When it comes to the Amex Blue Cash Preferred® Card, the rewards alone are enough to grab attention:
- 6% off products (up to $6,000/year) and select streaming subscriptions.
- 3% back at gas stations and public transport (taxi, rideshare, tolls, etc.).
- 1% back on everything else.
If you sign up now, you’ll also receive a fantastic welcome bonus: $400 credit (recently increased from $350) when you spend $3,000 on your card within the first six months of opening an account.
But before you take the bait, make sure you understand both the pros and cons of this card. For example, Amex Blue Cash Preferred® has a $95 annual fee, which is more than some of the competition. In addition, monetary rewards are returned only in the form of a credit statement.
However, the Amex Blue Cash Preferred® Card has a lot to offer. Let’s take a look.
Amex Blue Cash Preferred® Card Overview
- Best for – Products and gas.
- Bonus for registration – Get a $400 credit when you spend $3,000 on purchases within the first six months of opening an account.
- Cash back – 6% on groceries (up to $6,000 per year) and select streaming subscriptions, 3% on transportation and gasoline, and 1% on all other purchases.
- April Introduction – 0% per annum on purchases within 12 months.
- Regular APR – from 15.49% to 25.49% variable.
Other Features
American Express also offers the Plan It® program, which allows cardholders to break down large purchases (starting at $100) into interest-free monthly payments. Instead of paying interest over the course of the plan, you will be given a flat monthly fee (up to 1.33%) that will be shown to you in advance.
If you select Plan It® to purchase, Amex will offer you three different plan terms depending on your creditworthiness and account history.
For plans completed within the first 12 months of opening an account, you will receive a zero commission initial offer. After that, the usual flat fee up to 1.33% is charged.
An in-depth analysis of Amex Blue Cash Preferred®
Awards
Foodies, listen up. Perhaps the biggest benefit available through the Amex Blue Cash Preferred® Card is the competitive cashback offer for grocery shopping. However, there is an annual limit of $6,000 after which you will earn 1% on products.
On top of a generous 6% cashback on groceries, cardholders get 6% cashback on select streaming services, 3% cashback on gas and transit tickets, and 1% cashback on everything else.
Read more: The best cashback credit cards
Bonuses
New cardholders can earn $400 by spending $3,000 within the first six months of opening an Amex Blue Cash Preferred® card. This reward comes in the form of a loan statement.
Read more: Best Credit Card Registration Deals
per annum
Along with a $400 credit statement, the Amex Blue Cash Preferred® program includes a starting annual interest rate of 0% for the first 12 months. After the first year, the annual rate increases to a variable rate from 15.49% to 25.49%.
Annual fee
As you might suspect, there are some downsides to the Amex Blue Cash Preferred® card—in this case, the $95 annual fee.
Read more: The best credit cards with no annual fees
Other fees
The Amex Blue Cash Preferred® Card also has an additional cost:
- Balance transfer fee – Either $5 or 3% (whichever is greater).
- Cash withdrawal fee – Either $10 or 5% (whichever is greater).
- International transaction fee – 2.7%.
- Late penalty – 40 dollars.
Other benefits
Apart from this card’s impressive reward system, cardholders can also increase their rewards with Amex offers.
Amex Offers rewards you for purchases made in various stores and services. You will have the option to select select offers that you can activate by spending a certain amount before the specified expiration date.
For example, recent Amex offerings included a $25 Discharge Credit on a $99 one-time purchase at hbomax.com or a $30 Credit on a $150 purchase at Ray-Ban.
Pros and Cons of the Amex Blue Cash Preferred® Card
pros
Attractive rewards
You’ll get 6% back on products (up to $6,000 per year) and select streaming services, 3% on travel expenses (such as sharing and parking), and 1% on everything else.
Great welcome bonus
Receive 0% APR on purchases made within the first 12 months of opening an account, plus a $400 credit when you spend $3,000 within the first six months.
Amex offers
Earn more rewards with Amex offers that allow you to “cut coupons” in your account for popular brands like HBO Max, Ray-Ban and more.
Buy now, pay later
Get $0 Starter Plan when you use Plan It® to split large purchases into monthly payments.
Minuses
Annual fee
The Amex Blue Cash Preferred® card has an annual fee of $95, which is quite expensive compared to some alternative cashback cards.
Fees redeemed as loan statement
The cashback you earn with your Amex credit card comes in the form of premium dollars that cardholders can use as a credit statement.
Credit Requirements
To be approved for this credit card, you will need an excellent credit score, such as 700 or higher.
Amex Blue Cash Preferred® Compared to the Competition
| Amex Blue Cash Preferred® Card | Citi® Dual Cash Card | Pursuit of Unlimited Freedom® | |
|---|---|---|---|
| Annual fee | $95 | $0 | $0 |
| per annum | 15.49% to 25.49% variable | 15.49% – 25.49% (variable) | 16.49% – 25.24% Variable |
| April Introduction | 0% initial APR for the first 12 months | N/A | 0% initial APR on purchases within 15 months |
| Cash back | 6% refund on groceries (up to $6,000 per year) and select streaming subscriptions, 3% refund on transportation and gas, and 1% refund on all other purchases. | 2% back on every purchase (unlimited 1% back on purchases, 1% back on those purchases) | 5% back on travel (purchased through Chase Ultimate Rewards®), 3% back on restaurant and pharmacy purchases, and 1.5% back on all other purchases. |
| Bonus for registration | $400 Discharge Credit if you spend $3,000 in the first six months. | N/A | Get an additional 1.5% on all purchases (up to $20,000 spent in the first year) |