The American Express Blue Cash Preferred is one of the BEST cash back cards on the market. I actually prefer miles over cash back, but I did pick up this card in early 2014 when I thought I would use it more at grocery stores and gas stations. This card offers an outstanding 6% cash back at grocery stores and 3% cash back at gas stations!
As a signup bonus, American Express is offering 1 year free of Amazon Prime Membership and $100 cash back. This is valued at $199 since Amazon now charges $99 for their Prime Membership Program. The annual fee is $75 and it is NOT waived the first year. So in reality you’re only getting $124 as a welcome offer. Not the best signup bonus, but you can earn some serious cash back with this card.
Cash Back Categories
- 6% cash back at grocery stores, up to $6,000 per year. This means you’re capped at earning $360 back per year ($6,000 x 6% = $360)
- 3% cash back at US gas stations
- 3% cash back at select US department stores
- 1% cash back everywhere else
How cash back works
When you login to your AmericanExpress.com account and look at your Amex BCP card, you’ll see a Rewards Dollars balance. It does take a couple statements for your Rewards Dollars balance to increase. American Express wants to make sure you pay your bill on time before they give you cash back.
Once your next statement generates, the balance in your Rewards Balance will increase. You can start redeeming your money as statement credits once you’ve met the minimum requirement of $25. The statement credit only take a few days to post once you’ve requested it.
How to receive your 1 year of Amazon Prime
Per the terms of service, after you meet the spend threshold, Amex will email you a promotional code to redeem for one year of Amazon Prime at www.amazon.com/amexprimeoffer. So make sure your e-mail address is correct on the application so you receive your promotional code promptly!
If you’re already an Amazon Prime member, the promo code will still work for you! Upon renewal, American Express will pay for your upcoming year and Amazon will NOT charge you for a renewal fee.
While cash back is not something I pay attention to when signing up for a credit card, I know others are all about saving money on groceries when you have a family to feed. Don’t let the $75 annual fee set you off from applying for this card. You’ll easily earn that back if you use this card religiously for gas and groceries only.
Let’s not forget you can also buy Visa gift cards at your local grocery stores 🙂 That would earn 6% cash back on gift cards!