Looking to get more out of your credit card purchases? Already one of our favorites for its super high cash back rate on supermarket purchases, the Blue Cash Preferred Card from American Express (a NextAdvisor advertiser) just revamped its perks and rewards, including upping its intro bonus to $250 and adding new cash back categories! The intro bonus has increased from $200 to a generous $250 that you can earn after spending $1,000 in the first 3 months of card membership — that’s like earning 25% cash back! If that wasn’t enough to pique your interest, in addition to its existing 6% cash back at U.S. supermarkets (on up to $6,000/year in purchases, then it’s 1%) and 3% cash back at U.S. gas stations, this card now earns 6% cash back on select U.S. streaming subscriptions and 3% cash back on transit. As if all of that isn’t enough, this card also comes with a 12-month 0% intro APR on your purchases and balance transfers (with a 3% balance transfer fee, $5 minimum)! While this premium cash back credit card has a $95 annual fee, the bonus, ongoing rewards and perks cover the fee — and then some (we explain this more below). Keep reading to learn more about this revamped credit card and whether it’s the right fit for your needs.

What does the new Blue Cash Preferred Card offer?

As we said in the intro, the Blue Cash Preferred Card from American Express already offers a stunning 6% cash back on your first $6,000 spent at U.S. supermarkets per year (after that, it’s 1%), as well as 3% cash back at U.S. gas stations. Now, cardholders will be able to earn 6% cash back on select U.S. video and music streaming subscription services — that means you’ll get a little bit back every time you renew your Amazon Prime Video, Netflix, HBO or Audible subscription (among many more)! Another new addition to this card’s roundup of cash back categories is 3% on transit, which includes trains, buses, parking, tolls, taxis and rideshares. All your purchases outside these categories and limitations will earn the standard 1% cash back.

Also noted above, when you get your new Blue Cash Preferred Card from American Express and use it to spend at least $1,000 on purchases during the first 3 months, you’ll be rewarded with a $250 statement credit! Those purchases will also be safe from any interest, as you’ll enjoy a 12-month 0% intro APR on purchases and balance transfers (with a 3% balance transfer fee, $5 minimum). Using your card will be a breeze, as it comes with contactless payment capability, and the Reward Dollars you rack up can be redeemed for statement credits when your balance reaches $25 or higher, gift cards, merchandise or travel.

In true American Express fashion, this card is packed with extra features that will help make your life as a cardholder that much easier, including access to Pay It Plan It for flexible payments, a host of shopping and travel benefits, and access to exclusive entertainment offers like ticket presales and cardmember-only events. Travel benefits offered by this card include car rental loss and damage insurance and a 24/7 Global Assist hotline to offer medical, legal, financial or other select emergency coordination and assistance services for when you travel more than 100 miles away from home. And, finally, enjoy peace of mind when you use your card thanks to return protection, extended warranty and purchase protection. We should note that the Blue Cash Preferred Card from American Express requires good to excellent credit for approval, typically a score of 700 or higher.

Some drawbacks to consider

While the high cash back percentage might be enticing, it’s important to consider whether or not you will spend enough in these categories to make the Blue Cash Preferred Card from American Express worth the $95 annual fee. For example, if you spend the maximum amount of $6,000 each year at U.S. supermarkets (or $500 per month, pretty easy for families to do), you’d get $360 cash back annually just on your grocery purchases. After you subtract the $95 annual fee, that’s a total of $265 cash back and that doesn’t include the $250 bonus or any cash back you’d earn on streaming services, gas, transit and any other purchases you make with the card.

Should you apply for this card?

The addition of streaming services and transit to its cash back categories give the Blue Cash Preferred Card from American Express an edge that it needed, considering many similar cash back cards have been catering to these types of purchase categories lately. That said, if you don’t frequent U.S. supermarkets or gas stations or plan to take advantage of these new cash back categories, then this isn’t likely to be a card that will suit you in the long run. Visit our Blue Cash Preferred Card review to apply online and learn more about the card.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.