2020 Blue Cash Everyday Review

John S Kiernan, Managing EditorNov 12, 2020

This content is not provided or commissioned by any issuer. Opinions expressed here are the author's alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.

EDITOR’S RATING

4.2 / 5

PROS

No annual fee
$100 initial bonus
Up to 3% cash back

CONS

2.7% foreign transaction fee

Blue Cash Everyday Review Summary

If you’re a relatively light spender with excellent credit, you don’t want to blow cash on a card that charges fixed fees. With no annual fee, the Blue Cash Everyday® Card from American Express helps you avoid such costs and save even more money, as it offers both the rewards and financing benefits required to satisfy your most pressing daily needs.

You will earn a $100 initial bonus for spending $1,000 in the first 6 months your account is open, as well as 3% cash back on the first $6,000 you spend at U.S. supermarkets each year (1% thereafter); 2% cash back at U.S. gas stations and select U.S. department stores; and 1% cash back on everything else. You will also avoid interest for the first 15 months, thanks to 0% introductory rate applicable to new purchases.

Blue Cash Everyday isn’t all helpful, however, as it has a regular APR that ranges from 13.99% to 23.99% (V) after the intro period ends. The market averages for excellent and fair credit are 13.03% and 23.43%, respectively. All financing efforts undertaken with this card should therefore be done in close consultation with a credit card calculator. It’s also important to make sure that supermarkets, gas stations and department stores account for a significant amount of your everyday spending, as the 1% earning rate on “all other purchases” is merely the market average for a rewards card.

Blue Cash Everyday Review Highlights

$100 Initial Bonus

Charging at least $1,000 to this card during the first 6 months that you have it will earn you a $100 statement credit. The credit will be applied to your bill within six to eight weeks of meeting the spending threshold. Many of the market’s premier rewards cards require you to spend triple that amount within the same timeframe to earn their initial bonuses. And while they tend to offer a lot more value in absolute terms — $400, for example — Blue Cash Everyday doesn’t lag too far behind in terms of initial earning rate.

Earning $100 for spending $1,000 equates to 10% cash back, while earning $400 for spending $3,000 equates to about 13.33%. The market average for a cash back credit card is $198.78.

1 - 3% Cash Back

The average person spends roughly $3,977 on groceries each year, according to Bureau of Labor Statistics data. That means Blue Cash Everyday’s $6,000 spending limit for its 3% cash back at supermarkets category might not even affect you. The average person would earn about $119 in this category per year (out of a possible $180 with the 3% earning rate). When you factor in the $2,611 he or she spends on gas, plus $1,846 in apparel purchases (which we’ll assume is spent at qualifying department stores) and $20,089 in additional plastic-eligible annual expenses, Blue Cash Everyday’s ongoing rewards would yield roughly $409 each year.

You’ll earn 2% cash back on gas at any station, but only purchases made at certain department stores are eligible for that intermediate rate. Among the notable exclusions – in terms of both supermarkets and department stores – are superstores such as Target and Walmart and warehouse stores such as Costco and BJ’s, but you can find the full list on Amex’s website. You can also earn 20% back in rewards for purchases you make at Amazon.com in the first 6 months, up to $200 back.

These qualifications are important because purchases that don’t qualify for the aforementioned categories will earn just 1% back. That’s merely the average for a cash back credit card, an important benchmark considering that your credit figures to be well above average if you can get approved for Blue Cash Everyday. It’s also important to note that these categories do not change, unlike some cards that switch where you’ll earn at a maximum rate on a quarterly basis.

0% Financing For 15 Months

Blue Cash Everyday is in the top tier of financing cards, thanks to an extended 0% term that applies to new purchases. This 15-month head start on interest has the potential to save you hundreds when it comes to financing big-ticket purchases. For example, you could pay off a $1,500 purchase with 15 monthly payments of $125 each without incurring interest using Blue Cash Everyday, but it would take 18 months and cost an extra $200 to pay off that balance in $100 increments with the average new credit card, which has a 17.98% APR.

No Annual Fee

Without an annual fee to worry about, you won’t need to spend a certain amount to justify keeping your card open, which enables you to keep your credit history long and your score high.

Blue Cash Everyday Review Lowlights

Average Regular APR

You need good credit to get approved for this card, but you won’t get excellent-credit treatment from its regular APR. After all, credit cards for people with excellent credit charge 13.03% on average. The lowest you can get from Blue Cash Everyday is reserved for people with the most pristine credit. And the highest possible option, is actually in line with the 23.43% average for people with fair credit.

This all just goes to show that you should not carry a balance from month to month with your Everyday Card, except responsibly during the first 0% intro APR months.

2.7% Foreign-Transaction Fee

If you ever travel abroad or make purchases through internationally based merchants, there will be some days you’ll have to leave your Everyday Card on the sidelines in light of its 2.7% foreign transaction fee. You may have already anticipated that, however, considering that American Express is not nearly as widely accepted abroad as Mastercard and Visa.

Other Things To Consider

No Over-Limit Fee: Over-limit fees have largely disappeared in the wake of the CARD Act, which necessitates that you opt in for the ability to spend in excess of your spending limit for an issuer to charge you for doing so. Even if you do opt in, the fee can’t exceed the amount by which you’re over your limit. So this feature of the Blue Cash Everyday® Card from American Express is nice but should not be overvalued.
It’s also important to note that the lack of a fee for going over limit does not guarantee that such transactions will be approved for American Express. Credit-card companies approve over-limit transactions at their own discretion and reserve the right not to do so.

Cash Back Provided As “Reward Dollars”: Despite the inclusion of the word “Cash” in the card’s name, you technically won’t be earning cash back when you use it. Rather, you’ll earn “reward dollars,” which can be redeemed for a statement credit or, from time to time, the likes of gift cards and merchandise. This shouldn’t present any problems, practically speaking, unless American Express ever decides to change the value of a reward dollar.

Minimum Redemption Requirement: You can only redeem reward dollars in increments of 25, which means you’ll have to act very strategically prior to closing your account if you are to avoid leaving some earnings on the table.

Assorted Amex Benefits: Simply being an American Express credit-card customer gets you certain privileges, including “exclusive” entertainment opportunities and a special 24/7 global assistance hotline. These types of perks are not unique to American Express, though, and how often you’ll actually take advantage of them is probably pretty questionable.

Compared To The Competition

	Sponsored Blue Cash Everyday® Card from American Express	Sponsored Blue Cash Preferred® Card from American Express	Sponsored Citi® Double Cash Card – 18 month BT offer	Sponsored Capital One Quicksilver Cash Rewards Credit Card
Annual Fee	$0	$0 1st yr, $95 after	$0	$0
Rewards Bonus	$100	$300	N/A	$200
Rewards Rate	1 - 3% Cash Back	1 - 6% Cash Back	2% Cash Back	1.5% Cash Back
Purchase Intro APR	0% for 15 months	0% for 12 months	N/A	0% for 15 months
Transfer Intro APR	N/A	N/A	0% for 18 months Transfer Fee: 3% (min $5)	N/A
Regular APR	13.99% - 23.99% (V)	13.99% - 23.99% (V)	13.99% - 23.99% (V)	15.49% - 25.49% (V)
Editors' Rating	4.2 / 5	4.7 / 5	5.0 / 5	4.4 / 5
Details, Rates & Fees	Learn More Rates & Fees Terms Apply	Learn More Rates & Fees Terms Apply	Learn More	Learn More
Winners	Blue Cash Preferred® Card from American Express		Citi® Double Cash Card – 18 month BT offer

Questions & Answers (77 questions)

How much is the American Express Blue Cash Everyday foreign transaction fee?

Upvotes

Shadow Banker , Account Manager

@shadowbanker4

The American Express Blue Cash foreign transaction fee is 2.7%. Both American Express Blue Cash Everyday and American Express Blue Cash Preferred have that same foreign fee, applicable to any purchases processed internationally.

American Express offers cards that do not have foreign transaction fees, like the Premier Rewards Gold Card and The Platinum Card. The tradeoff here is their large annual fees. The only American Express cards with no foreign transaction fee and no annual fee are the Delta SkyMiles Blue Card and the Hilton Honors Amex Card.

American Express Blue Cash Everyday Foreign Transaction Fees & More:

Foreign Transaction Fee: 2.7%

Annual Fee: $0 for Blue Cash Everyday; $0 1st yr, $95 after for Blue Cash Preferred

Rewards Rate: 1% to 3% cash back for Blue Cash Everyday; 1% to 6% for Blue Cash Preferred

APR: 13.99% - 23.99% (V)

Keep in mind American Express may not be the best choice to take abroad due to lower international acceptance than Visa or Mastercard. While Visa and Mastercard are accepted in 200+ countries, Amex lags behind at around 160 countries. There are lots of credit cards with no foreign transaction fee on those other networks, too.

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What's the Blue Cash Everyday credit score requirement?

Upvotes

Joyce Brown , CPA

@blackhole1

The Blue Cash Everyday credit score requirement is good credit or better. A 700 credit score would give you a decent chance of being approved. The likelihood of approval increases the closer you get to a perfect credit score of 850.

But your credit score is only one of the factors considered when you apply. American Express will also consider your income, existing debts, number of recently opened accounts and other things. Make sure you are aware of what American Express looks for before applying.

Here's what we know about Blue Cash Everyday credit scores:

Blue Cash Everyday requires a good or excellent credit score for approval.
To have good approval odds for Amex Blue Cash Everyday, a credit score of 700+ is needed.
Blue Cash Everyday's non-credit score requirements include a steady income and a Social Security Number, ITIN or passport. American Express will also look at your expenses, existing debt, payment history and recent credit inquiries.
The Blue Cash Everyday card's good credit score requirement is consistent with all credit cards issued by American Express. For example, the Blue Cash Preferred, Premier Rewards Gold and Amex EveryDay cards also require a credit score above 700 for good approval odds.
Some cards on the Amex network have lower credit score requirements than Blue Cash Everyday. For example, people with bad credit can get the USAA Secured Amex Card.

At the very least, you'll want to check your latest credit score before you apply for Blue Cash Everyday. You can also get a better idea of your Blue Cash Everyday approval chances by checking for pre-qualified offers on Amex's website. People who are pre-qualified aren't guaranteed approval, but they're very likely to be approved.

How do I estimate my Blue Cash Everyday approval odds?

Upvotes

Shadow Banker , Account Manager

@shadowbanker4

The best way to estimate your Blue Cash Everyday approval odds is to check for pre-qualification. You can do that in minutes on the American Express website. Pre-qualification does not guarantee you'll be approved. But most people who are pre-qualified get approved. Another good way to gauge your Blue Cash Everyday approval odds is to check your credit score before applying. A score of 700 or higher means solid odds.

Here's how to estimate your Blue Cash Everyday approval odds:

You can check for Blue Cash Everyday pre-qualification. Go to Amex's pre-qualified offers page, enter your contact information and the last four digits of your Social Security Number, and click the “View my Offers” button. If you are pre-qualified, it means American Express has done a soft inquiry into your credit and thinks you'd likely get approved.
You can check your credit score. Blue Cash Everyday requires good credit for approval. Some say that's 660+, but use 700+ as your minimum for good approval odds.
Your Blue Cash Everyday approval odds should be pretty similar to your odds with other American Express credit cards.

If your application is denied, you can request a reconsideration. That's basically a chance to explain yourself and correct any errors related to your application.

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What is the Blue Cash EveryDay credit limit?

Upvotes

Jane Cogli , Former Bank Teller

@janecogli

Amex Blue Cash Everyday credit limits are $1,000 to $13,500, based on cardholder reports. But American Express does not disclose an official minimum or maximum Blue Cash Everyday limit. Instead, they set credit limits on a case-by-case basis, using an applicant's credit history, income, debt, etc.

You won't know your Blue Cash Everyday credit limit until you're approved. If you don't receive your desired credit limit, you can request a credit limit increase after your account has been open for 60 days. Or, you can reject the offer and not open the account.

You can always look into getting a different credit card. The Blue Cash Preferred card has offered starting credit limits as low as $1,000, reportedly, but the majority of cardholders report initial limits of $5,000 up to $20,000. Keep in mind, though, that each application will temporarily bring down your credit score.

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What is the Blue Cash Everyday apply RSVP code?

Upvotes

Jane Parker

@parker16

A Blue Cash Everyday apply RSVP code will be included if you get a pre-qualified offer in the mail. You may receive a pre-qualified offer for Blue Cash Everyday if Amex thinks you'd likely be approved should you apply. The Blue Cash RSVP code is 14 characters: one letter and 13 numbers. You can use it and your zip code to flag your application as pre-qualified when you apply online.

People who get pre-qualified for Blue Cash Everyday and receive an RSVP code to apply with are often affluent big-spenders. But you don't have to be a current Amex cardholder to receive a pre-qualified offer. And you don't need to be pre-qualified for a card to apply, although pre-qualification lets you see your odds before applying.

Here's how to apply for Blue Cash Everyday with an RSVP code:

If you got a RSVP code by mail, you can respond to the mail invitation online and apply for the card. Plug in the 14-digit code and your zip code and your application will show up to Amex as pre-qualified.
If you didn't receive anything by mail, you can check for pre-qualified offers on the American Express website. You need to enter your name, address, and the last four digits of your Social Security Number. You'll also need to give some information about your income. Then click “View my Card Offers,” and in minutes you will know if you are pre-qualified. Because this uses a soft inquiry of your credit, it will not impact your credit score. You won't get an RSVP code with the online method. You won't need one.
Pre-qualification does not guarantee you'll be approved, but it means your chances are high. The Blue Cash Everyday card requires a good credit score. So before you apply, see if your credit score falls within that range and review your credit report for any errors, just as a precaution.

If you're not pre-qualified for the Blue Cash Everyday card, that does not mean you will necessarily be rejected if you apply. But you might want to rethink it for now and work on improving your credit.

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