Overview: One from American Express is a card that allows individuals to earn rebates on a variety of purchases and accumulate savings at the same time through the Savings Accelerator Plan. Each time the card is used for purchases, the cardholder earns a rebate. Instead of being given a gift card after a certain amount of money is saved, however, the rebate is deposited into an insured, high-interest savings account. A bonus deposit is made after the cardholder makes their first eligible purchase with the card. In addition to allowing the cardholder to easily build their savings account, One from American Express also offers many of the same perks enjoyed by other American Express cardholders, including online account service, purchase protection, and financial protection against unauthorized Internet transactions. There is an annual fee for the card, but it does not apply during the first year.
Pro and cons of the card:
Pros:
Earn rebates on all qualifying purchases
Rebates are deposited automatically into a savings account
Savings account is insured and offers a high interest rate
A bonus rebate is earned on the first eligible purchase
American Express cardholder benefits like purchase protection
Online account access
No annual fees during the first year
No pre-set spending limit
Cons:
There is an annual fee for carrying this card
APR varies depending on credit history
Spending limit can fluctuate
The rebate program only applies to purchases
Excellent Credit
750-850
Good Credit
660-749
Fair Credit
620-659
Bad/Poor Credit
350-619
No Credit
0-0
Do You Know Your Credit Score? Find Out Now!
A credit score
is a number generally between 300-850, based on a statistical
analysis of a person's credit files. This score represents the credit
worthiness of a person. A credit score is assigned to each individual, to rate
how risky a borrower he or she is--the higher the score, the less
risk the individual poses to creditors. In most cases, your credit score will determine whether you will be
approved for a credit card.
1. Credit Scores range from 300-850, the higher the better 2. Most lenders base approval on your credit score. 3. Higher Scores mean lower payments and better deals. 4. Higher Scores mean Lower interest rates. 5. Scores are determined by 5 main categories:
Payment History
Amounts Owed
Length of Credit History
Type of Credit Used
New Credit
Security Notice: All Applications utilize Secure SSL Technology for secure transmissions.
* See the online Americanexpress.com/one (www.americanexpress.com/one) credit card application for details about terms and conditions and offers.
.gif)
Type of credit needed: Good Credit
Security Notice: All Applications utilize Secure SSL Technology for secure transmissions.