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The next battleground for credit cards is not perks or pricing, but rather, relationship. As banks evolve into one-stop financial service supermarkets, American Express wants to be a player too. Last week, AmEx announced a new relationship account that ties together investing, banking, and a payment card. The American Express ONE Financial Account offers unlimited check writing with overdraft protection; a complimentary AmEx Gold Card at $25,000 in assets; brokerage services including online trading, equity research, portfolio analysis tools, and margin lending; preferred cash rates in an FDIC-insured sweep account; an ATM/debit card; and access to multiple loan options including a best price guarantee on AmEx mortgages. Other benefits include participation in the Membership Rewards points program through Gold Card, free online bill pay, and up to $6 per month in non-American Express ATM surcharge reimbursements for accounts with assets of $25,000 or more. Clients working with an American Express financial advisor have the choice of a ONE account with a transaction-based pricing structure or an asset-based pricing structure. For information about ONE go online to www.americanexpress.com/onefinancial/.
