Rewards Credit Cards July 4, 2020 0

Amex Blue Cash Preferred Credit Card Review

American Express Blue Cash Preferred Credit Card

 

Hello Friends, I hope all is well with you! Today, I am going to be reviewing the American Express Blue Cash Preferred credit card. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: The American Express Blue Cash Preferred rewards credit card is very similar to it’s no annual fee sibling, the Blue Cash Everyday card.  This card offers good benefits and protections, although some of its peers offer slightly better benefits. This card also offers a high amount of rewards on certain categories. The catch is that there is a cap on the high earning categories, which is something I am not a fan of.

Some things about this card I like:

  1. High rewards amount of certain categories
  2. Sign-up bonus
  3. Benefits and protection

Some things about the card that I don’t like:

  1. The cap on some of the high rewards categories
  2. Low rewards on everything else that is not in the categories
  3. Foreign transaction fee

What type of reward are you getting?

The Blue Cash Preferred rewards credit card offers you the chance to earn cash back for every dollar that is spent. The cash back accumulates in your account until you are ready to use the rewards. The con with this card is that the cash back must be applied as a statement credit but can only be redeemed when the rewards amount is $25 or more. American Express indicated that they may offer other ways to redeem your cash back, but it is at their discretion; you should not count upon it. You should expect to redeem your cash back as a statement credit.

Is there an annual fee?

The Blue Cash Preferred rewards credit card has a $95 annual fee.

What is the rewards amount?

This Amex rewards card offers a few different ways to earn cash back. You can earn 6% cash back at U.S supermarkets but on up to $6,000 per year in purchases only; it then goes to 1% cash back after the limit is reached. You can also earn 6% cash back on select U.S streaming subscriptions. You then earn 3% back on transit (rideshare, taxis, parking, tolls, buses, trains, etc.), and 3% back at eligible gas stations. Lastly, you earn 1% on everything else that is not in the previously mentioned categories.

Is there a bonus offer?

The Blue Cash Preferred credit card offers a $300 sign-up bonus if you spend at least $1,000 in the first three months of your account opening. That’s a 30% return on the money that you would have spent anyway.

 Are there foreign transaction fees?

There is a 2.7% foreign transaction fee on the amount of each purchase in U.S dollars. This is something that I don’t like considering that there are other cards that don’t have this fee. If you don’t travel abroad or buy products in foreign currency, then you don’t have to weigh too heavily on this.

Are there any other benefits?

The Amex Blue Cash Preferred rewards credit card offers benefits like:

  1. Car rental loss and damage insurance – the coverage offered by the rental company must be denied. Coverage is for $50,000 per rental agreement for damage or theft to the rental vehicle. Not all countries are included. Be sure to check the finer details
  2. Global assist hotline – you get 24/7 access to different kinds of services when you travel more than 100 miles from home. Services include medical, legal, financial or other select emergency coordination and assistance services, including medical and legal referrals, assistance with cash wires, passport replacement, missing luggage and more
  3. Entertainment access – you get exclusive access to a variety of tickets for a variety of events
  4. Fraud protection – you won’t be held responsible for fraudulent charges.
  5. Pay it plan it – you get two options to pay down the balance of your card
  6. Return protection – you may return eligible purchases to Amex if the seller won’t take them back up to 90 days from the day you purchased the item, shipping and handling not included. This is up to $300 per item and up to $1,000 per calendar year.

For more information and details on their benefits, check out their benefits page.

What is the interest rate and are there any other fees?

The Amex Blue Cash Preferred rewards credit card offers a 0% introductory APR for 15 months from the date of the account opening. After the introductory APR ends, you can expect an APR between 13.99% and 23.99%; it depends on your credit score.

Their other fees include:

  1. Cash Advance fee – $10 or 5% of the amount of each cash advance, whichever is greater.
  2. Late Payment Fee –up to $40
  3. Return Payment Fee – Up to $40

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a couple of ways you can contact their customer service. The first and most common way would be to call the number on the back of the card. The second way to contact them would be through their online chat system; you would initiate this chat by logging into your account and clicking on the “Chat” icon. It’s important to note that your experience with their customer service may vary from time to time and from issue to issue depending on the agent that you get.

Should you get the American Express Blue Cash Preferred Credit Card?

Who it’s perfect for:

  1. People who spend the majority of their money in the categories listed above
  2. People who want extra benefits
  3. People who want a sign-up bonus

Who it isn’t perfect for:

  1. People who spend their money on a variety of categories
  2. People who don’t want an annual fee
  3. People who want more benefits and protections
  4. People who travel abroad or purchase products in foreign currencies

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:

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