*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated Oct 09, 2017, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
The Amex EveryDay® Credit Card from American Express
This month, American Express launched a new offer for The Amex EveryDay® Credit Card from American Express that makes it easily one of the best options for anyone looking to complete te a balance transfer or make a large purchase. It also carries an added bonus feature — the ability to earn rewards on new purchases. This card enters the balance transfer market in a big way, providing increased benefit for a wide range of consumers and posing a threat to current front runners in the market.
Here are the key features of The Amex EveryDay® Credit Card from American Express*:
- $0 annual fee
- Intro 0% for 15 Months on balance transfers; after 14.24%-25.24% Variable
- Intro 0% for 15 Months on purchases; after 14.24%-25.24% Variable
- 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.
*Terms and restrictions apply to all of the above. See the Rates & Fees for more detail.
This marks the first major foray into balance transfer cards for American Express. And, they’re approaching the market in a big way with a card that seems to encompass the main attributes of an attractive balance transfer card, as well as offering additional high-value perks that allow customers to use the card in a variety of ways.
Cardholders can transfer a balance and benefit from the intro period — all with a $0 balance transfer fee on transfers made within the first 60 days of account opening. That’s a great offer alone, but you can also make a large purchase during the intro period and earn rewards on those new purchases. And, the great thing is you can do all this with one card — The Amex EveryDay® Credit Card from American Express. This gives you the option to consolidate credit card transactions to one card since you would need more than one card to get all the features that The Amex EveryDay® Credit Card from American Express offers.
Key rules to consider
- Balance transfers must be requested within the first 60 days of account opening. The terms of the balance transfer state that transfers will only be approved during this time.
- Your transfer must be a minimum of $100.
- Transfers can’t exceed the lesser of 75% of your American Express credit limit or $7,500. For example, if your credit limit is $15,000, your transfer can’t exceed $7,500 and if your credit limit is $2,000, your transfer can’t exceed $1,500. An easy way to find out the maximum transfer you can request is to multiply your credit limit by 0.75. Then, if the number is less than $7,500 that’s the max you can transfer; and if it’s greater than $7,500, the max you can transfer is $7,500.
- The transfer can’t cause your account balance to exceed your credit limit. This is standard with balance transfers, and means you need to add the amount you plan on transferring and your current outstanding balance and make sure it isn’t greater than your credit limit.
What this offer means for competitors
Although the balance transfer market is crowded, The Amex EveryDay® Credit Card from American Express sets itself apart from competitors by offering a wide range of benefits. Compared to other balance transfer cards from major issuers like Chase, Citi, Bank of America, and Discover, this new offer by American Express is unique since its combination of benefits is seemingly unmatched by competitors. These other issuers have some of the benefits that American Express provides, but not all of them.
As a result, these issuers may need to update their cards and offer more perks to entice customers and compete with American Express’ offer. Over the next few months, it’ll be interesting to see what competitors are saying about this offer and if they plan on making any updates to their cards to more directly compete with American Express.