American Express Blue Cash Preferred® Credit Card Rating
Rewards Program (30 points)
Points, Miles, or Cash Back Rates (15 points):
The American Express Blue Cash Preferred excels with 6% cash back on U.S. supermarkets (up to $6,000 annually), 6% cash back on select U.S. streaming services, 3% on transit and U.S. gas stations, and 1% on everything else. This is a high earning rate for specific categories, especially groceries and streaming services.
Score: 15/15
Redemption Flexibility (10 points):
While the rewards are primarily cash back, the redemption process is flexible and can be applied as statement credits or for eligible charges. However, cash back options are relatively straightforward compared to some travel card points that can be transferred to multiple partners. Still, for cash-back-focused cardholders, this is a solid choice.
Score: 9/10
Rewards Expiration and Transfer Options (5 points):
Cash back earned with the Blue Cash Preferred never expires, making it an ideal card for users who want to accumulate rewards without worrying about deadlines. However, there are no transfer options to other programs or partners.
Score: 4/5
Total Rewards Program Score: 28/30
Welcome Offer (20 points)
Welcome Offer Value (15 points):
The current offer for new cardholders is a $250-$300 statement credit after spending $3,000 in the first six months. This is a moderate welcome offer value, but it’s still attractive, especially for a cash-back card.
Score: 14/15
Ease of Earning (5 points):
The spending requirement of $3,000 in 6 months is quite reasonable, offering ample time to meet the threshold without excessive spending pressure.
Score: 5/5
Total Welcome Offer Score: 19/20
Fees (10 points)
Annual Fee (6 points):
The annual fee for the American Express Blue Cash Preferred is $95, which is considered a low-to-moderate annual feecompared to premium cards but can still be offset easily with rewards from regular grocery spending.
Score: 5/6
Foreign Transaction Fees (4 points):
The card does have a foreign transaction fee of 2.7%, which can be a drawback for those who travel internationally frequently.
Score: 0/4
Total Fees Score: 5/10
APR and Financing Options (15 points)
Introductory APR (5 points):
The card offers a 0% intro APR on purchases and balance transfers for 12 months, making it a great option for those looking to finance larger purchases or consolidate balances in the first year.
Score: 5/5
Standard APR (5 points):
After the intro period, the APR varies between 19.49% – 29.49%, which falls in the moderate-to-high range.
Score: 3/5
Balance Transfer Options (5 points):
There is a 3% balance transfer fee, which is standard but not competitive when compared to no-fee balance transfer offers.
Score: 3/5
Total APR and Financing Score: 11/15
Cardholder Benefits (15 points)
Travel Benefits (5 points):
The Blue Cash Preferred isn’t travel-focused, so it doesn’t offer extensive travel perks. However, it does come with secondary rental car insurance and some travel accident insurance.
Score: 3/5
Purchase Protection and Insurance (5 points):
The card provides purchase protection, extended warranty, and return protection, which are valuable for everyday purchases. This offers a solid level of consumer protection.
Score: 5/5
Other Perks (5 points):
The card comes with additional perks such as exclusive Amex Offers, free ShopRunner membership, and access to entertainment events through the American Express network. These perks add extra value for cardholders.
Score: 4/5
Total Cardholder Benefits Score: 12/15
Subjective Prestige (10 points)
Perceived Status and Exclusivity (10 points):
The Blue Cash Preferred card is moderately prestigious due to the American Express branding and reputation. It’s widely available, but Amex’s strong reputation, especially for customer service, gives it an edge in perceived value.
Score: 6/10
Conclusion: Strongly Recommended
With a total score of 81/100, the American Express Blue Cash Preferred® Card falls into the “Strongly Recommended” category. It’s ideal for households and individuals who spend heavily in key categories like groceries, gas, and streaming services. The card’s high earning rates, reasonable welcome offer, and valuable perks make it a strong contender for those looking to maximize their cash back on everyday expenses. The primary drawbacks are the annual fee and foreign transaction fees, but these are easily offset by the rewards potential, especially for families who regularly buy groceries or gas.
In summary, if you’re someone who wants to maximize your cash back on essential purchases while enjoying purchase protection and additional perks, the Blue Cash Preferred is an excellent option.