AmEx Blue Cash: Everyday or Preferred?

AmEx Blue Cash: Everyday or Preferred?

What is AmEx Blue Cash?

AmEx Blue Cash is a series of credit cards offered by American Express that cater to individuals seeking cashback rewards. The two main variations of this card are AmEx Blue Cash Everyday and AmEx Blue Cash Preferred. Both cards have their unique features, perks, and reward structures.

How does AmEx Blue Cash Everyday differ from AmEx Blue Cash Preferred?

AmEx Blue Cash Everyday is aimed at those who want to earn cashback rewards on their everyday purchases without paying an annual fee. On the other hand, AmEx Blue Cash Preferred offers higher cashback rates but comes with an annual fee.

What are the key features of AmEx Blue Cash Everyday?

– No annual fee
– 3% cashback at U.S. supermarkets (up to $6,000 spent per year), then 1% thereafter
– 2% cashback at U.S. gas stations and select U.S. department stores
– 1% cashback on all other purchases
– $250 statement credit after spending $1,000 in the first three months

What are the key features of AmEx Blue Cash Preferred?

– $95 annual fee
– 6% cashback at U.S. supermarkets (up to $6,000 spent per year), then 1% thereafter
– 6% cashback on select U.S. streaming services
– 3% cashback at U.S. gas stations and on transit expenses
– 1% cashback on all other purchases
– $250 statement credit after spending $1,000 in the first three months

Should I choose AmEx Blue Cash Everyday or Preferred?

The choice between AmEx Blue Cash Everyday and Preferred depends on your spending habits and financial goals. If you spend heavily on groceries and streaming services, the Preferred version with its higher cashback rates may be more beneficial, despite the annual fee. However, if you prefer a no-fee option and your spending is not concentrated in the bonus categories, the Everyday version might be a better fit.

Is the annual fee worth it for AmEx Blue Cash Preferred?

The annual fee for AmEx Blue Cash Preferred can be justified if you spend a significant amount of money each year in the bonus categories, such as U.S. supermarkets and streaming services. The increased cashback rates in these categories, along with the other benefits, can offset the annual fee and provide you with substantial savings.

Can I upgrade from AmEx Blue Cash Everyday to Preferred?

Yes, American Express allows cardholders to upgrade from AmEx Blue Cash Everyday to Preferred. It is important to note that this upgrade is subject to approval, and you should carefully consider the preferred version’s annual fee and your spending habits before making the switch.

Can I downgrade from AmEx Blue Cash Preferred to Everyday?

Downgrading from AmEx Blue Cash Preferred to Everyday is possible, but it requires contacting American Express and requesting the change. It is essential to evaluate your spending patterns and consider the potential impact on cashback rewards before deciding to downgrade.

What additional benefits does AmEx Blue Cash Preferred offer?

AmEx Blue Cash Preferred provides several additional benefits apart from cashback rewards. These benefits may include extended warranty, purchase protection, car rental loss and damage insurance, and access to special events through the Amex Offers program. Be sure to review the specific terms and conditions of the card for a comprehensive list of benefits.

Can I use AmEx Blue Cash cards outside of the United States?

AmEx Blue Cash cards can be used outside of the United States. However, it is important to note that foreign transactions may be subject to fees, and the acceptance of American Express may vary depending on the country and establishment. Before traveling, it is advisable to inform American Express of your plans to avoid any potential card issues during your trip.

How can I redeem the cashback rewards earned?

AmEx Blue Cash cardholders can redeem their accumulated cashback rewards in various ways. Options may include applying the cashback as a statement credit, receiving a deposit into a linked bank account, or redeeming for gift cards or merchandise. American Express provides an online platform or mobile app where you can manage and redeem your rewards.

What credit score do I need to qualify for AmEx Blue Cash cards?

To qualify for AmEx Blue Cash cards, you generally need a good to excellent credit score, typically around 700 or higher. However, credit requirements may vary, and American Express also considers other factors such as your income, credit history, and debt-to-income ratio. It is recommended to review the specific eligibility criteria outlined by American Express before applying.

What happens if I miss a payment on my AmEx Blue Cash card?

If you miss a payment on your AmEx Blue Cash card, it can have several consequences. These may include late payment fees, an increase in your interest rate, negative impacts on your credit score, and potential limitations on your card’s benefits and rewards. It is crucial to make payments on time to maintain a healthy credit profile and avoid unnecessary costs.

Are there any foreign transaction fees associated with AmEx Blue Cash cards?

AmEx Blue Cash Preferred comes with a 2.7% foreign transaction fee, while AmEx Blue Cash Everyday does not impose any foreign transaction fees. If you frequently travel internationally or make purchases from foreign merchants, it is advisable to consider the fee structure when choosing between the two cards.

What customer support options are available for AmEx Blue Cash cardholders?

American Express provides comprehensive customer support for AmEx Blue Cash cardholders. You can reach their customer service team through phone, email, or live chat, and they are available 24/7 to assist with any inquiries, concerns, or issues you may have.

In summary, choosing between AmEx Blue Cash Everyday and Preferred depends on your spending habits, preferences, and financial goals. Understanding the key features, rewards structure, and additional benefits of each card will help you make an informed decision. Remember to consider your annual spending in bonus categories and evaluate whether the annual fee of the Preferred version is justifiable based on potential savings. Ultimately, both cards provide an opportunity to earn cashback rewards and enhance your financial benefits.