Amex Blue Cash Preferred® Review

When it comes to the Amex Blue Cash Preferred® Card, the rewards alone are enough to turn heads:

• 6% back on groceries (up to $6,000 annually) and select streaming subscriptions.
• 3% back at gas stations and transit (taxis, rideshares, tolls, etc.).
• 1% back on everything else.

If you sign up now, you’ll also earn a fantastic welcome bonus: a $400 statement credit (recently increased from $350) when you spend $3,000 on your card within the first six months from opening your account.

But before you take the bait, make sure you understand this card’s pros as well as its cons. For example, the Amex Blue Cash Preferred® has an annual fee of $95, which is more than some competitors. As well, cash back rewards only come in the form of statement credit.

Even still, the Amex Blue Cash Preferred® Card has a lot to offer. Let’s take a look.

Amex Blue Cash Preferred® Card Overview

• Best for – Groceries and gas.
• Sign-up bonus – Earn $400 statement credit when you spend $3,000 in purchases within the first six months from account opening.
• Cash back – 6% back on groceries (up to $6,000 annually) and select streaming subscriptions, 3% back on transit and gas, and 1% back on all other purchases.
• Intro APR – 0% APR on purchases for 12 months.
• Regular APR – 15.49% to 25.49% variable.

Other Features

American Express also offers a program called Plan It®, which enables cardholders to split up large purchases ($100 or more) into monthly installments, interest-free. Instead of paying interest during the plan period, you’ll be given a fixed monthly fee (up to 1.33%), which is shown to you upfront.

If you opt into Plan It® for a purchase, Amex will offer you three different plan durations, dependent on your creditworthiness and account history.

For plans made within the first 12 months from account opening, you’ll get an intro offer of zero fees. After that, it’s the regular fixed fee of up to 1.33%.

In-Depth Analysis of the Amex Blue Cash Preferred®

Rewards

Foodies, listen up. Perhaps the greatest benefit available through the Amex Blue Cash Preferred® Card is the competitive cash back offer for grocery purchases. There is, however, a $6,000 annual cap, after which you’ll earn 1% on groceries.

On top of the generous 6% back on groceries, cardholders earn 6% back on select streaming services, 3% back on gas and transit purchases, and 1% back on everything else.

Read more: Best Cash Back Credit Cards

Bonuses

New cardholders can earn $400 when they spend $3,000 in the first six months after opening their Amex Blue Cash Preferred® Card. This reward comes in the form of statement credit.

Read more: Best Credit Card Sign-Up Offers

APR

Along with the $400 statement credit, the Amex Blue Cash Preferred® includes an intro APR of 0% for the first 12 months. After the first year, the APR increases to a variable rate of 15.49% to 25.49%.

Annual Fee

As you may have suspected, the Amex Blue Cash Preferred® Card does have some drawbacks — in this case, an annual fee of $95.

Read more: Best No Annual Fee Credit Cards

Other Fees

The Amex Blue Cash Preferred® Card also comes with some additional fees:

• Balance transfer fee – Either $5 or 3% (whichever is greater).
• Cash advance fee – Either $10 or 5% (whichever is greater).
• Foreign transaction fee – 2.7%.
• Late fee – $40.

Other Benefits

On top of this card’s impressive rewards system, cardholders can also boost their rewards through Amex Offers.

Amex Offers rewards you for purchases made at a variety of stores and services. You’ll have the option to select featured deals, which you can redeem by spending a set amount before the listed expiration date.

For example, recent Amex Offers have included getting a $25 statement credit when you make a single purchase of $99 at hbomax.com, or a $30 statement credit for spending $150 at Ray-Ban.

Amex Blue Cash Preferred® Card Pros & Cons

Pros

Attractive Rewards

You’ll earn 6% back on groceries (up to $6,000 annually) and select streaming services, 3% back on transit expenses (such as rideshare and parking), as well as 1% back on everything else.

Excellent Welcome Bonus

Receive 0% APR on purchases made in the first 12 months from account opening, as well as $400 statement credit when you spend $3,000 in the first six months.

Amex Offers

Earn more rewards through Amex Offers, which allows you to “clip coupons” within your account for popular brands like HBO Max, Ray-Ban, and more.

Buy Now, Pay Later

Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments.

Cons

Annual Fee

The Amex Blue Cash Preferred® Card has an annual fee of $95, which is hefty compared to some alternative cash back cards.

Rewards Redeemed as Statement Credit

The cash back you earn using your Amex credit card is received in the form of Reward Dollars, which cardholders can redeem as statement credit.

Credit Requirements

To be approved for this credit card, you’ll need an excellent credit score, such as 700 or higher.

Amex Blue Cash Preferred® vs. the Competition