Chip Lupo, Credit Card Writer
@CLoop
The biggest disadvantage of the Blue Cash Preferred® Card from American Express is that it is available to people with at least good credit, which means the average person may struggle to qualify. There are a few other disadvantages of the Blue Cash Preferred to be aware of, too.
Blue Cash Preferred Disadvantages
- Requires high credit scores: The Blue Cash Preferred requires at least good credit for approval.
- Annual fee: The annual fee is $0 intro 1st yr, $95 after.
- High APR: The Blue Cash Preferred has a relatively high APR, at 19.99% - 28.99% (V).
- Foreign transaction fee: You will be charged a fee of 2.7% of each transaction after conversion to US dollars when using your card abroad.
In addition, there are plenty of potential disadvantages applicable to all or most credit cards. Some examples are the hard credit pull that usually happens when you apply, interest charged on balances that are carried from month to month, and the potential to overspend.
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
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People also ask
Is Blue Cash Preferred hard to get?
Yes, Blue Cash Preferred may be hard to get because it typically requires good to excellent credit for approval. Since the average credit score is lower than this requirement, most people will not be able to get the Blue Cash Preferred card.
Having said that, it is also worth noting that your credit score isn’t the only thing the issuer takes into account while considering your application. Various other factors will also determine the outcome, like your credit history, your...
read full answer by Archie Conway, WalletHub Financial AnalystWhat is the Blue Cash Preferred credit limit?
The Blue Cash Preferred credit limit is based on American Express’s assessment of each application, so the card’s credit limit will be different for each applicant. American Express does not disclose any specific Blue Cash Preferred credit limit information in the card’s terms, though.
For the most part, Blue Cash Preferred credit limits depend on each applicant’s overall creditworthiness. People with the most income and the best credit scores are generally offered the highest starting credit limits.
That said,...
read full answer by Chip Lupo, Credit Card WriterIs the Blue Cash Preferred card worth it?
Yes, the Blue Cash Preferred card is worth having if you spend enough to recoup the value of the card’s $95 annual fee ($0 intro fee for the first year) in rewards earnings. The easiest way to do that is by spending $3,000 on eligible purchases 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 a couple of years.
... read full answer by Frankie Solomon, WalletHub AnalystDid we answer your question?
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