|No Annual Fee||Foreign Transaction Fee|
||American Express Card (Less acceptance worldwide)|
Considerations Before Applying/Credit Score Needed
Before applying for this card, keep in mind that this is an American Express credit card, and as such, requires you abide by American Express’ credit card guidelines. The main things to be aware of is you cannot get approved for more than one American Express card within a 5 day period, cannot get approved for more than 3 cards within a 90 day period, and finally, you cannot hold more than 5 credit cards with American Express.
On the bright side though, if you happen to already have an American Express card, chances are that you will not get a hard inquiry when you apply for the card. The only real instance this happens on a repeat American Express customer is if the customer barley got approved for their first credit card.
If you are considering applying, wait until you have at least a 680 credit score. While it’s possible to get approved with a lower score, it would be better if you at least have this high of a score.
Sign Up Bonus/Annual Fee/Foreign Transaction Fee
Being that this card earns membership reward points, the sign up bonus is given out in points instead of cashback. If you can spend $1,000 within the fist 3 months, you could earn a total of 10,000 points. If you value these points at 2 cents per point, that would be worth $200, giving you a total return of 20% for the required spend on the sign up bonus. Additionally, if you get approved for this card, there is also a 0% APR offer. Any balance transfers and purchases will be interest free for the first 15 months.
When it comes to fees, it’s not all bad. The Everyday card does not come with an annual fee. However, there is a fee for using the card outside of the United States at a 2.7% rate.
When it comes to the reward, they are broken down as follows:
2x on U.S. supermarket purchases
1x on every other purchase.
However, there is a twist as far as these rewards. If you are able to make 20 transactions within a month, you could earn an extra 20% on all of the purchases you made within that month. This would give you a total of 2.4/1.2 for all of your transactions.
Cards This Competes With
It’s kind of difficult to find cards that really compete with this one. When it comes down to it, its focused on U.S. Supermarkets. Really the only card that could compete with this card include cards with annual fees, which doesn’t make it a fair comparison. The Everyday Preferred has a $95 annual fee but earns 3 points at U.S. supermarkets and 2x at gas stations before its 50% bonus. The Everyday Preferred may be a more useful card, and if you really do use it everyday, it makes it even more rewarding than the Gold Card in the Supermarket category.
Cards This Pairs Well With
There aren’t very many cards that this pairs well with. While it earns membership reward points, the main reward category on the Everyday card is the U.S. supermarket category. When you look at the American Express Trifecta, it includes the Gold card, which earns 4 points back at U.S. supermarkets.
However, if you have a credit card setup that does not include a U.S. supermarket category and you do not want to pay an annual fee and earn points, this would be your best bet for earning in that category. Basically, pair this with your existing strategy and then use it for grocery stores.
The Everyday set of cards from American Express is really targeted for people who use their credit cards everyday. While this card does not have an annual fee, it still earns points at supermarkets, just not quite as much. What’s interesting is that it comes with a bonus if you do happen to use it everyday.
If you are a big spender at supermarkets, you may want to do the math to see if you are getting more value by getting the Preferred instead. Still, this isn’t a bad card to start your American Express Membership Reward Point journey.