American Express announced today that their credit card Reward Dollars can now be redeemed into American Express deposit accounts. Previously, statement credit and Amazon checkout were the only options, and they’ve now added the deposit redemption as an additional option.
Reward Dollars earned from the Blue Cash cards can be redeemed into an Amex High Yield Savings Account. Reward Dollars from the Graphite Business card can be redeemed into an Amex Business Checking Account. (Currently available on the website and coming soon to the app.)
As with statement credits, redemptions into deposit accounts are dollar-for-dollar (1:1) and there is no minimum redemption amount. Coming in 2027, Amex plans to bring automatic redemptions to a deposit account.
Nothing particularly exciting here, but good to know.
