@Laredo wrote:I have the Amex Blue Cash Everyday but would like the preferred instead. I should have chosen that one when I applied. When I apply for the Preferred Card I get a denial stating I have a cash back card similar to the one requesting. Since we grocery shop the rewards would be better fit for us. I called customer service and said to call Monday to see what they can do becausethat specific office is closed but was offered the Platinum and Magnet card which I don't want or need. Any suggestions because I see some people on the forums have both cards. Thanks.
1. I never heard of that as a reason, and I never heard of any customer-facing department at Amex being closed down until Monday.
2. Bear in mind that the 6% cash back feature is capped at $6000 spend. If you were to spend exactly $6k with the card, your increased cash back would be $180. Once you subtract the $95 annual fee that makes it $85. And that's only if you spend exactly $6000. If you were to spend $4k instead of $6k, the increased cash would only be $120, which -- once you subtract the annual fee -- is only $25.
3. If you go over $6k spend you only get 1% cashback on either the BCE or the BCP.
4. If you want to just product change the BCE for the BCP, and are willing to forego the signup bonus for the BCP, you just call up and ask for an upgrade. The advantage to that is that you can keep the same account number and won't have a new account.
@Curious_George2 wrote:But isn't OP subject to the FCRA's one-year waiting period before PCing to a card with a higher AF? ($0 to $95)
That I don't know.
@Laredo wrote:
@SouthJamaica wrote:
@Laredo wrote:I have the Amex Blue Cash Everyday but would like the preferred instead. I should have chosen that one when I applied. When I apply for the Preferred Card I get a denial stating I have a cash back card similar to the one requesting. Since we grocery shop the rewards would be better fit for us. I called customer service and said to call Monday to see what they can do becausethat specific office is closed but was offered the Platinum and Magnet card which I don't want or need. Any suggestions because I see some people on the forums have both cards. Thanks.
1. I never heard of that as a reason, and I never heard of any customer-facing department at Amex being closed down until Monday.
2. Bear in mind that the 6% cash back feature is capped at $6000 spend. If you were to spend exactly $6k with the card, your increased cash back would be $180. Once you subtract the $95 annual fee that makes it $85. And that's only if you spend exactly $6000. If you were to spend $4k instead of $6k, the increased cash would only be $120, which -- once you subtract the annual fee -- is only $25.
3. If you go over $6k spend you only get 1% cashback on either the BCE or the BCP.
4. If you want to just product change the BCE for the BCP, and are willing to forego the signup bonus for the BCP, you just call up and ask for an upgrade. The advantage to that is that you can keep the same account number and won't have a new account.
I was told the office that could do the upgrade wasn't available. Said it could be done though. You are right about the analysis you provided. May not be worth it.
Another thing to keep in mind about the BCE -- that great 3% cash back on online retail purchases. A feature that BCP does not share.
I can't speak for the OP but streaming could be the difference maker for some ppl between BCE and BCP. I did the math on my category spend and the rewards for streaming would make the BCP work better for me and I wouldn't even max out the grocery category. That being said Amex isn't an option for me yet.
@Anonymalous wrote:That 6% is sexy, but misleading. In practical terms, the best you'll get is 4.4%
That's because you have to subtract the AF from any rewards to determine the real CB percentage. If you spend exactly the cap of $6,000 on groceries, you get $360 cashback (6000x.06). Subtract the AF, that becomes $265 cashback. Which works out to 4.4167% CB (265/6000), and that's the most efficient possible use of the card. If you only spend $3,000 on groceries, it's reduced to a 2.83% card ((3000x.06 - 95)/3000). If you spend over the limit, it also goes down. For instance $9,000 works out to 3.28% ((6000x.06 + 3000x.01 -95)/9000). You can increase those numbers a bit if you use the other spend categories, but most people get the BCP for the grocery category. So 4.4%, or less if you don't hit the perfect spend, is not a bad general guideline.
So I agree with @SouthJamaica that the Everday, particularly with the new 3% on online spend, is a worthwhile alternative.
@Curious_George2 wrote:But isn't OP subject to the FCRA's one-year waiting period before PCing to a card with a higher AF? ($0 to $95)
CARD Act, actually, but yes.
