American Express Blue Cash Preferred Review: Perhaps the Ultimate Family Card: The American Express Blue Cash Preferred® Card is a rewards credit card that offers cash back on everyday purchases. Here’s a breakdown of its features, benefits, and considerations as of my last update:
American Express Blue Cash Preferred Review
Features and Benefits:
- Cash Back Rewards:
- 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% cash back on select U.S. streaming subscriptions.
- 3% cash back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses, and more).
- 1% cash back on other purchases.
- Welcome Offer:
- Offers a one-time welcome bonus after meeting the initial spending requirements within the first few months of card membership.
- Introductory APR:
- There may be an introductory 0% APR on purchases for a specified period after opening the account, followed by a variable rate.
- Annual Fee:
- The card comes with an annual fee, which is something to consider when evaluating the overall benefits.
- Added Perks:
- Various insurance protections, including return protection, car rental loss and damage insurance, and purchase protection.
- Access to Amex Offers, which are additional savings or bonus rewards points when shopping at certain retailers.
- Annual Fee:
- The annual fee could offset the rewards if you do not spend enough in the high cash back categories.
- Reward Cap:
- The 6% cash back at U.S. supermarkets is capped at $6,000 per year in purchases, after which the rate drops to 1%.
- Foreign Transaction Fees:
- There may be foreign transaction fees, which is a drawback for international travelers.
- Reward Redemption:
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit, limiting flexibility compared to some other rewards cards.
- Credit Score Requirement:
- Typically requires a good to excellent credit score for approval.
- Interest Rates:
- After any introductory APR period, the interest rates are variable and can be high, which means carrying a balance could be costly.
The American Express Blue Cash Preferred® Card is best suited for individuals or families who spend a lot on groceries and gas, as well as streaming services. The high rate of cash back in these categories can make the annual fee worthwhile. However, it is less beneficial for those who don’t spend much in the card’s boosted categories or who travel abroad frequently.
It’s important to always consider your personal spending habits and financial situation when evaluating a credit card. Additionally, the specifics of the card could have changed since my last update, so it’s recommended to check the latest terms and conditions directly with American Express or read recent reviews to get the most current information.
American Express Blue Cash Preferred FAQs
Certainly! Here are some frequently asked questions (FAQs) about the American Express Blue Cash Preferred® Card:
What is the annual fee for the Blue Cash Preferred Card?
The Blue Cash Preferred Card comes with an annual fee. Since fees can change, you should check the latest fee directly on the American Express website or through their customer service.
Can I earn cash back on all my purchases with the Blue Cash Preferred Card?
Yes, you earn cash back on every purchase, but the rate varies by category. You earn the highest cash back percentage on U.S. supermarket and select U.S. streaming subscriptions, followed by U.S. gas stations and transit. All other purchases earn a lower rate of cash back.
Is there a limit to how much cash back I can earn at U.S. supermarkets?
Yes, there is a limit on the higher percentage cash back at U.S. supermarkets. This is capped annually, and after you reach this cap, the cash back rate on supermarket purchases drops to the standard rate.
Does the cash back expire?
As long as the card account is open and in good standing, your cash back does not expire.
Is there a welcome offer for new cardmembers?
Typically, there is a welcome offer that involves a cash back bonus if you spend a certain amount on the card within the first few months of opening your account. The specifics of this offer can vary, so check with American Express for current details.
Can I use this card internationally?
You can use the Blue Cash Preferred Card internationally in places where American Express is accepted. However, foreign transaction fees may apply to purchases made outside the United States.
How do I redeem my cash back with the Blue Cash Preferred Card?
Cash back is earned in the form of Reward Dollars. You can redeem these Reward Dollars for statement credits, which can be applied to your card balance. There may be other redemption options available, so check with American Express for the most current redemption options.
Are there any additional benefits to the Blue Cash Preferred Card?
The card typically comes with additional American Express benefits like return protection, fraud protection, car rental loss and damage insurance, purchase protection, and access to Amex Offers.
What credit score do I need to qualify for the Blue Cash Preferred Card?
You generally need a good to excellent credit score to qualify for the Blue Cash Preferred Card. It’s always best to check your credit score and compare it against the issuer’s requirements before applying.
How does the introductory APR work?
The card may offer an introductory 0% APR on purchases for a set period after account opening. After the introductory APR period ends, the standard variable APR for purchases will apply.
For the most accurate and up-to-date information, it’s recommended to visit the American Express website or contact their customer service. Credit card offers and terms can change, and it’s important to have the latest details when making financial decisions.