emigrant Direct has the best rate out there for no minimum balance. I am always leery of internet transactions. Has anyone had experience with Emigrant Direct. I read through their website and felt pretty comfortable with it but I’d like to hear from some actual customers.

I have had an account with ING for about 3 years. They also have the same disclaimer about 60 days etc but it is just something they legally have to put in there. I have made hundreds of deposits and withdrawals and have never had a problem. They don’t pay as much interest as Emigrant but their website is more user-friendly. You have the ability to set up separate accounts within it for different purposes if you like such as Christmas $$, tax $$ etc. It is very easy to transfer money between accounts and back and forth from checking account(s).