Amex lets Blue Cash and Graphite cardholders send Reward Dollars to a savings or business checking account

American Express announced on 29 October 2026 that cash back earned as Reward Dollars can now be redeemed into an Amex deposit account. Until now the only options were a statement credit or Amazon checkout. Doctor of Credit and Frequent Miler both report the change, and Doctor of Credit links to Amex's Business Wire release, which we could not open ourselves.

What changed

Frequent Miler names the three cards. Doctor of Credit says "Blue Cash cards" without listing them, and separately names Graphite.

The terms

• Rate: 1:1. A dollar of Reward Dollars is a dollar in the account, the same as a statement credit. There is no bonus for choosing the deposit route.
• Minimum: none, per Doctor of Credit.
• How: manual, through your online account. Both outlets say the Amex app is still to come.
• Accounts: Frequent Miler reports that deposits are limited to one consumer account and one business account.
• Coming later: Amex plans automatic redemptions to a deposit account in 2027. That is a stated plan with no date yet.

Does it matter?

This adds no value on its own, because the rate is the same as a statement credit. What it does change is where the money ends up.

• If you hold a balance on the card, a statement credit is still the better use. Paying down card interest beats any savings rate.
• If you pay in full, moving cash back into savings keeps it apart from your spending, and it starts earning interest. Check the current rate on the account first, since Amex can change it at any time.
• If you do not have an Amex deposit account, nothing changes unless you open one. This route does not pay out to an outside bank.
• Membership Rewards cards are not part of this. The change covers Reward Dollars only.

Wondering whether a cash back card or a points card suits your spend better? Compare them in Polo Match, or ask Polo Brain which card to use for a given purchase.