Amex cash back can now go straight into its savings or business checking accounts
U.S. cash back cardholders can move rewards into an Amex savings account, and Graphite business holders into Amex checking, at dollar-for-dollar value.
American Express has added a new place to send cash back rewards. People who hold its U.S. consumer cash back cards, Blue Cash Preferred among them, can turn the Reward Dollars they have earned into a deposit in an Amex High Yield Savings Account. Each Reward Dollar counts for one dollar, a 1:1 rate. Interest on that balance compounds each day and is paid once a month, and the rate can change.
Graphite Business Cash Unlimited cardholders get a parallel option: their Reward Dollars can land in an American Express Business Checking account, also at 1:1.
You do not need to reach a minimum amount before moving rewards. For now the transfer is made through an online American Express account. The company says the option will reach the Amex App soon and gives no date for it.
A further step is planned for 2027. Consumer cardholders who also have the savings account are due to get an automatic redemption setting. It is not available yet, and the plan as described covers consumer cards only.