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Today, American Express launched the new Blue Cash Preferred® Card from American Express. The cash-back card has long been a fan favorite for its high return on grocery and gas spending, but update adds even more value on everyday spending categories.
Both new and existing cardholders will now enjoy expanded bonus categories:
- 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases; then one percent)
- 6% cash back select U.S. streaming subscriptions
- 3% cash back on transit and at U.S. gas stations
- 1% cash back on all other purchases
New cardholders will also receive cards with a new design and contactless capabilities, plus eligibility for an increased welcome bonus.
Who benefits the most from the new bonus categories?
The new Blue Cash Preferred now offers one of the best cash-back rewards structures on the market, but what sparked this change? According to an Amex representative, this update was inspired by customer insights — specifically data regarding millennial spending habits.
Amex isn’t the only issuer taking a harder look at how millennials are spending. The Wells Fargo Propel American Express® Card offers 3x points on rideshares, transit and popular streaming services — all popular categories for millennials. The Capital One Savor Cash Rewards Credit Card offers 4% cash back on dining and entertainment — say hello to 4% cash back on Lizzo concert tickets. Even the U.S. Bank Cash+ Visa Signature Card has multiple “millennial-focused” bonus category options to choose from — this quarter’s options include movie theatres, gyms/fitness, ground transportation, TV/internet/streaming services (among a long list of others). The information related to the Wells Fargo Propel American Express Card has been collected by Bankrate and has not been reviewed or provided by the issuer or provider of this product or service.
Credit card issuers across the board are starting to notice the shift in credit card spending habits — due to millennials taking on more buying power and an array of other factors — and are making changes accordingly.
The bottom line
Whether or not you fall into the “millennial” age range, the Blue Cash Preferred Card from Amex is a great addition to your wallet if you tend to spend a significant amount on transit, gas, streaming services and groceries at U.S. supermarkets. The increased welcome bonus — $250 after spending an easy $1,000 within the first three months — is perfect for those who don’t spend thousands of dollars on a credit card each month.
The card’s $95 annual fee remains the same, meaning cardholders will be able to take advantage of the card’s increase in value without handing over more money each year. The card’s intro offer is also sticking around, which is another attractive feature for millennials looking to finance a larger purchase.
Check out our full card review for more details on the Blue Cash Preferred, plus a way to apply!