AmEx Everyday Preferred Review

amex-everyday-preferred-reviewOverview

APRs:

  • APR for purchases: 12.99% – 21.99% variable rate, depending on your credit worthiness
  • Introductory APR: Yes, 0% for the first fifteen months then the regular purchase interest rate is applied
  • APR for balance transfers: 0% for the first fifteen months for balance transfers requested within the first thirty days. Then defaults to the purchase APR.
  • APR for cash advances: 25.24%
  • Penalty APR: 27.24% (will apply for a minimum of six months), this applies when:
    • If you make a payment that is returned
    • If you make one or more late payments
  • Grace period: 25 days

Note: All APRs will vary based on the current prime rate

Fees:

  • Annual fee: $95, no fee waiver for the first year
  • Balance transfer fees: $5 or 3%, whichever is greater
  • Cash advance fees: $5 or 3%, whichever is greater
  • Foreign transaction fees: 2.7%
  • Late payment fee: $37
  • Returned payment: $37
  • Over limit: None

Card Benefits

  • Ability to earn flexible American Express membership rewards points
  • Standard American Express benefits
  • 15,000 Membership Rewards points as sign up bonus
  • EMV chip + signature

Card Negatives

  • High annual fee of $95
  • Foreign transaction fees

Application Information

Because this is a new card, there isn’t a lot of data for this card. We’ve added the data we do have below, but just keep in mind the sample size is quite low.

What Credit Score is Required?

Credit BoardsCredit KarmaCredit CollabWho Gave Me Credit
Lowest Approved ScoreNo DataNo DataNo DataNo Data
Average Approved ScoreNo DataNo DataNo DataNo Data
# Of Data Sources0000

As this is the premium version of this card we suggest having a credit score above 680. If you have a score lower than 680 we suggest going for the regular version of this card. If you don’t know what your score is currently, then click here to find out your credit score for free.

Common Reasons For Denial

  • Too many new applications

What Credit Bureau Do American Express Pull?

American Express will almost always pull your Experian credit report, in some rare cases they’ll also pull your TransUnion report or pull them both. But in 95%+ of cases, they’ll pull Experian only.

What Credit Limit Will I Receive?

Credit BoardsCredit KarmaCredit CollabWho Gave Me Credit
Minimum Credit LimitNo DataNo DataNo DataNo Data
Maximum Credit LimitNo DataNo DataNo DataNo Data
Avg Credit LimitNo DataNo DataNo DataNo Data
# Of Data Sources0000

Rewards Program

This card earns American Express Membership Rewards points, these points can be transferred to AmEx’s airline and hotel partners or used in their online store.

Earning Rewards

Purchases

This card will earn a 50% bonus if you use the card 30 times or more per month. Below we’ve listed the rewards with this added and without:

  • U.S supermarket purchases: 3 points per $1 spent (4.5 points per $1 spent with the bonus added)
  • U.S gas station purchases: 2 points per $1 spent (3 points per $1 spent with the bonus added)
  • All other purchases: 1 point per $1 spent (1.5 points per $1 spent with the bonus added)

Sign Up Bonus

Current sign up bonus

  • March 24th, 2014 – Current: 15,000 American Express Membership Rewards points after you make $1,000 in purchases within three months of account opening

Sign up bonus history

  • The current is the only sign up bonus that has ever been offered

Targeted Offers

Redeeming Rewards

For information on what membership rewards points can be redeemed for, how they are redeemed and our estimated value we suggest reading our full review of the membership rewards program. Our values are as follows:

Bottom ValueConservative ValueOptimistic ValueMaximum Value
Value In Cents 1 1.5 1.8 3

Our Verdict

This card along with the regular EveryDay card are Amex’s first real foray into the lower end of the market. These cards are obviously designed for people who don’t have a massive annual credit card spend and want the flexibility of a card with a lot of transfer partners.

The earnings potential on grocers is nice, but it being capped at

F.A.Q’s

Can I Do A Product Change On One Of My Existing Cards And Get This Card?

No, according to a representative from American Express this will not be possible. You’ll need to do a new application for this card. Although they are hoping to make this possible by May of 2014.

product change everyday preferred

More source(s): 1, 2, 3

Are You Eligible For The Sign Up Bonus If You’ve Held Other AmEx Cards Before?

According to the ToS you may not be eligible. But some people have been able to avoid this by logging out of their AmEx account, clearing their cookies and then using incognito mode with google chrome.

multiple sign up bonuses

  • According to a rep yes: 1, 2
  • Yes (actual people who’ve been able to get it): 1, 2
  • No:

 


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[…] Our full review […]

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[…] let’s assume you have an Everyday Preferred card which earns 1.5x everywhere, and let’s deduct 1.5x from the bonus amounts shown above. […]

Aaron
Aaron

Does the 50% bonus get retroactively added to your prior purchases for that month? For instance, if I make 29 purchases during March 1 to 15, then on the 16th, I make my 30th purchase, do those previous 29 purchases get a 50% bonus? Or only purchases from the 16th onward?

sirtheta

Yes, all purchases during the month get the 50% bonus once you hit the 30x threshold.

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[…] American Express has not instituted a limit on the gas category for the EveryDay Preferred credit card, so you can still earn 3x Membership Rewards points, uncapped, as long as you use the card 30 or […]

Wong
Wong

I asked AMEX reps several times and the 50% bonus doesn’t apply to the multiplier on categories. i.e., for a $1 purchase at a grocery store, you would get (3+0.5) MR, and not (3*1.5) MR.

Colonel Obvious
Colonel Obvious

This is wrong. You get 4.5x at grocery stores and 3x at gas stations if you hit the 30 transaction target.

Cynthia
Cynthia

In this article it says the return for Amex points is bottom line 1c and up to 3c. Then when i look at the link full review of membership program (included above the chart), that whole page only has a most of 1c redeemed per point. When or how can you get more than 1c then?

Thanks!

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