There are frequent flyer credit cards. There are merchandise and cashback rewards credit cards. Now there is One. The rewards program associated with American Express One is different from other credit card rewards programs. Consumers carrying an American Express One card accrue interest on spending.

Here is the way it works:

Once a consumer makes their initial purchase using the American Express One card, $25 is deposited into a high-yield savings account with a current annual percentage yield (APY) of 3.5%. This account is also FDIC insured. After this initial amount is deposited, 1% of all other purchases are deposited into the account, and interest begins accumulating. There is no cap to deposits annually, and the card comes with a 12.99% APR with no annual fee.

How to take advantage of this offer:

Make timely payments. If late payments are made, the APR on the American Express One card will increase. Also, try to pay off as much of the balance as possible at the end of each billing period. If consumers pay off their balances in full at the end of every month, this card can act as a better savings acoount than those offered by local banks. Let's say that a consumer spends $10,000 per month on their American Express One Card. $1200 will be deposited into the savings account annually, earning $42 in accrued interest. This bodes for a very secure and profitable savings plan.

The American Express One card was introduced for consumers who wanted a cashback rewards card but didn't want to receive checks from their banks or gift certificates. The rewards program acts exactly like a standard checking account, with monthly statemants and interest reports. This is a great card to use when making large purchases like college tuitions, vacations, high-end electronics, etc. because these purchases can turn into great savings.

What differentiates this rewards card from other cashback rewards programs is that if you leave the money in your high-yield savings account, the money just keeps growing. Most other rewards programs give you 1% cashback on gas and groceries, but how much money is spent monthly on these items. With the American Express One card, virtually all purchases are eligible for cashback. American Express has definitely proven to be a pioneer in the consumer rewards credit card market through launching this offer.