http://www262.americanexpress.com/bu...dit-card/29791
No annual fee. Earns Membership Rewards
Express points, which cannot be transferred to airline or hotel programs, but these are treated as standard Membership Rewards points if linked to a Green, Gold, Platinum or Centurion charge card.
The new feature is a Relationship Bonus: 10% after year one, 20% after year two, 30% after year three and beyond. Chase and Citi have built similar year-end bonuses into some of their cards, but this offer is much larger. I assume it is meant to fend off requests for "retention bonuses", but you aren't likely to be offered much on a no-annual-fee card in any event.
The appealing prospect is that the card can generate 1.3 point per dollar on general spending, and because there is no cost to hold the card one could apply now, let it sit dormant (or nearly) for a couple years, and then use it for spending that isn't targeted by another card. Having the card linked to your account also insures that you will not lose your Membership Rewards point balance if you happen to cancel your charge card to reapply.
Intro bonus is small, 10,000 points after first transaction, but typically better offers follow. I have asked customer service if the Relationship Bonus applies to existing accounts.