The Blue Cash Preferred Card does not have a balance transfer fee. The reason the Blue Cash Preferred Card has no transfer fee is that it does not allow balance transfers at all, and that means you'll need to look for another credit card to help reduce the cost of existing debt.
The Blue Cash Preferred® Card from American Express does not allow balance transfers. In general, balance transfers allow you to shift high-interest debt from your current account to another issuer’s credit card and pay off the balance, presumably at a reduced interest rate.
The objective of a balance transfer is to save money on interest, so you will want a card with a low introductory APR on balance transfers. Just be sure to pay off the transferred balance in full before the introductory rate expires. Otherwise, the remaining balance will accumulate interest daily at the card’s regular APR.
You can find out how much a balance transfer card with a low intro APR will save you in interest charges by using WalletHub’s balance transfer calculator. This tool will also recommend credit cards that may help you save money and get out of debt faster.
You can check out WalletHub’s review of the best American Express credit cards to find a good option for carrying a balance. Just don’t expect to find a low regular APR. American Express credit cards are known more for rewards than low rates.
The Blue Cash Preferred foreign transaction fee is 2.7%. This is the surcharge applied to all transactions made outside of the U.S. That includes both purchases in another country and stateside transactions through an internationally-based merchant.
American Express Blue Cash Preferred foreign transaction fees and more:
When the foreign transaction fee applies: On all transactions outside of the U.S. and through an internationally-based merchant.
Annual Fee: $0 intro 1st yr, $95 after.
Introductory APR: 0% for 12 months on purchases.
Cash advance fee: 5% (min $10) of the balance.
Maximum Late Fee: $40
Regular APR: 14.74% - 24.74% (V)
All American Express cards with foreign transaction fees charge 2.7%. This includes the Blue Cash Preferred’s companion card, the Blue Cash Everyday® Card from American Express. The percentage other issuers apply to foreign transactions varies, but will range from 1%-3%. However, there are major issuers, like Capital One and USAA, that charge no foreign transaction fees on any of their cards.
The Blue Cash Preferred is ideal for everyday purchases. But it may not be the best option for travel. It offers 6% cash back at U.S. supermarkets (up to $6,000 spent per year), 6% back on select U.S. streaming subscriptions, 3% back at U.S. gas stations and on transit, and 1% back on all other purchases, earned as statement credits. There’s also a $300 statement credit for spending $3,000 in the first 6 months. Cash back rewards can be redeemed for statement credits, gift cards and merchandise. The Blue Cash Preferred’s annual fee is $0 intro 1st yr, $95 after.
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