The American Express Blue Cash Preferred $150 bonus offer is for current Amex Cash Magnet and Blue Cash Everyday cardholders who upgrade to the Blue Cash Preferred Card and spend $1,000 in the first 3 months. The Amex Blue Cash Preferred Card’s normal initial bonus is $150 for spending $3,000 in the first 6 months.
To get a targeted offer to upgrade to the Blue Cash Preferred Card and earn a $150 bonus, Cash Magnet and Blue Cash Everyday cardholders must make payments on time and consistently use their Amex card. But even then, there is no guarantee that you’ll get you a targeted offer, as other factors go into the decision-making process. Keeping your account active and in good standing will greatly improve your chances, though. If you don’t want to wait for an email or a letter in the mail, you can always call American Express at 1-800-528-4800 to ask whether you qualify for this upgrade offer.
Amex Blue Cash Preferred is worth it for cardholders who spend enough to recoup the value of the card’s $95 annual fee (waived the first year) in rewards earnings. The easiest way to do that is by spending $3,000 within 6 months of opening an account. That will trigger the Blue Cash Preferred card’s $150 initial bonus, which will pay for the annual fee for a couple of years.… read full answer
The Blue Cash Preferred card will continue to be worth it if you consistently charge purchases to the card after meeting the initial bonus, especially in its bonus rewards categories. To break even on the annual fee, you could spend $1,584 on groceries and streaming services per year, $3,167 on gas and transit, or $9,500 on purchases not in those categories. Of course, your spending will probably be a mix of all those categories.
Ultimately, the best way to figure out if Blue Cash Preferred is worth it is to figure out how much you spend in each category per year, determine how much you would earn in rewards based on that, and then compare the rewards value to the annual fee. If you break even or make money, the card is worth it. If not, you should consider a cheaper card.
American Express Blue Cash Preferred Reward Dollars are the cash back rewards cardholders earn with each eligible purchase made on the card. The number of Reward Dollars a cardholder can earn is based on a percentage of the total amount of qualifying purchases every billing period. For example, Blue Cash Preferred earns 6% cash back, up to the first $6,000 annually, on supermarket purchases, and also on select streaming services. Purchases at U.S. gas stations and on transit purchases earn 3% cash back. Eligible transit expenses can be taxi and rideshare costs, parking fees, toll booth fares, and more. All other purchases, including amounts above the $6,000 yearly threshold, get 1% cash back.… read full answer
You can redeem American Express Blue Cash Preferred Reward Dollars for statement credits, gift cards, and merchandise once your available reward dollars balance is $25 or more.
A credit score of 700+ is needed for the Blue Cash Preferred card. That means you need at least good credit for high chances of approval.
However, some forum posts online report getting approved for Blue Cash Preferred with scores as low as 675.
Having said that, it is also worth noting that your credit score is not the only thing the issuer takes into consideration. Your credit history, annual income, existing debt, and derogatory marks on your credit also matter.… read full answer
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