Who is the American Express Blue Cash Preferred Card for?
The American Express Blue Cash Preferred Card is a cash back card for people that want simple benefits, allowing them to save money at competitive rates. This card has extensive cash back coverage for purchases across various industries, including supermarkets, media, transit and gas. Its wide coverage of day-to-day purchases and payment plan options make it perfect for someone looking for a credit card to save on household expenditures.
While the $95 annual fee might look intimidating, the card’s usage as a household card has the potential to make up for the fee very easily. For new American Express Blue Cash Preferred customers, the card issuer offers $300 cash back if you make $3000 worth of eligible purchases within six months of getting the card.
For the first twelve months, this card waives APR for purchases and balance transfers. This improves payment flexibility and can allow you to consolidate all your credit cards more easily. Also, this card has a provision for large purchase financing that can allow for a payment plan (with no introductory fee for a plan made in the first 12 months).
This card targets the crowd that seeks a hassle-free credit card that does not deal with complicated rewards programs. A simple cash back in the form of statement credit allows for a much more versatile form of saving, because it lets you decide how you want to deal with the saved money. It can be seen as a successor to the American Express Blue Cash Everyday Card for those wanting to enjoy greater benefits for a slight cost.
The welcome bonus that comes with this card is pretty simple. You get $300 in cash back as a statement credit if you spend $3000 within six months of getting the card. Considering the fact that this card is intended for daily-use, we highly recommend that you reach this threshold in order to receive your welcome bonus. For perspective, if you use this cash to pay your annual fee, you can reap the benefits of this card free-of-cost for three years.
The signature benefits of this card are simple. You will earn a reward of 6% cash back on the first $6,000 of purchases in a year at US supermarkets (1% thereafter), another 6% on purchases of U.S. streaming subscriptions, 3% on purchases on transit, 3% on purchases of gas, and 1% on all other purchases. These rewards will be directly credited to your balance. Considering the vast coverage of this reward program, the biggest benefit of this card is that it can be used for almost any purchase that pertains to daily life. You can add additional members to this card and redeem cash back for their purchases, as well. This aspect also multiples the potential savings, since the frequency of purchases will be higher.
The American Express Blue Cash Preferred Card also offers an intro APR of 0% for purchases and balance transfers for the first 12 months, and 13.99% to 23.99% thereafter. In addition, it offers a Plan It feature which allows you to split up a large purchase into small payments. With Plan It, you can create up to 10 active payment plans, each subject to a plan fee. Another feature called Pay It lets you make smaller payments with your phone via the American Express App. One of the biggest benefits of this credit card is the flexibility of making large payments that comes along with the 0% intro APR and Plan It feature.
The card also gives you complimentary access to ShopRunner, which gets you free 2-day shipping on eligible purchases at over 100 online stores. As with other Amex cards, the Blue Cash Preferred card also gives you access to exclusive ticket presales for sporting and entertainment events. It also gives you premium seating options for select events.
A new feature called ‘Split’ allows you to split purchases among your friends and family by linking your Blue Cash Preferred card to a Venmo or Paypal account.
Similarly to other Amex cards, this card gives you access to the American Express lowest hotel rates guarantee. This perk claims that if you book a prepaid hotel rate on amextravel.com and then find the same room at a lower price online, American Express will refund you the difference. This is extremely beneficial for frequent travelers or those traveling on a budget.
This card comes with a $95 annual fee. This is an increase from the zero annual fee Blue Cash Everyday Card; however, the increase in perks make up for this difference. For instance, as mentioned before, through the welcome bonus, you will have enough statement credit to pay the annual fee three times over.
Services and Protections
An interesting perk of this card is the Return Protection plan. This plan allows you to return purchases to American Express within 90 days of the purchase date in order to qualify for a refund of up to $300 per item and up to a maximum of $1,000 per calendar year per card account. This program makes this card a great option for regular shoppers.
In terms of customer service, American Express has a dedicated Card Member Services team that can assist you with queries 24/7. Furthermore, the Global Assist hotline gives you 24/7 access to emergency assistance regardless of your location around the world. This service can be extremely useful in the case of lost card inquiries and emergency cash wire needs.
This card also offers fraud protection, which means that you will not be held liable for any fraudulent transactions. In addition, it offers rental car loss and damage insurance, protecting you when you travel.
This card carries a penalty APR of 29.24%, which means that late payments can result in hefty interest charges. We would recommend responsible budgeting and timely payments in order to eliminate the risk of any penalties.
In addition, through the perks and benefits, it is clear that this is a household card. In order to maximize savings, there needs to be regular spending through this card. Therefore, if you are looking for a credit line to fund multiple large purchases or very specific purchases, this credit card would not be very efficient for you.
The American Express Blue Cash Preferred Card is a great choice for those looking for a daily-use credit line that can be used to receive very competitive benefits. It is definitely an upgrade from the Blue Cash Everyday Card and provides much better benefits at a slightly higher cost. Whether you want cash back on your groceries, Netflix subscription or gas, this card has got your back.