The Amex EveryDay® Preferred Credit Card from American Express – Review

The Amex EveryDay® Preferred Credit rd from Amerin Express Review

The Amex EveryDay® Preferred Credit rd from Amerin Express is a cash back credit card with a $95 annual fee and a generous and versatile but sometimes confusing points-based reward system that lets rdholders redeem for merchandise, transportation, travel, and sh equivalents. With accelerated point earnings at U.S. supermarkets and U.S. gas stations, plus a frequent-spender bonus for people who make more than 30 purchases per month, this rd is definitely more powerful than entry-level sh rds such as Chase Freedom and Discover it particularly for folks who spend heavily in those tegories.

If this rd appeals to you, keep in mind that this points-based rewards system isn’t necessarily intuitive, and that point values vary depending on how you redeem. It takes a little bit of effort to play the system to your advantage.

When you spend at least $1,000 within three months of opening your account, you earn 15,000 Membership Rewards points. That’s worth between $75 and $150 when redeemed through Amex’s Membership Rewards portal.

The Amex EveryDay Preferred rd earns 3 Membership Rewards points per $1 spent at U.S. supermarketS, up to an annual p of $6,000 (excluding superstores such as Target and ware clubs such as Sam’s Club). Above this limit, U.S. supermarket purchases earn an unlimited 1 point per $1. U.S. gas station purchases, except those made at supermarket gas stations, earn an unlimited 2 points per $1. All other purchases earn an unlimited 1 point per $1.

The uble Membership Rewards program ubles all the points you earn on prepaid travel purchases, excluding rental r purchases, made through Amerin Express’s travel portal. Plus, when you make at least 30 purchases in a single billing period, you get a 50% bonus on all points earned during the period, retroaive to the first day and with no limit to how much you n earn.

Earned points n be redeemed at Amerin Express’s Membership Rewards portal, provided you reach the 1,000-point minimum redemption threshold. Redemption options include general merchandise, gift rds, statement credits, and more. Point values range from $0.005 to $0.01 at redemption, depending on how you redeem. It’s typilly a better deal to redeem for general merchandise and transportation, both of which command point values as high as $0.01 per point. sh equivalents are worth less: usually $0.005 to $0.0075 per point.

Purchases and balance transfers come with a 0% introduory APR for the first 12 months your account is open. To qualify, balance transfers must be made within 30 days of account opening. Following the introduory period’s end, the variable APR ranges between 14.49% and 25.49% APR, depending on your personal creditworthiness and prevailing interest rates.

Following the end of the introduory period, the regular purchase and balance transfer APR ranges from 14.49% to 24.49%, depending on prevailing interest rates and your personal creditworthiness. The sh advance rate is 26.74% APR. The penalty rate is 29.99% APR.

There is a $95 annual fee. Foreign transaions cost 2.7% of the total transaion amount. Late and returned payments both cost up to $38. Balance transfers and sh advances cost the greater of $5 or 3%.

EveryDay Preferred has several shopping benefits for rdholders, including extended warranty coverage on items with original warranties set to last less than five years; reimbursement (up to $300 per item) for returns rejeed by the merchant within 90 days of purchase; and purchase proteion covering accidental damage and theft for 90 days from purchase.

Besides the uble Membership Rewards promotion for travel booked through Amerin Express, Amex EveryDay Preferred has some useful travel benefits: 24/7 global assistance for rdholders at least 100 miles from home; 24/7 side assistance for all rdholders, regardless of lotion; and complimentary loss and damage insurance for r rentals charged to the rd.

This rd requires excellent credit. If you have any able credit blemishes, you’re unlikely to be approved.

Amerin Express’s Membership Rewards portal has a pretty impressive range of redemption options, including appealing merchandise and convenient transportation. However, since it esn’t assign an across-the-board value to redeemed points, it’s the most intuitive or easy-to-use rewards portal around. That’s fine if you’re willing to take the time to learn the ropes, and to adjust your redemption patterns to squeeze the most value out of your points. However, if you’re set on a simple sh rd with a fixed 1-point-per-$0.01 redemption rate, there are better options out there than The Amex EveryDay® Preferred Credit rd from Amerin Express.

The Amex EveryDay® Preferred Credit rd from Amerin Express is a great sh credit rd for moderate to heavy spenders who earn rewards quickly enough to offset the annual fee, as well as for those who crave a b range of redemption options, and n’t mind a system that assigns variable values to accumulated points. It’s as useful for those who prefer simpler sh rds, nor for -conscious consumers who n’t spend enough to justify the annual fee.

The ability to earn points rapidly on gas and grocery purchases is a very nice perk as are the great intro APR promotion, frequent spender bonus, and travel bonus. The annual fee, foreign transaion fee, confusing rewards system, and potentially low point values at redemption are problematic. Overall, this is a very good option for hands-on rdholders with ample monthly spending s.

Editorial e: The editorial content on this page is provided by any bank, credit rd issuer, airline, or hotel chain, and has been reviewed, approved, or otherwise enrsed by any of these entities. Opinions expressed here are the author’s alone, those of the bank, credit rd issuer, airline, or hotel chain, and have been reviewed, approved, or otherwise enrsed by any of these entities.

tegories: American Express, Credit and Debt, Credit Cards, Reviews

Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s interviewing small or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. him on Twitter @Brian_Martucci.

Comments Disclosure: The below responses are provided or commissioned by the bank advertiser. Responses have been reviewed, approved or otherwise enrsed by the bank advertiser. It is the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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The Amex EveryDay® Preferred Credit rd from Amerin Express Review