Amex® EveryDay Preferred Credit Card review
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Amex® EveryDay Preferred Credit Card overview
If you’re stocking up on rewards for a future getaway, the Amex Everyday Preferred credit card and its 50 percent extra points perk make it a competitive option if you take frequent trips to the supermarket and gas station.Use your Card 30 or more times on purchases in a billing period and earn 50 percent extra points on those purchases minus returns and credits.
However, this card’s value seems to ride the fence—its features aren’t specially built for travel or cash back. Once you recognize its middle-ground nature, you’ll notice that the Everyday Preferred’s true talent is its synergy with other American Express credit cards.
What are the pros and cons?
- $95 annual fee
- Points dip in value—usually by 20 to 40 percent—if redeemed for non-travel rewards
- Doesn’t currently offer balance transfers
A deeper look into the current card offer
- Rewards rate: 3X points at U.S. supermarkets (up to $6,000 per year in purchases, then 1X points), 2X points at U.S. gas stations and on rental cars booked through American Express Travel with 1X points on all other purchases
- Welcome offer: 15,000 points after spending $1,000 in purchases within first three months
- Annual fee: $95
- Purchase intro APR: 0 percent for 12 months
- Balance transfer intro APR: N/A
- Regular APR: 16.74 percent to 26.74 percent (variable)
Current welcome offer
As a new cardholder, you can earn 15,000 Membership Rewards points after spending $1,000 in purchases during your first three months.
This isn’t a bad welcome bonus by any means, but how valuable it’ll be varies greatly depending on what you redeem it for. The Points Guy values each point at a stellar 2 cents through certain point transfer options. In that case, your intro bonus would be worth up to $300. But the point value can sharply drop if you put them toward non-travel options. Redeeming for cash back via statement credit would reduce this intro offer’s value to $90.
However, other cards with a similar annual fee may offer much more valuable introductory bonuses. For example, if you can meet the spending requirement of $4,000 in your first three months, the Chase Sapphire Preferred® Card offers: 60,000 Chase Ultimate Rewards points. That’s worth up to $750 in travel through Chase.
The American Express Membership Rewards points you’ll be earning are some of the most valuable travel rewards on the market, and the Amex Everyday Preferred credit card is one of the best ways to earn them from day-to-day expenses.
You can earn 3 points per dollar spent at U.S. supermarkets, on up to $6,000 per year in purchases before reverting to 1X points. You’ll also earn 2 points per dollar at U.S. gas stations, 2 points per dollar on prepaid rental cars booked through American Express Travel and 1 point per dollar on all other purchases.
There are a few ways to earn bonus points here and there, like the Amex Offers program and 2X points on amextravel.com purchases, but the best reward feature of this card is the 50 percent extra points benefit. If you make 30 or more separate purchases with your card during a billing period, you’ll earn 50 percent additional points. For example, 30 purchases totaling $1,000 in your 3X U.S. supermarket category, will net you 4,500 points—3,000 points initially, plus another 1,500 points sprinkled on top.
Membership Rewards are prized for their versatile spread of redemption choices, travel options and transfer partners. Booking a good travel deal through the American Express Travel portal or finding a 1:1 transfer partner will be the most valuable uses of your points, however, since non-travel options typically water down the value to less than 1 cent apiece.
If you choose to go the non-travel route, you can also redeem your points for statement credits, gift cards and merchandise. Plus, you can use your points to cover recent card charges or pay for your online shopping purchases at select merchants’ checkout screens (like Amazon.com and rental cars through amextravel.com).
How much are points worth?
Like we previously mentioned, Membership Rewards points are some of the most valuable travel rewards available—at 2 cents apiece—if you spend them on travel or transfer them to certain Amex partner loyalty programs, according to The Points Guy.
Your mileage will vary if you decide to redeem for anything else. American Express has a useful rewards calculator that can show how much your point value can dip—down to half-value in some cases. Points are only worth 0.7 cents apiece if you’re paying with points at checkout for retailers like Amazon and PayPal, but redeeming for cash back in the form of a statement credit will only net you 0.6 cents per point.
But a new special offer allows select cardholders will be able to redeem reward points at a boosted 1 cent-per-point rate to cover card charges—a 40 percent increase from the standard redemption value for statement credits. Travel might still be a more valuable use of your rewards, but it’s an offer worth considering if you’re planning to steer clear of travel for now.
Other cardholder perks
The other benefits that come with the Amex Everyday Preferred aren’t entirely competitive at this annual fee level. Still, the standard American Express perks like Pay It Plan It, ShopRunner membership (enrollment required) and travel protections can be useful.
Pay It Plan It
If you’re trying interest from eating into your rewards after a large purchase, the Pay It Plan It alternative payment features could help out in a pinch.
Rather than add a new purchase directly to your balance, Pay It can settle a small purchase under $100 immediately, while Plan It allows you to move $100+ purchases into fixed-rate payment plans within your credit card limit. Be sure to use American Express’ pre-purchase calculator to make sure the monthly plan fees on your Plan It purchases won’t outweigh the cost in interest.
Complimentary ShopRunner membership
As an eligible Amex cardholder, you’ll receive a complimentary ShopRunner membership (enrollment required). Once you sign up, ShopRunner grants you free two-day shipping and free returns on qualifying items at over 100 retailer sites.
Travel and shopping protections
The Amex Everyday Preferred carries a decent suite of travel and shopping protections. The extended warranty coverage, purchase protection and car rental loss and damage insurance are standard for American Express cards. But this card also comes with return protection for normally ineligible purchases—a useful perk that is slowly disappearing among credit cards (see full terms).
Rates and fees
The Amex Everyday Preferred credit card is a relatively low-cost card. In fact, the lower end of the 16.74 percent to 26.74 percent (variable) ongoing APR is well below the current average interest rate. Plus, the 12-month intro zero interest purchase APR can give you some wiggle room on large purchases coming up.
Unfortunately, the Amex Everyday Preferred isn’t currently accepting balance transfers if you’re looking to reduce your current balance.
The main costs worth noting are the 2.7 percent foreign transaction fee if you take your card with you overseas and the $95 annual fee. Even then, it only takes spending $132 each month in your 3X-point category (based on the 2 cent-per-point value) to earn enough rewards to offset this minor fee.
How the Amex Everyday Preferred credit card compares to other rewards cards
Unless you’re considering a co-branded American Express card or one of its other premium cards, the Amex Everyday Preferred credit card delivers the best Membership Rewards rates for day-to-day expenses.
But in terms of reward flexibility, you might get more from cash back. The Blue Cash Preferred® Card from American Express might be a better choice in this case. It earns a chart-topping 6 percent cash back at U.S. supermarkets (up to $6,000 per year, then 1 percent back) and on select U.S. streaming services, plus 3 percent on transit and U.S. gas station purchases.
However, the $95 annual fee travel rewards card space is filled with competitive options if you’re in the market for one to earn rewards on everyday purchases. The Citi Premier® Card rewards categories have made it a standout choice, but the travel benefits are a bit bare-bones. It’s also hard to go wrong with a flat-rate card like the Capital One Venture Rewards Credit Card that earns 2 miles on every purchase.
Best cards to pair with the Amex Everyday Preferred credit card
Naturally, American Express cards that can pool points you earn from categories outside U.S. supermarkets and gas stations make the best partners to the Everyday Preferred.
For example, the American Express® Green Card complements the Everyday Preferred by filling in reward gaps on other popular expenses with its 3X points at restaurants and on transit and travel. When you redeem your rewards for future travel, the Green card also offers a few extra perks like trip delay insurance and other airport-centric annual credits.
Bankrate’s Take: Is the Amex Everyday Preferred credit card worth it?
The Amex Everyday Preferred credit card is a great source of Membership Rewards points if two of your big-budget categories are U.S. supermarket and U.S. gas station purchases. What makes this card a thought-provoking contender is its 50 percent extra points feature if you make more than 30 separate purchases each billing period.
But considering its $6,000 spend cap on 3X U.S. supermarket purchases (then 1X points), 2.7 percent foreign transaction fee and reduced point value for anything outside travel, those searching for rewards flexibility might be better off going another direction. There are plenty of true rewards cards built for travel at the same price tag, and the Blue Cash Preferred card could be a better source of rewards if you spend more time at home.
For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.
All information about the Amex® Everyday Preferred Credit Card and American Express® Green Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.