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Amex EveryDay® Preferred Credit Card Review

Amex EveryDay® Preferred Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Apr 29, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

The information related to the Amex EveryDay® Preferred Credit Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

If a lot of your monthly budget is spent at supermarkets and gas stations, you can rack up some extra points for those purchases by using the Amex EveryDay® Preferred Credit Card. This rewards card comes with access to the popular Membership Rewards® program, along with the chance to earn bonus points for spending and payment flexibility.

However, because this card comes with a $95 annual fee, you may prefer a no-fee card that offers similar benefits, so we’ll review the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer as an alternative.

Where the Amex EveryDay® Preferred Credit Card stands out

Low spend for welcome offer. New cardmembers Earn 15,000 Membership Rewards® points after you use your new card to make $1,000 in purchases in your first 3 months.

Good rewards in two popular categories. Earn 3x points at US supermarkets, on up to $6,000 per year in purchases (then 1x); 2x points at US gas stations; 1x points on other purchases If you spend on the card 30 or more times in a billing period, you’ll earn 50% extra points on those purchases.

More points for travel. Cardmembers can earn double Membership Rewards points on every dollar spent on eligible travel, including flights, prepaid hotel stays, vacation packages and cruises, when you book it at AmexTravel.com.

Payment flexibility. Carry a balance on the card with a 14.99%-24.99% Variable APR or pay it in full each month. Also, take advantage of the Pay It Plan It® option for card purchases. Pay It allows you to pay small payment amounts throughout the month to keep a low balance, while Plan It allows you to split up the cost of purchases of $100 or more over time, all for a fixed monthly fee.

Intro APRs. The card has an intro balance transfer rate of 0% introductory APR for the first 12 months on balance transfers requested within 60 days of account opening (after, 14.99%-24.99% Variable APR). The balance transfer fee is Either $5 or 3% of the amount of each transfer, whichever is greater.

The purchase intro rate is 0% introductory APR for the first 12 months (after, 14.99%-24.99% Variable APR).

Points redemption choices. Thanks to Membership Rewards, there are plenty of ways to spend the points you earn on the card, including travel, gift cards, merchandise or entertainment. They can be transferred to 18 different airline or three hotel loyalty programs. Use Pay with Points to book flights via American Express Travel without worrying about blackout dates or seat restrictions. You can also use points to pay for card charges for retail, dining, entertainment and more.

Additional Amex EveryDay® Preferred Credit Card  benefits

  • Roadside Assistance
  • Car rental loss and damage insurance
  • Global Assist Hotline
  • Travel accident insurance
  • Extended warranty
  • Return protection
  • Purchase protection
  • Access to Ticketmaster

Where the Amex EveryDay® Preferred Credit Card  falls short

Small welcome offer. Other rewards credit cards offer more generous sign-up bonuses.

Low points per dollar spent. Dining isn’t a higher points category. Plus, you can only get higher points for travel — and only for flights, prepaid hotel stays, vacation packages and cruises — if you book it through AmexTravel.com.

Points capped. Cardmembers only earn higher points for supermarkets on the first $6,000 spent a year. After that, it drops to the lowest points per dollar spent.

Pay to transfer points. If you want to transfer your Membership Rewards points to one of the 18 American Express airline loyalty program partners, it will cost 6 cents per point, with a maximum fee of $99.

Foreign transaction fee. You’ll pay a fee of 2.7% of each transaction after conversion to US dollars.

Compare it with the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

Amex EveryDay® Preferred Credit Card Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer
Annual fee $95 $0
Regular purchase APR 14.99%-24.99% Variable 15.99% - 25.99% Variable APR
Rewards 3x points at US supermarkets, on up to $6,000 per year in purchases (then 1x); 2x points at US gas stations; 1x points on other purchases

3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, 1% on all other purchases

Welcome offer/sign-up bonus Earn 15,000 Membership Rewards® points after you use your new card to make $1,000 in purchases in your first 3 months. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Foreign transaction fee 2.7% of each transaction after conversion to US dollars. 3%

If want benefits similar to the Amex EveryDay® Preferred Credit Card, but don’t want to pay its $95 annual fee and prefer cash back instead of points, the $0 annual fee Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer is a good alternative.

Expanded cashback categories. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, 1% on all other purchases As of January 2019, the card offers better cash back on spending in six categories: gas, online shopping, dining, travel, drug stores and home improvement and furnishings. The online shopping, drug stores and home improvement categories don’t usually fall under higher cash back.

Category flexibility. For the first month, the card will be set automatically to gas for higher cash back. Unlike other cards with categories for higher rewards, you can change this one every month rather than every quarter. So, if you know you’re going to book a flight or hotel room, you can make travel your higher monthly category and earn more cash back.

Intro APRs. The card has a 0% Introductory APR on purchases for 15 billing cycles (after, 15.99% - 25.99% Variable APR). The intro balance transfer rate is 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (after, 15.99% - 25.99% Variable APR). The balance transfer fee is Either $10 or 3% of the amount of each transaction, whichever is greater.

Simple redemption. Redeem your cash back as a statement credit, check or an electronic deposit into a Bank of America checking or savings account, or to an eligible Cash Management Account® with Merrill Lynch Wealth Management® or Merrill Edge®. A new option is to redeem your cash back as a credit into an eligible 529 college savings plan account.

Bonus rewards. If you’re a Bank of America customer who belongs to the Preferred Rewards program, you get a 25% to 75% rewards bonus every time you use the card, depending on if you’re Gold, Platinum or Platinum Honors banking client.

  • 0% Introductory APR on purchases for 15 billing cycles

  • 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

  • 15.99% - 25.99% Variable APR on purchases and balance transfers

Highlights
  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back on gas or your choice of one of five other popular categories, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.99% - 25.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
  • No expiration on rewards
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase

See additional details for Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

More Info

What we don’t like

Lower welcome bonus. The card’s $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening is small when compared with the Amex EveryDay® Preferred Credit Card.

Fewer rewards. Other cashback credit cards offer more robust rewards without quarterly spending caps.

Remember to change. If you want higher cash back in the top six categories, you must choose one every month. Otherwise, you’ll be stuck with the last category you chose.

Higher cashback is capped. The card caps higher cash back spending at $2,500 per quarter. After you hit that cap, you’ll only earn 1% cashback per dollar spent.

No perks. You won’t receive any travel or purchase protection benefits with this card.

The bottom line

Since both cards offer good rewards for supermarket/groceries and gas purchases, choosing between these two cards is all about other perks that may be important. The Amex EveryDay® Preferred Credit Card, with its $95 annual fee, offers higher points per $1 spent, which can be redeemed for travel. It also comes with travel and purchase protections.

Competing cards offer more generous welcome offers, and you only receive higher points for travel if it’s booked at AmexTravel.com and you earn the lowest points for spending in the popular restaurant category.

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer, with a $0 annual fee, offers slightly lower cash back for groceries, but it offers more cash back in five categories than the Amex EveryDay® Preferred Credit Card, including gas. But there’s a cap of $2,500 a quarter when earning cash back. And this card doesn’t come with any travel or protection perks.

If you want a travel card that rewards you for supermarket and gas spending, comes with an annual fee and has the perks and backing of American Express, then the Amex EveryDay® Preferred Credit Card is the one for you. However, if you want a card that has no annual fee, offers more cash back in more spending categories and you are not interested about travel and protection perks, then the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer is a better choice.


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