American express blue cash preferred review
The American Express Blue Cash Preferred card is a cash-back credit card. It offers an annual percentage yield of 6%, one of the highest rates for any rewards credit card in the market today. This American Express Blue Cash Preferred review will discuss the features and benefits that this credit card has to offer and provide some pros and cons about it.
The American Express Blue Cash Preferred is a cash-back credit card for those who pay their balance in full every month and spend at least $31 per week on supermarket purchases. The AmEx Blue Cash Preferred is a sound credit card for spending at least $31 per week on supermarket purchases.
This credit card is not ideal for consumers with bad or fair credit, as they typically have to pay an annual fee of $95 and a high APR. In addition, it is not ideal for consumers who want to transfer other balances, as this card does not offer balance-transfer options.
The cash-back credit card offers 0% intro APR on purchases and balance transfers for 12 months (14.24% – 25.24%). It has an annual fee of $95 but offers 0% intro APR for 12 months on balance transfers (then 14.24%-25.24%). The American Express Blue Cash Preferred is a sound credit card. It has no annual fee and an introductory offer that allows borrowers to transfer other balances without charging any interest for 12 months.
American Express Blue Cash Preferred Card: Basics.
Card type: cash-back credit card
Cash-back type: flat-rate cash-back. The American Express Blue Cash Preferred is a good credit card.
Credit score: fair, harmful, or average credit – not ideal for those with excellent or poor credit.
Credit line: $2000 (cash) – The American Express Blue Cash Preferred is a credit card for those who pay their balance in full every month and spend at least $31 per week on supermarket purchases.
Annual fee: 0% intro APR on purchases and balance transfers for 12 months, then 14.24%-25
Signup bonus: cash-back on grocery purchases
Benefits: reward points travel benefits – The American Express Blue Cash Preferred is a cash-back credit card for those who pay their balance in full every month and spend at least $31 per week on supermarket purchases.
Why you might want American express Blue Cash Preferred
No annual fee with a 0% intro APR.
The American Express Blue Cash Preferred is a good credit card. It has no annual fee and an introductory offer that allows borrowers to transfer other balances without charging any interest for 12 months after account opening.
Plans created after that will have a monthly plan fee of up to 1.33% of each purchase amount moved into a project based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
The best cash rewards credit card for grocery stores.
It’s the best cash-back credit card with grocery purchases (and you can redeem your points at Amazon, which makes it easy). The American Express Blue Cash Preferred is a good credit card. It has no annual fee and an introductory offer that allows borrowers to transfer other balances without being charged any interest for 12 months.
This card gives you 6 percent cash back on up to $6,000 in spending at U.S. supermarkets each year, as well as an unlimited 6 percent back on select U.S. streaming services. Cardholders also receive 3 percent cash back on transit and U.S. gas station purchases and 1 percent back on all other purchases, and that’s on top of the generous welcome bonus available in the first three months.
It is great for brick-and-mortar purchases.
It’s great if you frequently shop at brick-and-mortar stores since you get twice the cash-back on $50 purchases (up to $250 a quarter).
Reasons why you might want a different card
There are additional fees after the first year.
However, after reading more into this credit card review, I realized there were some additional fees to be aware of: There is a $95 annual fee (waived for year one).
There are balance transfer fees.
Then, there is a balance transfer fee of $100 or the more significant amount of either $20 or% of the amount transferred (so basically, if you’re transferring more than $500, it’s going to be $100). The foreign transaction fees are also just three percent. This isn’t that bad compared to other cards out there, but it’s still something to be aware of.
The cashback rewards are received in the form of reward dollars.
This card does not accrue American Express Membership Rewards and instead offers regular cash-back that can only be used for reward dollars and redeemed for a statement credit. If you want a credit card with rewards you can redeem for gift cards, merchandise, travel, or other flexible options, you may want to consider a different cash-back card option or even a travel credit card.
It has high-interest rates.
The interest rate was also higher than I’d personally like it to be, at 25.99% (again, this is average for cash-back cards). Then there’s the fact that you only earn three percent cash back on gas purchases and groceries if they are less than $6000 per year because you make one percent after that.
This means that if you spend a lot on gas stations or grocery store purchases, it won’t be as rewarding for you compared to other cards with higher percentage rates. However, it’s also important to note that the three percent is back at American Express Blue Cash Preferred, which will help those who don’t want cardholders to gain interest in their credit card balances.
The rewards points expire after five years.
The rewards points will also expire if the balance isn’t used at least once in five years. You need to use this for your purchases or put them towards travel every year or two.
These no-fee cards have more value long after their 0% rates expire:
- Frequent travelers might prefer no-fee cards with rewards such as the Citi® Double Cash Card – 18 month BT offer, which offers an unlimited two percent cash back on all purchases.
- The best card for high spenders is the Chase Freedom Unlimited®, which has a $150 signup bonus after spending just $500 within three months of opening the card, and offers one point for every dollar spent (and no cap on points).
- Consumers looking to finance big purchases will want to consider a 0% APR credit card like the Chase Slate® or Wells Fargo Propel American Express® Card. These cards both offer intro APRs that are good for 15 months before they revert to the normal purchase APR of 15.24% – 25.74%.
I hope this American Express Blue Cash Card Preferred review has been helpful and that this information will ultimately lead borrowers in the right direction! In addition, to how these cards compare with other travel and cash-back cards options, see our site to get a review of the best cash-back credit cards.
Is American Express Blue Cash Preferred Card the right one for you?
American Express Blue Cash Preferred has a lot of things going for it, and I think this card is an excellent choice if you spend $100 or more on gas per week. In addition, this will help you earn the three percent cash-back even faster than other cards since they usually cap out at $60 in purchases before reverting to one percent. Contact us so we can help you decide and provide more possible options!