American Express Lets Cardholders Deposit Rewards Into Amex Bank Accounts

American Express (AXP) said Thursday it introduced a new reward redemption option allowing eligible U.S. consumer and business cash-back cardholders to deposit rewards directly into eligible Amex bank accounts. Consumer Cash Back Card Members can now deposit American Express Reward Dollars into an American Express High Yield Savings Account via the Amex mobile app, letting the rewards earn interest. Graphite Business Cash Unlimited Card Members can redeem Reward Dollars into an eligible American Express Business Checking account. AXP closed Thursday's trading up 1.81 percent and traded at $323.71 after hours on the NYSE.