The Blue Cash Preferred® Card from American Express interest rate is 17.74% - 28.74% (V), with the actual rate depending on factors such as your income, credit history and existing debt. The Blue Cash Preferred card also offers new cardholders an introductory interest rate of 0% for 12 months on purchases and balance transfers. After the card’s intro rate expires, the regular interest rate applies to any remaining balance. There is also a balance transfer fee of 3% (min $5). This Blue Cash Preferred card interest rate is variable, meaning it can change based on certain economic conditions.
Blue Cash Preferred gives you a 25-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your Blue Cash Preferred card, it will accumulate interest daily at the card’s regular APR. Interest is compounded, meaning you will owe interest on both the principal balance and any interest already accumulated.
In addition to the regular interest rate, Blue Cash Preferred also charges a separate 28.99% (V) interest rate on cash advances and a penalty rate for late payments. All Blue Cash Preferred card interest rates will be listed on your statement and on your online account summary.
You can get a Blue Cash Preferred cash advance at participating ATM locations worldwide that accept American Express cards. You will need the Blue Cash Preferred and the PIN (Personal Identification Number) you received when you opened the account. You can view or change your PIN under the “Card Management” section of your online account. If do not have access to your PIN, call customer service at … read full answer(800) 227-4669 to request a new one.
Here is what you need to know about Blue Cash Preferred cash advances:
How to get one: Use your card to withdraw cash from one of the participating ATMs worldwide. You will have to use your designated PIN. You can see your PIN or change it in the Card Management section of your online account. If you do not see your PIN or haven’t received one, you can request one at (800) 227-4669.
Cash advance APR: 28.99% (V). Keep in mind that unlike regular purchases, your cash advances accrue interest immediately, with no grace period.
Cash advance fee: Each cash advance is subject to a fee of 5% (min $10).
Cash advance limit: American Express assigns you a cash advance limit that is part of your overall credit limit. These can be viewed on your billing statements.
Cash equivalents: Cash advances also include travelers or gift checks, money order, digital currency, casino gaming chips, race track wagers and similar online and offline betting transactions.
As you can see, cash advances are expensive transactions. So, unless you need emergency cash, you should avoid them.
The Blue Cash Preferred card annual fee is $0 intro 1st yr, $95 after. Blue Cash Preferred’s $95 annual fee that’s charged from the second year on is higher than the average annual fee among new credit card offers right now. It is not the only fee you need to worry about with the Blue Cash Preferred® Card from American Express, either.
You will need at least good credit to qualify for an American Express credit card with a 0% interest rate. American Express will also review your payment history, employment, income, your level of debt, and other factors. If you’re applying for a business credit card, your personal credit history will play a significant role in the evaluation process.
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