Annual Fee Increasing for Existing AMEX Blue Cash Preferred Cardholders

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Annual Fee Increasing for Existing AMEX Blue Cash Preferred Cardholders

Million Mile SecretsAnnual Fee Increasing for Existing AMEX Blue Cash Preferred CardholdersMillion Mile Secrets Team

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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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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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

@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.

I just received my March statement advising that my annual fee will post next month in the amount of $75.

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

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

Are you sure about that? The fee was $95 on my 1/3/17 statement.

I paid $75 last April to renew my BCP. However, I just reviewed my new terms and conditions, and my annual fee will be going up to $95 on 01/18/18. I am not really happy with this fee increase without any corresponding increase in benefits. I will downgrade my card at the next renewal.

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.

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