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

Question

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.

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Answer 1 · 2020-08-18 07:42:36

Archie Conway, WalletHub Financial Advisor

@ArchieConway • 08/18/20 This answer was first published on 08/18/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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To redeem Amex Blue Cash Preferred rewards for gift cards, log in to your online account and click “Explore Rewards.” Then, select “Gift Cards” from the Rewards Menu to begin browsing gift cards from popular retailers such as Target, Taco Bell, Amazon, Best Buy, L.L. Bean, Lowe’s and Staples, among others. You will need a minimum Reward Dollars balance of $25 (equal to $25 in U.S. dollars) before you can redeem rewards for gift cards. Denominations above $25 will vary, depending on the retailer.

When you’re ready to redeem your Blue Cash Preferred rewards for a specific gift card, click the card logo on the page, then select the number of cards and the denominations you want. Some retailers may also allow you to choose from either a physical gift card or a digital e-gift card. After adding gift cards to your cart, review the shipping address and redemption amounts and either update your information or click “Check Out.” Once completed, you will receive a confirmation e-mail at the address linked to your account.

Note that each gift card you redeem automatically reduces your Reward Dollars balance. Gift cards normally arrive by mail in about 10 business days from the ordering date. Digital gift cards are sent via e-mail and are available for use as soon as you receive them.

Answer 2 · 2020-08-31 06:41:42

James Bronzz, WalletHub Analyst

@jbronz • 08/31/20 This answer was first published on 08/31/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Redeeming cash back rewards for gift cards online is pretty straightforward. It’s also worth mentioning that you can earn more rewards with other gift card purchases. You can buy gift cards at grocery stores with Amex Blue Cash Preferred and get the 6% cash back rate. Just make sure that particular grocery store allows gift card purchases with credit cards.

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

Archie Conway, WalletHub Financial Advisor

Blue Cash Preferred® Card from American Express

James Bronzz, WalletHub Analyst

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