Annual Fee Increasing for Existing AMEX Blue Cash Preferred Cardholders

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Disappointing news for folks with the AMEX Blue Cash Preferred card.

Via Doctor of Credit, the annual fee for existing cardholders will increase from $75 to $95 starting August 3, 2016.  Just like it is for new applicants.

Annual Fee Increasing For Existing AMEX Blue Cash Preferred Cardholders

Starting August 3, 2016, Existing AMEX Blue Cash Preferred Cardholders Will Have to Pay a Higher $95 Annual Fee

Here’s more about this news and what it means for you.

Annual Fee Increase for Folks With the AMEX Blue Cash Preferred Card

Link:   Blue Cash Preferred Card from American Express

I recently wrote about the annual fee increase from $75 to $95 for the AMEX Blue Cash Preferred card starting August 3, 2016.  And I’d hoped that existing cardholders would be able to keep the lower $75 annual fee.

But that doesn’t seem to be the case!

Folks on Reddit have reported their AMEX Blue Cash Preferred statements showing they’ll have to pay the higher $95 annual fee starting in August too.

So if you’re considering getting this card, I’d suggest applying before June 15, 2016, when the increased sign-up bonus for this card is set to expire.

That way you’ll earn the better sign-up bonus AND only pay a $75 annual fee for your first year of cardmembership.

Don’t Want to Keep Your AMEX Blue Cash Preferred Card?

If you don’t want to pay the higher $95 annual fee, you can cancel your card.

Or ask American Express to downgrade the card to the AMEX Blue Cash Everyday card.  It does NOT have an annual fee.

Just keep in mind there’s a limit to the total number of AMEX cards you can have at once.

Is the AMEX Blue Cash Preferred Card Right for You?

Apply for the AMEX Blue Cash Preferred card by June 15, 2016, and you’ll earn $150 back (as a statement credit) after meeting minimum spending requirements.

You’ll also earn up to an additional $200 back by getting 10% back at US wireless telephone service providers, on the first $2,000 in purchases made on the your card, until December 31, 2016.

The current $75 annual fee is NOT waived the first year.

And you’ll also get:

  • 6% cash back at US supermarkets (up to $6,000 per year, then 1%)
  • 3% cash back at US gas stations and select US department stores
  • 1% cash back on everything else
  • Terms and restrictions apply

It’s NOT a good card to use abroad.  Because it adds a 2.7% foreign transaction fee.

In the short-term, this is a good deal if you’re going to spend a lot on cellular service before the end of the year.

In the long-term, you might like this card because you earn 6% back at US supermarkets (on up to $6,000 in spending per year).  That can really add up!

If you spend the maximum for 6% back at supermarkets, you’ll earn $360 cash back ($6,000 X 6%).  So even with a $95 annual fee, you’ll come out ahead.

You can read my review of the card here.

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9 responses to “Annual Fee Increasing for Existing AMEX Blue Cash Preferred Cardholders

  1. I am really trying to decide what to do with this card. It had been my primary spend card for nearly the past 4 years but now that I am getting into the credit card game I don’t see myself really using it. Should I downgrade it or keep it?

    Just got the CSP and United Explorer card earlier this week. (dropping United card before 12M come up) I downgraded a 10yr old Sapphire to the FU card last week as well. That leaves this AMEX that I don’t know what to do with and a BoA rewards signature card I have had for over 12yrs that I only keep for the history but never use. The only thing I am sure of if that I will apply for the Ink+ Biz in a few months time.

  2. Brian… this was my first “real” credit card (previously only a student visa card with 500 limit). I’ve never minded the $75 AF, and last year and this year will close to max the Grocery rewards. I am definitely disappointed about the increase, but I’ll be keeping this card because I’m certain I can max the grocery purchases (I buy a lot of Hyatt GC’s at grocery stores too for hotel stays, and this makes it easier to max). I’m also keeping it because I’ve had it the longest of my cards. I use Sapphire Preferred for most of my other purchases, and Freedom (original) at the grocery store during the 5X points on Groceries quarter.
    For you, the biggest question is how much will you spend on Groceries with your BCP. I’d ask yourself that question, then figure out how much you’d net with the BCP (6% of groceries -$95 AF) vs what you’d net on that same amount of groceries with a different card.

  3. With this fee increase I will be downgrading this card to Blue Cash Everyday when my annual fee comes due next April. Bad move AMEX.

  4. I just reviewed my updated terms and conditions dated 12/30/16. Per the terms and conditions my annual fee is remaining $75.

  5. @Rick…are you sure about that? The fee was increased to $95 on my 1/3/17 statement.

  6. @dan per the terms and conditions of my account that I reviewed on 12/31/16 my annual fee is $75. I guess I have to wait until April when my annual fee posts to see what it actually is.

  7. I just paid my $75 annual fee. I will keep the card so long as my annual fee remains $75.