Blue Cash Preferred Review

The Blue Cash Preferred® Card from American Express is not a metal credit card, as it is made of plastic like most other credit cards. There's no functional difference between a plastic card like the Blue Cash Preferred Card and a metal credit card, though, so don't dismiss the Blue Cash Preferred Card just because it isn't metal. If you like the card's terms and benefits, you should still consider applying.

Metal credit cards are usually expensive luxury cards. Some popular examples of metal credit cards are the The Platinum Card® from American Express, Delta SkyMiles® Reserve American Express Card and American Express® Gold Card.

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.

Blue Cash Preferred Fees

• Annual Fee: $0 intro 1st yr, $95 after
• Balance Transfer Fee: 3% (min $5)
• Cash Advance Fee: 5% (min $10)
• Foreign Fee: 2.7%
• Max Late Fee: $40

Yes, you can upgrade your Blue Cash Preferred® Card from American Express to a better offer as long as you've had the card for at least 14 months, and you will have the best odds if your credit score and income have gone up since you applied. To see if your Blue Cash Preferred card qualifies for an upgrade, call customer service at 888-397-1980. American Express also periodically sends targeted upgrade offers to existing cardholders by mail, email and in their online account.

Blue Cash Preferred Card Upgrade: What You Should Know

• The account should be open for at least 14 months before requesting an upgrade.
• A history of on-time payments and low credit utilization increases your chances of getting an upgrade.
• American Express only allows upgrades to cards within the same card family. For example, you cannot upgrade from Blue Cash Preferred to a business card or co-branded card.
• If you upgrade to an American Express card with an annual fee, the charge will appear on the new card's first monthly statement.
• If you're eligible for a refund on your Blue Cash Preferred card's annual fee, American Express will pro-rate the amount of your refund, based on how long it's been since the fee posted to your original account.
• You will not be eligible for any welcome offers or introductory 0% APR offers associated with the new card, unless they're included as part of the upgrade offer.
• Blue Cash Preferred card upgrades do not require a hard inquiry on your credit report, so there's no effect on your credit score.

A Blue Cash Preferred card upgrade typically takes just a few minutes. If you are approved, you should receive your card within 7-10 days from the approval date. Your card number won't change, but you will receive a new card with an updated expiration date and security code.

You can use your old card until the new one arrives, and it will have all the benefits of the new card as soon as the upgrade is complete. Your current credit limit and APR will carry over to the new card, as will any unredeemed rewards, unless stated differently in the upgrade terms.

The Blue Cash Preferred® Card from American Express interest rate is 18.49% - 29.49% (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 29.74% (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.

Yes, Blue Cash Preferred is hard to get because it requires a credit score of 700+ for approval, which means you need good to excellent credit to get this card. Since the average credit score is lower than this requirement, most people will not be able to get the Blue Cash Preferred card.

You also won't get approved for the Blue Cash Preferred card if you already have five Amex cards, if you've already applied for an Amex card in the past five days, or if you've already applied for two Amex cards in the past 90 days.

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 income and any debts you might have.

Lastly, for a better sense of your Blue Cash Preferred approval odds, check out the American Express pre-qualification tool. You can also check your credit score for free on WalletHub.

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 include any specific Blue Cash Preferred credit limit information in the card's terms.

For the most part, Blue Cash Preferred credit limits depend on each applicant's overall creditworthiness. Those with the highest income and best credit scores will generally be offered the highest starting credit limits.

What you should know about the Blue Cash Preferred credit limit:

Note that the Blue Cash Preferred card credit limit that you start with isn't necessarily your credit line forever. You can ask to get a credit limit increase by calling the American Express customer service at (800) 528-4800. However, it's best not to do that more than once a year. 

American Express will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with American Express.

THE WINNER

Blue Cash Preferred® Card from American Express
This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own. 

EDITOR'S OVERVIEW

The Blue Cash Preferred® Card from American Express is the winner over the Blue Cash Everyday® Card from American Express. The key difference between Amex Blue Cash Preferred and Amex Blue Cash Everyday is that Blue Cash Preferred is both more expensive and much more rewarding.

For example, Blue Cash Preferred offers a higher rewards rate than Amex Blue Cash Everyday. On the other hand, people who aren’t big spenders may want to consider Amex Blue Cash Everyday because of its $0 annual fee.

View entire answer

Yes, Blue Cash Preferred is worth it for cardholders who spend enough to recoup the value of the card's $95 annual fee (charged from the second year on) 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 card's $250 initial bonus (earned as a statement credit), which will help offset the annual fee for several years.

Here's how to make the most of Blue Cash Preferred:

The Blue Cash Preferred card will continue to be worth it if you consistently charge purchases to the card after meeting the initial bonus offer, especially in its bonus rewards categories. With this card, you earn 6% cash back at U.S. supermarkets (up to $6,000 spent per year), 6% back on select U.S. streaming subscriptions, 3% back at U.S. gas stations and on transit, and 1% back on all other purchases, earned as statement credits.

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.

The credit score that you need for the Blue Cash Preferred® Card from American Express is 700, at a minimum. That means people with good credit or better have a shot at getting approved for this card.

Other Blue Cash Preferred Approval Requirements

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Blue Cash Preferred Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status, and housing status.

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it's best to wait to apply until you meet the Blue Cash Preferred Card credit score requirement. You can check your credit score for free on WalletHub.

The best Blue Cash Preferred benefits are rental car insurance and extended warranty. The Blue Cash Preferred® Card from American Express card also has instant card numbers and lowest hotel rates guarantee, which are more common perks across American Express cards.

Blue Cash Preferred Card Benefits

• Rental car insurance
• Extended warranty
• Instant card numbers
• Lowest hotel rates guarantee
• Purchase protection
• Global Assist (an emergency card  assistance hotline)
• Return protection
• Free ShopRunner membership (for free shipping with participating online merchants; enrollment required)

Along with these benefits, the Blue Cash Preferred card has a $0 intro 1st yr, $95 after annual fee and gives rewards on all purchases. As long as you have good credit, the Blue Cash Preferred® Card from American Express is certainly a card to consider adding to your wallet.