Credit cards in general encourage consumers to spend, but the opposite is true for the One from American Express. Unlike cash back reward cards, the American Express One card will deposit cash rebates of 1% of purchase value into a high yield savings account under the cardholder’s name. This account is opened automatically upon a successful application; with the investment FDIC insured and a 4.0% annual percentage yield for this account.

Taking it a notch higher, American Express will contribute $25 to the account upon the first purchase made with the American Express One card. In fact, card owners are also allowed to make their own deposits into the account. As for fees, the American One card has an annual fee of $35, which is waived for first-year card holders.

What’s more, card holders are also entitled for numerous other great benefits card, such as no maximum credit limit imposed, and also the availability of a tracking alert system to help card holders control their monthly spending. As there is no one to help you keep tabs on how much you spend on your card, you can always sign up to have an alert system inform you whenever you are close to a designated amount.

Also, customers are also provided with the convenience of managing their card account and bill payments online. In addition, the American Express One card also includes travel accident insurance and car rental insurance coverage for card holders. Moreover, there is also an Interest Protection program which claims to be able to help customers cut down on the amount of insurance they have to pay.

Finally, the grace period for this card (set at 30 days) is longer than the usual 20 days offered by most other credit cards. Therefore, customers will not have to start paying interest on the purchases, which they just bought. This could hardly be categorized as a benefit as most other cards possess the same feature. However, with the rebates into high-yield investment accounts, this is already a great reason for anyone to make the American Express One card their favorite credit card.