Credit Cards » Credit Card Reviews » Blue Cash Preferred® Card from American Express: 2022 Review
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Blue Cash Preferred® Card from American Express: 2023 Review

Blue Cash Preferred® Card from American Express is a great card for large families that have large grocery expenses. Here's what you need to know:
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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Blue Cash Preferred® Card from American Express

AMEX Blue Cash Preferred Card review

Reward details

1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases

Current Offer

$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months

Credit Rating

Good – Excellent

0% Intro

12 months on purchases and balance transfers

Annual Fee

$95 ($0 intro for the first year)

APR

18.74% – 29.74% Variable

Rates & Fees, Terms Apply

Rewards Plan

1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases

Welcome Bonus

$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months

0% Intro

12 months on purchases and balance transfers

PROS

CONS

APR

18.74% - 29.74% Variable

Annual Fee

$95 ($0 intro for the first year)

Balance Transfer Fee

$5 or 3%, whichever is greater

Credit Requirements

Good – Excellent Credit

The Blue Cash Preferred® Card from American Express sits among the elite of cash-back credit cards and it is one of the most ideal cards for families. The card offers you to 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases .

The cashback is usually received in the form of reward dollars and can be redeemed as a statement credit whenever the rewards are more than $25. The American Express Blue Cash Preferred offers a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.

Premier rewards, however, come at an annual fee of $95 ($0 intro for the first year), which is quite pricey, especially since their competitors do this for free (See rates & fees). But, their high reward standards and rates shall more than make up for this fee to the cardholders, especially people with families. The decision, therefore, becomes a break-even analysis, of the cost and rewards.

  • Welcome Bonus
  • Cash Back Rewards
  • 0% APR Intro
  • Redeeming Options
  • Extended Warranty on Purchases
  • $95 Annual Fee
  • Short Introductory Rates
  • Balance Transfer Fee
  • Foreign Transaction Fee
  • Minimum Redemption Amounts

  • Is there a limit to rewards/cash back? You can get the premium cashback rate on groceries until you have annual purchases in this area of $6,000. The rate then goes to 1%.
  • Can I get car rental insurance? how? Yes, you will get this insurance if you refuse the car rental company’s insurance coverage and you pay for the entire cost of the rental with this card.
  • Does it have a cash-back/point rewards limit? You can get the premium cashback rate on groceries until you have annual purchases in this area of $6,000. The rate then goes to 1%. Otherwise, there are no restrictions.
  • Do you need a proof of income?  No transparent income requirements or proof of income requests.
  • Does the rewards points expire? They do not expire once you keep your account open and meet a few basic conditions.
  • Can I get pre-approved?  Yes, you can get pre-approval.
  • What is the initial credit limit? It will be at least $1,000 and usually greater.
  • How do I redeem cash back? The rewards will be credited to you in the form of a statement credit.

Editorial Note: Terms apply to American Express benefits and offers. Enrollments may be required for select benefits. Visit americanexpress.com to learn more

In this Review..

Benefits

Let’s take a look at the benefits of the Blue Cash Preferred card and see if it’s the right one for your wallet or not (Terms Apply).

American Express Blue Cash Preferred offers a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months 

American Express Blue Cash Preferred offers 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases

American Express Blue Cash Preferred holders have access to a roadside assistance hotline, so if you have an emergency on the road you can take comfort in the fact that you can call the hotline for help. Card holders also have rental car loss and damage insurance. 

Travel accident insurance is included when travel costs are paid with the American Express. They also have a global assistance hotline that can help you if have issues abroad, from legal issues to losing your luggage.

You can redeem your cash back as a credit on your card. You can also use it on merchandise and gift cards.

American Express Blue Cash Preferred has an extended warranty on purchases of items even after the manufacturer warranty has expired, up to 5 years. It includes purchase protection up to 120 days after purchase for broken or stolen items. 

It also includes return protection, meaning that if a merchant does not take back an item within 90 days, American Express will refund the card holder. American Express will also work with card holders on disputed charges.

If you are looking to save money on interest, the American Express Blue Cash Preferred offers a 12 months on purchases and balance transfers , then 18.74% – 29.74% Variable thereafter.

American Express has exclusive ticket presales for events such as concerts, Broadway shows, and sporting events. You have access to this with the American Express Blue Cash Preferred.

Drawbacks

Let’s take a look at the drawbacks of the Blue Cash Preferred card and see if it’s the right one for your wallet or not.

American Express Blue Cash Preferred has a $95 ($0 intro for the first year) annual fee. This fee eats into some of the cashback rewards. Many cashback credit cards do not have annual fees.

The APR for American Express Blue Cash Preferred is a 18.74% – 29.74% Variable variable rate, which is high for a card that requires borrowers with good credit histories. 

American Express Blue Cash Preferred has a 12 months on purchases and balance transfers 0% APR introductory rate but there are other cards that have longer introductory rates. 

If you are looking to transfer some debts and pay them down or have a large purchase in mind that you want to pay over time, you may want to look at other cards with longer 0% APR introductory rates.

American Express Blue Cash Preferred has a 2.70% fee for each transaction in another country. If you are traveling outside of the U.S. you may want to leave this card at home.

American Express Blue Cash Preferred has minimum redemption amounts of $25 for credit toward your credit card or to use on other rewards. 

There are other cards that do not have a minimum redemption amount and cashback rewards can be used at any time.

American Express is not as widely accepted as competitors like Visa and Mastercard. 

There may be merchants who do not accept the American Express Blue Cash Preferred.

Rewards Simulation: How Much You Can Earn?

The best way to see if the Blue Cash Preferred is the right choice for your needs, is to calculate the amount of rewards and benefits you suppose to earn. 

Keep in mind that this is a general breakdown of expenses, so make sure to adjust it to your own consumer preferences and spending habits.

AMEX Blue Cash Preferred Card review

Spend Per Category
Amex Blue Cash Preferred®
$15,000 – U.S Supermarkets
$450
$5,000 – Restaurants
$50
$2,000 – Airline
$20
$2,000 – Hotels
$20
$4,000 – Gas
$120
Estimated Annual Value
$660

How to Redeem Your Cash Back?

When it comes to redeem your Blue Cash Preferred cash back, it's quite simple. Log into your American Express account and select “Use Reward Dollars” to redeem your Reward Dollars.

You can redeem your available Reward Dollars balance for a statement credit at a rate of 1.00 Reward Dollar to $1.00 as long as your available Reward Dollars balance is 25 or more.

Simply enter the number of Reward Dollars you want to use as a credit toward your next statement balance, and the credit should appear within three days.

Make The Most of Your Blue Cash Preferred

Here are some pointers to help you make the most of your Amex Blue Cash Preferred card:

  • Use Amex Travel – You can use your credit card to reserve and pay for rental cars. This will provide additional insurance coverage against damage and theft.
  • Don't just buy groceries at the supermarket. You'll get more benefits if you shop at U.S. supermarkets, but this doesn't limit you to just groceries. To maximize your cash back, buy homewares, tools, and other items at US supermarkets.
  • Check out American Express Experiences: If you enjoy going to concerts, sporting events, and shows, this platform will provide you with exclusive access to ticket presales.

How To Apply For Blue Cash Preferred Card?

Visit the American Express Blue Cash Preferred homepage and click on “Apply Now.”

American Express Blue Cash_Apply now

Fill in your personal details on the next page and click “Next.”

American Express Blue Cash_Apply now

Now, fill in your street address, city, zip code, and choose your birth date, SSN, etc.

American Express Blue Cash_Apply now

The next step is your financial details – you’ll need to share some details about your income and more relevant info such as employment status and annual income.

American Express Blue Cash_Apply now

Next, read through the Terms and conditions and approve them.

Is the Amex Blue Cash Preferred Card Right for You?

American Express Blue Cash Preferred is a great card for large families that have large grocery expenses. This card also has 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases – that can be a good option for families.

However, you'll pay an annual fee that will eat into your cashback rewards. Consumers that do not have large grocery bills may want to look into other cashback cards that do not have an annual fee. Also consumers looking to pay off debt may want to look for a card with a longer 0% APR introductory rate.

If you’re looking for cash back on life’s day-to-day purchases, this card can be the groceries and gas credit card for many consumers. 

Compare The Alternatives

There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Blue Cash Preferred:

Chase Freedom Flex

capital-one-venture

American express everyday card review 2021

Chase Freedom Flex℠ Card
Capital One Venture Rewards Credit Card
American Express EveryDay® Card
Annual Fee
$0
$95
$0
Rewards
1-5% 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
2X 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
1X – 2X 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases
Welcome bonus
$200 $200 bonus after you spend $500 on purchases in the first 3 months from account opening
75,000 miles 75,000 miles once they spend $4,000 on purchases within 3 months from account opening
10,000 points 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
Foreign Transaction Fee
3%
None
2.7%
Purchase APR
19.49% – 28.24% variable
20.24% – 28.24% (Variable)
17.49% – 28.49% variable

FAQ

You can get the premium cashback rate on groceries until you have annual purchases in this area of $6,000. The rate then goes to 1% with the Blue Cash Preferred Card.

Yes, you will get this insurance if you refuse the car rental company’s insurance coverage and you pay for the entire cost of the rental with this card. Please review the terms and conditions before to make sure you're covered.

Yes, you can get pre-approval for the Blue Cash Preferred Card if you fill out a simple form. No hard credit check is needed at this stage.

The initial credit limit for the Blue Cash Preferred Card will be at least $1,000 and usually greater. The exact limit depends on your financial situation.

The rewards that you will earn through using the Blue Cash Preferred Card to make purchases will be credited to you in the form of a statement credit.

It is not very hard to get a Blue Cash Preferred Card. There are just some straightforward requirements that you need to meet and you will then be good to go.

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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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AMEX Blue Cash Preferred Card review

Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus: $250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months

American express everyday card review 2021

Rewards Plan:
1X – 2X 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases
Welcome Bonus: 10,000 points 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months

American Express Cash Magnet

Rewards Plan:
1.5% unlimited 1.5 percent cash back on all purchases
Welcome Bonus: $200 $200 statement credit for spending $2,000 in the first 6 months of account opening

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The product offers that appear on this site are from companies from which this website receives compensation. 

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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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