Blue Cash Preferred Card from American Express Review

The Blue Cash Preferred® Card from American Express is known as one of the highest paying cash back cards available. It offers up to 6% cash back and a 0% introductory APR on purchases and balance transfers for 12 Months.

American Express is perhaps best known for its travel rewards–“Don’t leave home without it.” But with the Blue Cash Preferred® Card from American Express, it also offers a top notch cash rewards card. The card has a tiered reward system ranging from one to six percent. It also has a cash bonus for new card members and a 0% introductory APR offer.

I’ve carried this card for years. While I don’t use it as much (I moved near a Whole Foods and use the Amazon Prime Visa card for groceries), it’s an excellent option for those wanting to earn cash back. Learn more about this and other cash back credit cards and apply online at CardRatings.com.

Snapshot

  • Welcome Offer: Earn $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • Earn Cash Back: 6% U.S. supermarkets up to $6,000 per year in purchases (then 1%), 3% U.S. gas stations, and 1% other purchases. Terms and limitations apply.
  • Earn 6% Cash Back on select U.S. streaming subscriptions including  Spotify, Netflix, Hulu, HBO, ShowTime, Pandora, Apple Music, Amazon Music or Video (Does not include Prime membership).
  • Earn 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more.
  • With the Blue Cash Preferred® Card, you can start earning cashback. No rotating reward categories. No enrollment required.
  • Cashback is received in the form of Reward Dollars that can be redeemed as a statement credit. Cashback is earned only on eligible purchases.
  • 0% intro APR on purchases and balance transfers for 12 months, then a variable rate based on your creditworthiness and other factors.
  • Annual Fee: $95
  • Terms Apply

Cash Back Rewards Program

There are four components of the rewards program: (1) the $200 bonus; (2) 6% cash back;  (3) 3% cash back; and (4) 1% cash back.

  1. $250: Spend just $1,000 on the card in the first 3 months and you’ll pocket a $250 cash bonus in the form of a statement credit.
  2. 6% Cash Back: For rewards, you earn 6% cash back at U.S. supermarkets up to $6,000 per year in purchases (then 1%). You also earn 6% cash back on U.S. streaming subscriptions. This is one of the highest cash back rewards available from any card.
  3. 3% Cash Back: You’ll earn 3% on transit (e.g., taxis/rideshare, parking, tolls, trains, buses and more) and at U.S gas stations.
  4. 1% Cash Back: On all other purchases.

Now it’s not all good news when it comes to the Blue Cash Preferred® Card from American Express.  There is a $95 annual fee that is NOT waived for the first year. But when you take into account the welcome bonus and cash back rates in a variety of categories, big spenders will love this card long-term.

For example, if you just take advantage of the 6% cash back on $6,000 at U.S. Supermarkets, you’ll earn $360 a year. That more than makes up for the annual fee and doesn’t account for cash back earned in the other categories.

0% APR Introductory Offers

The Blue Cash Preferred® Card from American Express also offers an introductory 0% APR on both purchases and balance transfers. The 0% APR lasts for 12 Months on balance transfers and 12 Months on purchases.

Note that balance transfers are subject to a balance transfer fee.

Other Card Benefits

Car Rental Loss and Damage Insurance: When you use the card to reserve and pay for the entire eligible vehicle rental and decline collision damage waiver, you can be covered if the car is damaged or stolen. As always, be sure to read the fine print on this coverage.

Global Assist Hotline: You get 24/7 access to medical, legal, financial and other emergency assistance when you travel more than 100 miles from home.

Return Protection: If a seller won’t accept a return, you can return eligible purchases to American Express up to 90 days from the date of purchase. Coverage is up to $300 per item, $1,000 per calendar year per card account. Only purchases made in the U.S. or its territories are covered.

Shoprunner: Get free 2-day shipping on eligible items. This service is normally $79 a year (according to my wife!).

Entertainment Access: Get exclusive access to ticket presales and card member-only events.

Frequently Asked Questions

Is the Amex Blue Cash Preferred worth it?

With a $95 annual fee, the answer depends on how much you use the card. If you max out the 6% cash back on groceries each year, the card more than pays for itself. Six percent back on $6,000 in groceries will earn you $360. Add to that any additional cash back, and the card is easily worth the annual fee.

Is the Amex Blue Cash Preferred a charge card?

No. Blue cash preferred is a credit card. You can pay it off in full each month, which is always the best approach. But if you need to pay it off over time, you can.

How does it compare to the Blue Cash Everyday card?

The Blue Cash Everyday card by American Express is a no annual fee version of the Blue Cash Preferred card. In exchange for no annual fee, your rewards rates are lower. For example, rather than 6%, you’ll earn 3% cash back on up to $6,000 in groceries each year with the Blue Cash Everyday card.

Does the Blue Cash Preferred charge a foreign transaction fee?

Yes–2.7% of each transaction after conversion to US dollars.

Does the card earn Amex Membership Rewards?

No. Amex Blue Cash Preferred earns Reward Dollars that can be used for statement credit, merchandise, or gift cards. For those who want to earn Membership Rewards, consider the Everyday and Everyday Preferred cards.

Learn more about this and other cash back credit cards and apply online at CardRatings.com.

Blue Cash Preferred Card from American Express

4.25

Rewards

4.3/5

Fees

3.5/5

Other Benefits

5.0/5

Pros

  • Welcome Bonus
  • Up to 6% cash back
  • American Express benefits

Cons

  • Annual fee
  • Cash back in form of statement credit

We'd love to hear what you think in the comments below. Please be respectful of others. And keep in mind that the comments are not reviewed, approved or endorsed by the financial institutions of the reviewed products.