Signing-up for credit cards through partner links earns us a commission. Here’s our full Advertising Policy.
Update: One or more card offers in this post are no longer available. Check our Hot Deals for the latest offers.
Disappointing news for folks with the AMEX Blue Cash Preferred card.
Here’s more about this news and what it means for you.
Annual Fee Increase for Folks With the AMEX Blue Cash Preferred Card
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!
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?
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.