How do I redeem my Amex Blue Cash Preferred rewards for gift cards?

Yes, Blue Cash Preferred is worth it for cardholders who spend enough to recoup the value of the card’s $95 annual fee (charged from the second year on) 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 card’s $250 initial bonus (earned as a statement credit), which will help offset the annual fee for several years.… read full answer

Here’s how to make the most of Blue Cash Preferred:

The Blue Cash Preferred card will continue to be worth it if you consistently charge purchases to the card after meeting the initial bonus offer, especially in its bonus rewards categories. With this card, you earn 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.

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.

The credit score that you need for the Blue Cash Preferred® Card from American Express is 700, at a minimum. That means people with good credit or better have a shot at getting approved for this card.

Other Blue Cash Preferred Approval Requirements

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Blue Cash Preferred Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status, and housing status.… read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Blue Cash Preferred Card credit score requirement. You can check your credit score for free on WalletHub.