Blue Cash Card from American Express Review
- September 3, 2018
- Posted by: Jeff Gitlen
- Category: Credit Cards
The Blue Cash Card from American Express is no longer available. You can compare other credit cards here.
- Earn 3x points for every $1 spent at Apple
- Earn 2x points for every $1 spent at restaurants
- Earn 1 point for every $1 spent on all other purchases
- 14.99% - 27.99%
- Cash Advance APR: 28.24%
- Penalty APR: N/A
- Special financing on Apple purchases
- Earn Apple store or iTunes gift cards
- $0 fraud liability protection
Did you know that American Express has not always been a credit card company? While it may seem like that is really all they do today, they started in the 1850’s as an express mail business. They expanded from New York to California, and the sky was the limit when it came to their expansion over the years. They are now one of the most well-known credit card issuers in the industry! Let’s check out the Amex Blue Cash Card and see what it has to offer.
Benefits & Rewards
One of the biggest perks with the Amex Blue Cash Card is the cash back rewards. You have the opportunity to earn up to 5% cash back on all purchases that you make at supermarkets, gas stations and drugs stores (known as Everyday Purchases) within the United States. However, you need to spend at least $6,500 in a year. Until you reach that benchmark, you earn 1% on Everyday purchases and 0.5% on regular purchases. After you reach $6,500, they bump the percentages up to 5% on Everyday Purchases and 1% on regular purchases.
Another perk is payment flexibility which allows you to make your payment in full each month to avoid interest, or you can opt to pay over time, giving you more freedom with your disposable income each month. While this seems like a basic feature of a credit card, many American Express cards are actually charge cards that require monthly balances paid in full.
You will also get a variety of different travel benefits as a cardholder, including car rental loss and damage insurance, global assist access, roadside assistance, and travel accident insurance. As for entertainment and shopping perks, you can take advantage of extended warranties, protection for returns, phone insurance, and access to loads of entertainment. Enjoy additional services such as fraud protection, account tracking and a complimentary year end summary to help you see how you are spending.
Rates & Fees
$5 or 3%
We can definitely see that there are a whole lot of great perks that come along with the Amex Blue Cash Card, but on top of that, we also need to look into the rates and fees to make sure that the card is worth the benefits. We will start with the first piece of excellent news; there is a $0 annual fee for being a cardholder!
The other fees are also pretty affordable with a 3% or $5 fee on balance transfers and cash advances. Foreign transactions are also assessed a fee of 2.7% of the total transaction. The larges fees come with late payments or returned payments. These fees range up to $38, depending on where you live.
On top of the fees, there are also some rates that you need to be aware of. For example, the annual percentage rate, or APR, for purchases and balance transfers is either 18.24%, 21.24% or 23.24%, depending on your own creditworthiness. The cash advance APR can be anywhere up to 26.24%, depending on market prime rates. It is always important to make your monthly payments on time each month to avoid a penalty APR of 29.99%. If you have late payments or returned payments, this rate may be applied to your account for a minimum of six months. After six months, a review will have to be done to see if you qualify to have the rate reduced again. Avoid this by simply making your payments on time. In fact, you can avoid the interest all together by paying your balance in full each month within 25 days of the close of your billing cycle.
The Bottom Line
Who doesn’t love cash back? While most people can appreciate a card like the Amex Blue Cash Card, it actually holds out on the cash back benefit side. After all, you only get the better cash back rate for spending over $6,500 in a year which isn’t ideal for frugal spenders. Despite this, the card stands out with no annual fee which is always a positive feature on any card. At any rate, the card can accrue cash back at a standard rate if you aren’t a big spender.
Not satisfied? Check out some of the best American Express credit cards that we have reviewed.