These days you expect every card to give you 1% cash back on your purchases. Some double that, and there are those offering even more on select product categories. American Express wants to put an end to this race with its Blue Cash Preferred Card® which offers up to 6% cash back rewards for your spending on groceries (which you would be buying anyway)! Read on for all the details…
- Current sign-up bonus includes at least $150 cash back (or more)!
- Generous cash back offer: 6% at U.S. supermarkets, 3% at U.S. gas stations and select U.S. department stores, 1% on all other purchases (with some limits).
- Standard American Express shopping and travel perks.
- 0% intro APR on purchases and balance transfers for the first 12 months, after which APR goes to 13.24%-23.24% APR.
- $95 annual fee.
How It Works
Cash Back: This card is all about getting you some money back. You earn 6% cash back from purchases at U.S. supermarkets, not including warehouse or discount stores, up to $6,000 per year. Also, you get 3% cash back at U.S. gas stations and select U.S. department stores, and 1% on all other purchases. This cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
Sign-up bonus: You get $150 back in the form of a statement credit after spending $1,000 in purchases in the first 3 months of opening the account.
APR: 0% introductory APR on purchases and balance transfers for the first 12 months. After that APR goes to anywhere between 13.24% and 23.24%, based on your creditworthiness.
Annual fee: $95. All these benefits gotta cost something.
Shopping benefits: Return Protection, Extended Warranty and Purchase Protection will make sure you more safely spend your hard earned dollars.
Travel perks: These would include Car Rental Loss and Damage Insurance that turn car renting into a care-free experience.
Costs
- 0% intro APR for 12 months on purchases and balance transfers, after that APR goes to 13.24% – 23.24%.
- 3% Balance Transfer Fee ($5 minimum)
- 2.7% Foreign Transaction Fee
- $95 Annual Fee
At American Express’ secure website
Pros
- Cash back – hands down, the Blue Cash Preferred Card® from American Express offers more cash back than any other card.
- Sign-up bonus – get $150 back after spending $1,000 in purchases in the first 3 months of having the card.
- 0% intro APR – for the first 12 months you won’t be paying interest on both purchases and balance transfers.
- Generous travel and shopping benefits we’ve got to expect from American Express.
Cons
- Annual fee – although reasonable, we always have hard time accepting any upfront payments.
- Foreign transaction fees – with all the travel perks included, one would think American Express would remove fees for foreign purchases.
- Cash back limit – that 6% cash back is capped at $6,000 in purchases, after which the cash back percentage drops to 1%.
Is This The Card For You?
Getting 6% cash back on purchases is tempting, but… since it’s capped, you should do the math for yourself. Do you need all the bells and whistles this American Express card offers? Or you want a lower APR after the introductory 12 months? These are the question you should consider before clicking the link below.
The way we see things, this is the card you’ll want to use alongside another card — once you cap on those 6% cash back, get back to the other card you’re using. And keep Blue Cash Preferred Card® from American Express for gas…