American Express Blue Cash Preferred Rewards Review
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Written by
Jasmin Baron
If you have good to excellent credit and are looking for a card that offers big-time rewards on everyday spending, then the Blue Cash Preferred® Card from American Express will be tough to beat.
It offers incredible cash back rates on groceries, streaming services, gas and transit.
Purchase and Balance Transfer APR
0% intro APR on purchases and on balance transfers for 12 months from the date of account opening, then 19.99%-28.99% Variable APR
Welcome Offer
Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
Cash Back
1% – 6% Earn 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
Earn 6% cash back on select U.S. streaming subscriptions.
Earn 3% cash back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
Earn 1% cash back on other purchases.
Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
Recommended Credit Score
Good – Excellent
Annual Fee
$0 intro annual fee for the first year, then $95.
CardCritics™ Opinion
This top-rated cash back card is tailored to families with elevated cash back rates at U.S. supermarkets & gas stations, on streaming services and whole lot more. It also offers a very generous welcome offer and a substantial list of additional perks and statement credit opportunities worth taking advantage of. There is a $0 intro annual fee for the first year, then $95.
Our Critical Analysis:
Blue Cash Preferred® Card from American Express
- Incredible cash back potential with a lucrative welcome offer and stellar ongoing cash back
- The introductory APR on purchases and balance transfers helps you save money on interest
- The added card member benefits and card member support are top-notch
PROS
- Annual fee may be high for some
- The elevated rewards rate at U.S. supermarkets is capped each year (after it’s hit you earn 1% back)
- There is a foreign transaction fee so it’s not the best option for purchases outside of the U.S. (see Rates & Fees)
CONS
Elevated Cash Back
The Blue Cash Preferred Card (a CardCritics™ advertiser) offers extraordinary cash back rates. You’ll earn:
- 6% back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%)
- 6% back on select U.S. streaming subscriptions
- 3% back at U.S. gas stations and on transit (this includes taxis, rideshares, parking, tolls, trains, buses and more)
All of your other eligible purchases will earn you 1% back.
$250 Welcome Offer
To sweeten the deal, you can earn $250 back after you spend $3,000 in purchases on your new card within the first 6 months. You will receive your cash back in the form of statement credits.
Generous Introductory APR
This card has an amazing 0% intro APR for 12 months from the date of account opening on purchases and balance transfers.
After that 12 months, a 19.99%-28.99% Variable APR will apply based on your creditworthiness and other factors.
Is the Annual Fee Worth It?
The first year your annual fee is $0. After your first year you will be charged a $95 annual fee. If you’re worried about taking on a card with an annual fee at all it is pretty easy to justfity once you realize how quickly your cash back at U.S. supermarkets adds up. If you spend $30.44 a week at U.S. supermarkets that adds up to $95 in cash back. That still leaves another $265 in cash back you can earn at the 6% rate if you max out that $6,000 spending cap (you’ll keep earning 1% after the cap is hit).
Add in what you could earn with the other elevated rewards categories and the fee is even easier to justify. When it comes to an annual fee you simply want to consider if the rewards you will earn with your typical spending habits can outweigh the fee.
Additional Benefits
American Express offers their card holders a long list of additional benefits. These perks range from American Express Experiences to statement credits on select streaming services.
Benefits are updated and added regularly so the best way to see what the card is currently offering is to select the Apply Now button to view all of the details and current offers.
Is It the Right Card For You?
The Blue Cash Preferred Card may be the right fit for you if any of the following apply:- You spend regularly at U.S. based supermarkets, allowing the elevated cash back rate to add up quickly.
- You spend regularly at U.S. gas stations and are looking for a cash back card that does not cap your rewards in that category.
- You want to take your cash back rewards to the next level and don’t mind paying an annual fee to do so.
- You are interested in a card that offers a welcome offer and you won’t have any problem reaching the spend requirment to earn it.
- You are looking for a card with a generous intro APR on purchases and/or balance transfers, but you are willing to give up a few months of an introductory rate in exchange for ongoing cash back (most cards with longer intro APRs don’t offer rewards).
Card Details From American Express
- Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Low Intro APR: 0% intro APR on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.99% – 28.99%.
- Plan It®: Buy now, pay later with Plan It. Split purchases of $100 or more into equal monthly installments with a fixed fee so you don’t have the pressure of paying all at once. Simply select the purchase in your online account or the American Express® App to see your plan options. Plus, you’ll still earn rewards on purchases the way you usually do.
- Earn 6% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at eligible U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) purchases and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $10 monthly statement credit after using your enrolled Blue Cash Preferred® Card for a subscription purchase, including a bundle subscription purchase, at disneyplus.com, Hulu.com, or Plus.espn.com U.S. websites. Subject to auto-renewal.
- Apply with confidence. Know if you’re approved for a Card with no impact to your credit score. If you’re approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
Frequently Asked Questions
These answers to some frequently asked questions will help you decide if the Blue Cash Preferred® Card from American Express is the right card for you.
Is the Blue Cash Preferred® Card from American Express welcome offer hard to earn?
The welcome offer requires that you spend at least $3,000 within the first 6-months of card membership. This spend requirement is higher than most other cards offering a similar offer amount, but you do have a longer than average amount of time to hit that requirement. If you spend more than $500 on your new card each month you can reach that spend requirement within the allotted timeframe.
Does the Blue Cash Preferred® Card from American Express charge an annual fee?
Yes, the Blue Cash Preferred Card does charge an annual fee. It is a $0 intro annual fee for the first year, then $95. Its sister card, the Blue Cash Everyday® Card from American Express does not charge an annual fee.
What credit score is needed for the Blue Cash Preferred® Card from American Express?
The Blue Cash Preferred Card requires good to excellent credit.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics™ references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.
