Blue Cash Preferred® Card from American Express Review

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Our Detailed Review of This Card

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For those who know you need to spend money to make money, the Blue Cash Preferred® Card from American Express (a NextAdvisor advertiser) is the cash back credit card of your dreams. In exchange for paying a reasonable annual fee, you’ll earn a $250 intro bonus opportunity, up to 6% cash back on U.S. supermarket purchases and streaming services, along with 3% cash back on gas and transit, and more! Add to that intro APR offers, additional protections, extended warranties and the knowledge that you’re in good hands as a customer of American Express — rated one of the top-rated cards for customer satisfaction, according to 2018’s J.D. Power credit card satisfaction study — and you have one well-rounded cash back credit card.

First off, you’ll get a $250 cash back bonus after spending $1,000 on purchases with the card in the first 3 months — that’s like earning 25% back on the first $1,000 you spend! Next, the Blue Cash Preferred® Card from American Express offers great cash back on everyday purchases. You’ll earn 6% cash back at U.S. supermarkets (up to $6,000/year on purchases, then it’s 1% back), which is the highest ongoing cash back rate we’ve seen, along with 6% cash back on select U.S. streaming services, like Amazon Prime Video, Netflix, HBO, Audible and more.

Commuters and frequent travelers will enjoy generous rewards as well: 3% cash back on gas (no spending cap) and 3% cash back on transit (no spending cap), including trains, buses, parking, tolls, taxis and rideshares. All other purchases will earn a standard 1% cash back with no cap.

The Blue Cash Preferred® Card from American Express does have a $95 annual fee (See rates and fees), but if you use the card for all of your everyday purchases at supermarkets, gas station or to cover your streaming subscriptions and transit expenses, you’ll more than earn it back each year. For example, if you spent the maximum amount of $6,000 each year at supermarkets (or $500/month, pretty easy for families to do), you’d get $360 cash back annually just on the groceries you already shop for. If you subtract the annual fee, that’s still $265 in cash back each year, and that doesn’t include the $250 intro bonus or all the other potential cash back you’d earn from your streaming, gas or transit purchases.

If you’d prefer a card with no annual fee, consider its sister card, the no-fee Blue Cash Everyday® Card from American Express, which only earns 3% cash back at U.S. supermarkets (up to $6,000/year in purchases, then it’s 1%) and 2% cash back at gas stations, and offers a 0% intro APR and $150 bonus opportunities. However, if you spend the same $500 per month at supermarkets with the Blue Cash Everyday® Card, you’ll only earn $180 cash back each year, as opposed to $360 each year with the Blue Cash Preferred® Card from American Express, so your choice depends on your individual spending patterns.

On top of all the terrific cash back rewards, the Blue Cash Preferred® Card from American Express features a 12-month 0% intro APR on both purchases and balance transfers. There is a 3% balance transfer fee, $5 minimum (See rates and fees), but depending upon the credit card interest you’re currently paying, it could be more than worth it. This year-long zero interest period can save you a bunch of money on balance transfers and give you some time to help pay down your balances. It’s also a nice perk for new purchases, helping you buy small or large items without having to pay interest on them for 12 months — almost like a free year-long loan!

The Blue Cash Preferred® Card from American Express also offers purchase protection, return protection and extended warranty. Purchase protection protects items you buy with the card from accidental damage or theft for up to 90 days. Return protection is a safeguard against merchants not accepting a return within 90 days of purchase — if this happens, American Express may refund the full purchase price up to $300 per time ($1,000 max annually). Extended warranty means the terms of the original manufacturers warranty can be extended up to a year, giving you additional peace of mind.

In sum, the Blue Cash Preferred® Card from American Express is a terrific cash back card with a great $250 cash back bonus, generous ongoing rewards on everyday categories for modern Americans and a lengthy 0% intro APR on balance transfers and purchases. It will particularly appeal to those who spend more on groceries, streaming services, gas and transit.

Rewards

  • Get $250 back after you spend $1,000 in purchases on your new Card in your first 3 months.
  • Earn 6% cash back at U.S. supermarkets (excluding superstores and warehouse clubs) up to $6,000. After the first $6,000 of purchases in a calendar year users will earn 1% cash back.
  • Earn 6% cash back on select U.S. streaming services.
  • Earn 3% at U.S. gas stations with no spending cap.
  • Earn 3% cash back on transit, including trains buses, parking, tolls, taxis and rideshares.
  • Earn 1% on all other eligible purchases with no spending cap.

Redeem Rewards

  • Redeem reward dollars for statement credits whenever your total available reward dollar balance is $25 or more. Rewards can also be redeemed for gift cards, merchandise or travel.
  • Minimum redemption is 25 reward dollars.

Fees and APR

  • Annual Fee: $95
  • Purchase APR: 0% on purchases for 12 months, then 15.24%-26.24% Variable, based on creditworthiness.
  • Balance Transfer APR: 0% on balance transfers for 12 months, then 15.24%-26.24% Variable, based on creditworthiness.
  • Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater.
  • Foreign Transaction Fee: 2.7% of each transaction after conversion to US dollars.
  • Late Payment Fee: Up to $38.
  • Cash Advance Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater.
  • APR for Cash Advances: 27.49% Variable
  • Penalty APR: 29.99% Variable
  • Returned Payment Fee: Up to $38
  • For full details, see rates and fees.
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