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Earn an interest with your credit card?

Category: Misc. Deals- gotalkmoney.com- 3:11 pm/ December 26, 2007

I know the title sounds silly but it’s actually true.  American Express has released a credit card called “One from American Express” It’s actually a very unique concept that gives you interest on your cash back points.  Like most cash back credit cards, the credit card companies will usually reimburse you with your cash at the end of your billing statement.  With this credit card, the money you would have received back will go into a high interest savings account.

Here are some details on the account –

Get $50 after your first purchase.

Earn a very competitive rate.  The rate as of 12/4/2007 is 4.50%, which is very high in the industry.

A FULL 1% of your eligible purchases will be deposited into a FDIC insured account

NO annual fee for the first year

If you’re a fan of the cash back type credit cards and you’re already an American express card holder or even if you’re not, this is a great way to save money while using your credit card.  If you’re interested, you can apply via American Express’ secured website.

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