American Express Blue Cash Preferred Card

Best Cash Back Card for Household Spending

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Pros
  • Lackluster credit? This card can help you out with high credit limits, increasing available credit, and improving your score!
  • Try to find another cash back credit card that offers 6% back on groceries while also offering 3% on gas stations and department stores)
  • Most credit cards charge a fee for balance transfers, but not the American Express Blue Cash Preferred Card (at least for your first 12 months).
Cons

While this cash back credit card appears to have it all, the main drawback lies in the limited definition of “supermarket” and "gas stations." Specifically, their rewards rates do not include Walmart and Costco, as well as alcohol retailers. Talk about a buzzkill! "Gas stations" refer to standalone gas stations, and not superclubs that sell gas, so you'll have to be careful when sliding this card if you're intending to make the most of its cash back promises.

Additionally, there's a high annual fee and a minimum $25 redemption for cash back.

Highlights
  • $200 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) - that means spending $60 a week at U.S. supermarkets could earn over $180 back per year.
  • 3% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
  • Low intro APR: 0% for 12 months on purchases and balance transfers, then a variable rate, currently 14.24% to 25.24%.
  • Expanding merchant acceptance: Over 1 million more places in the U.S. started accepting American Express® Cards in the last year.
  • $95 annual fee.
  • Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
  • Terms Apply.
Details

Application Process: All online, all the time. You'll get a decision in less than 60 seconds. Plus, you'll have the ability to easily compare this card with the features of other American Express credit card offerings.

Annual Fee: $95. If you don't want to pay annual fees, you might also consider the Blue Cash Everyday card from American Express, but it offers lower rates than the Preferred card.

Besides the annual fee, additional fees include a 2.7% foreign transaction fee, and a balance transfer fee of $5, or 3% of the amount to be transferred (whichever is higher).

APR: 0% for the first 12 months (including balance transfers); after which, APR is a variable 13.99% to 24.99%.

RewardsRewards are redeemable as statement credits, with a minimum redemption value of $25 (and only comes in $25 increments). Other rewards, such as gift cards and merchandise, come in more variable amounts.

Bonus Offers: Spend $1,000 within the first 3 months of account opening for a $250 statement credit. This represents the best new account bonus on this list of the best cash back credit cards, though you'll also have to spend more to hit it!

Card attributes
  • Variable APR
    14.24% - 25.24%
  • Cash Advance APR
    26.49%
  • Bonus Offers
    $200 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. Terms Apply.
  • Rewards Rate
    1.0%
  • Annual Fee
    $95
  • Intro APR
    0% on Purchases and Balance Transfers for 12 months
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