2017 Amex EveryDay Credit Card Review – WalletHub Editors
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The Verdict: The American Express EveryDay Credit Card wouldn’t be our first choice for an everyday credit card, but it’s nevertheless a great all-around option for people with excellent credit.
It doesn’t charge an annual fee, which is a major plus if you aren’t planning to regularly make purchases or if you want to extend the length of your credit history — thus boosting your credit score — by keeping your account open for as long as possible. It doesn’t charge interest on new purchases or balance transfers for the first 12 months, either, giving you a solid head start on an above-average APR that can be as high as 23.74%. That regular rate and a 3% balance transfer fee are your biggest savings obstacles if you’re looking for a card for financing purposes.
What Amex EveryDay gives you, on the other hand, is a 10,000-point initial bonus and an above-average rewards structure that comes with a few qualifications. The 2 points per $1 that you’ll earn at supermarkets applies to just the first $6,000 spent each year. Otherwise, you’ll earn 1 point per $1 spent. You also need to make at least 20 purchases per month to qualify for a 20% monthly rewards bonus.
So, to recap, the American Express EveryDay Card is an attractive offer that will prove particularly beneficial to those who use it every day or not at all and who carry a balance only during the first 12 months, if at all. We’ll go into more depth below.
- 10,000-Point Initial Bonus: In return for spending at least $1,000 during the first three months your account is open, you will receive 10,000 bonus points, redeemable for up to $100 in travel booked through American Express or $100 in gift cards. It’s not the largest or most valuable initial bonus available to people with excellent credit – it’s about average for the market overall – but you certainly can’t complain about having an extra $100 to spend.
- 0% Intro Financing For 12 Months: Amex EveryDay starts you out in an interest-free environment, offering 0% introductory rates on new purchases and balance transfers for the first 12 months. This can take a lot of pressure off your wallet, provided that you use it responsibly. That means only financing what you can afford to repay before regular rates take effect and using a credit card calculator to plan the monthly payments necessary to get out of Dodge in time.
- No Annual Fee: The higher your credit score is, the less likely you are to have to pay an annual fee on a credit card. You can obviously do so in order to secure an especially attractive rewards deal, for example, but you’ll also have a variety of free options available. This, of course, includes the American Express EveryDay Credit Card, the lack of an annual fee for which figures to be particularly beneficial if you have financing in your future or if you don’t plan to use your card with any regularity. Interest savings aren’t as stark with an annual fee clouding your costs, and no one wants to pay for plastic they might not whip out too often.
Above-Average Rewards: You will earn at least the market average for a points credit card when using Amex EveryDay, as it provides a minimum of 1 point per $1 spent. You also get an additional point on the first $6,000 in supermarket purchases that you make each year and a 20% bonus on all of your earnings during months that you make at least 20 purchases.
The average person – who makes roughly $28,523 in annual plastic-compatible purchases each year, including $3,997 spent on groceries – would rack up around 39,024 points on an annual basis when using this card (assuming they meet the 20-purchase threshold). And that bounty would be redeemable for $390 in gift cards or travel.
- Above-Average Regular APR: Given that the EveryDay Credit Card from American Express requires excellent credit for approval, you might assume that everyone who qualifies would be assigned an interest rate benefitting their elevated standing. You’d be wrong, though. EveryDay’s regular APR can be anywhere from 13.74% to 23.74%, depending on just how excellent your excellent credit happens to be. Even if you get a rate at the low end of that range, it will still be above the 13.16% market average for “excellent-credit” credit cards.
- 3% Balance Transfer Fee: The EveryDay Card’s 12-month 0% intro rate for balance transfers is at first glance a very appealing offer. However, you must not forget to take its 3% balance-transfer fee into account when contemplating availing yourself of this particular card feature. How large this fee will loom ultimately depends on the amount you plan to transfer, but it could be enough to alter the card’s value proposition as a balance-transfer vehicle – especially compared to offers with longer intro terms or no fixed costs.
- 2.7% Foreign Transaction Fee: If you travel abroad or make purchases from internationally based merchants, then using Amex EveryDay every day could wind up proving pretty expensive. The 2.7% surcharge assessed for every transaction processed outside of the U.S. is above the market-average 1.97% foreign fee.
Other Things To Consider
- Relatively Limited Worldwide Acceptance: American Express is the world’s third-largest card network, operating in more than 130 countries. That might seem like a broad reach until you consider that Amex’s larger rivals, Visa and MasterCard, are each accepted in more than 200 countries. This figures to be a major obstacle for many frequent travelers who might otherwise make Amex EveryDay their go-to everyday spending vehicle.
- Travel & Gift Cards Offer the Most Redemption Value: You have a variety of options when it comes to redeeming points earned with the EveryDay Card, but you’ll get the most value by using your points to book travel through the American Express travel website or by redeeming them for gift cards. Amex’s so-called “Membership Rewards” points are worth 1 cent apiece when redeemed by these methods, whereas statement credits, merchandise and miscellaneous redemption options all yield significantly less.
Compared To The Competition
Citi® Diamond Preferred® Card
Citi® Double Cash
Barclaycard Arrival Plus
|Annual Fee||$0||$0||$0||$0||$89 ($0 the first year)|
|Initial Bonus||10,000 points for spending $1,000 in the first three months||N/A||N/A||N/A||50,000 points for spending $3,000 in the first three months|
|Ongoing Rewards||2 points per dollar on supermarket purchases of up to $6,000 per year
1 point per dollar spent on all other purchases
|N/A||N/A||1% cash back when you buy, plus 1% cash back when you pay||2 points per $1 spent on all purchases
5% travel-redemption bonus
|Intro Financing||0% on Purchases and Balance transfers for 12 months (3% fee)||0% on Purchases and Balance transfers for 21 months (3% fee)||0% on Purchases and Balance transfers for 15 months (0% fee)||0% on Balance transfers for 18 months (3% fee)||0% on balance transfers for 12 months (3% fee)|
|Regular APR||13.74% to 23.74%
See Rates and Fees
|13.24% to 23.24%||15.49% to 24.24%||14.24% to 24.24%||16.49% to 23.49%|
|Editors’ Rating||4 Stars||5 Stars||5 Stars||5 Stars||5 Stars|
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