American Express cards have long been a status symbol.
People are usually proud to pull out an AmEx card to pay for groceries or treat friends to dinner. And with AmEx’s loans increasing by 16 percent in just the first three months of 2018, it’s clear the company is still a favorite.
Still, many other credit card companies are touting their perks and rewards, too. It can be challenging to decide whether American Express really stands out.
The new AmEx Everyday Card is one of the company’s most-talked-about cards. You may be considering this option as your first – or perhaps your second or third – American Express card. We’re going to provide insight into this card’s features, so you can decide if it’s the right choice for you.
Read on for our AmEx Everyday Card Review. We’ll cover the benefits, some drawbacks, and offer our final verdict.
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As you may guess by its name, the American Express Everyday card is designed for people who plan to use it often. You’ll benefit most from it if you plan to use it at least 20 times a month.
To experience the benefits of the AmEx Everyday Card, you’ll want to apply with a good to excellent credit score. You also need to be 18 or older and a U.S. citizen.
You can find out if you’re approved in as little as 60 seconds online, but it can also take a few days or weeks to hear back if there are issues with your application. Once your request is approved, you can expect to receive your card within ten days.
If you find yourself the holder of a shiny new AmEx Everyday card, you can expect to enjoy several perks. Most notably, this card has no annual fees- a rarity from American Express, especially when paired with a rewards program.
With the American Express Everyday card, you receive two Membership Rewards point for every dollar spent at U.S. supermarkets. You also get two points per dollar for every travel purchase made through amextravel.com. All other purchases reward you one point per dollar.
AmEx wants this card to be the one you reach for most often. They offer bonus points of 20% when you use the card at least 20 times in one billing period. Plus, if you make more than $1,000 worth of purchases in your first three months of having the card, you earn 10,000 bonus points.
We’ve got rewards covered. Let’s talk more about fees, transfers, and interest. We mentioned the appealing $0 annual fee. AmEx also set this card apart with its terms for balance transfers.
If you request a balance transfer in your first 60 days of having this card, you pay no fees. For the first 15 months, enjoy 0% interest on balance transfers and purchases.
You may want to take advantage of these balance transfer offers quickly. Economists are predicting at least two more rate increases this year. Pay off credit card debt with 0% fee and 0% interest transfers before those interest rates rise.
The Everyday card is also valuable to people who want exclusive access to entertainment offers. As an AmEx Everyday cardholder, you get access to ticket presales for concerts and other events, including Broadway shows.
One last unique benefit worth sharing is the ability to take advantage of extended manufacturer’s warranties. Using your Everyday American Express card on eligible purchases – think electronics – can extend the warranty by one year and give you protection against damage and theft for 90 days after the purchase date.
Let’s talk about some of the drawbacks of the AmEx Everyday card.
While the rewards mentioned above are beneficial, they may not be ideal for your lifestyle. The rewards are especially valuable for grocery store shopping, but there are limits.
If you buy your groceries at big-box stores like Target or Wal-Mart, or even online with Amazon, those purchases won’t qualify for grocery reward points. Likewise, purchases from specialty food shops like meat and cheese stores and mom-and-pop corner stores won’t qualify, either.
We know the card entices you to make travel purchases to earn extra rewards. However, this card may not be the right one to bring with you on your travels.
The AmEx Everyday card charges a 2.7% fee on all foreign transactions. There are better cards out there for travelers. If you’re looking for a card you can take with you overseas, you’ll want to find another option.
AmEx also has strict penalties for late payments. You can be charged a fee as high as $38 for each late or returned payment. They may even increase your APR up to 29.99%.
Finally, consider that it’s relatively difficult to get approved for the AmEx Everyday card. You’ll need a credit score of 670 or higher and a relatively high annual income. AmEx is less likely to approve people that have several hard pulls on their account.
If you have great credit and are looking for a card for everyday use, the American Express Everyday card can be a preferred option. Especially if you plan to use the card for groceries and expect to make at least 20 purchases a month with the card, you’ll find the reward system valuable.
And while you won’t want to travel with the card, the AmEx Everyday card may be appealing to you if you want to use it to make your travel purchases. You’ll enjoy the extra points on your purchases made through amextravel.com. You also get insurance for car rentals, baggage, and travel accidents, plus access to hotlines for help with travel emergencies.
This card is also beneficial for balance transfers to help pay off other credit card debt. But, if you want more time for the 0% interest or more time to make balance transfers after you open your account, you should explore other options.
We can’t tell you exactly if the AmEx Everyday card is the right option for you. But, we hope we’ve provided enough valuable information that you can decide for yourself.
Want to learn more about different cards available that may suit your needs? Explore our site for helpful insight into credit cards, online loans, and more. We want to help you make smart financial decisions that set you up for success.