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Is the Amex BCP worth the annual fee?

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bada_bing
Frequent Contributor

Re: Is the Amex BCP worth the annual fee?

I like and use my BCP up to the $6K annual grocery cap. It is worth the annual fee to me.

 

The rewards % calculations and comparisons with other cards can quickly get

convoluted though. As an example, I buy probably $1500 per year of AM-PM gas cards

at Safeway with my BCP, which helps get my grocery spend to the $6000 annual rewards bonus

cap. AM-PM is the cheapest gas locally, but they have a higher price for credit card purchase, gift

cards get the cash price. Likewise, I use a Sallie Mae for groceries at Wally world because they

aren't groceries coding on BCP.

 

The important concept is that "groceries" on BCP can be a fuzzy concept. There are outlets that

are obviously groceries that Amex doesn't give bonus for, but also the ability to buy gift cards at

a qualifying grocery store for other, non-grocey purchases. Gas and restaurants are two types of

gift cards I use. Once you get it straight in your head, it is easy to hit the $6K BCP grocery cap,

although you are perhaps "robbing" some purchase category credits from other cards you may have.

+ 850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
Message 21 of 73
kdm31091
Super Contributor

Re: Is the Amex BCP worth the annual fee?

Ok - one more dig against Amex: you can't "take" your rewards such as as a check or direct deposit. Statement credit/gift cards only. So for those who like to dump rewards into savings accounts, Amex doesn't make it easy. You can take a statement credit of course, then move the corresponding amount from your checking to savings, but just doesn't seem as satisfying. YMMV.
Message 22 of 73
Anonymous
Not applicable

Re: Is the Amex BCP worth the annual fee?

I have the BCP and I received the $250 sign on bonus. Plus I have taken advantage of several offers for $10 -$15 each. This is not my high spend card, I used it for my initial $1500 spend to get the bonus and mainly for groceries ever since then.  Since November 2015 I have rec'd $335.00 cash offers or cash back on the card.  I have $60 pending now with cable and mobile phone bill offers.... I think the card is definitely worth the AF. From my tracking it looks like the AF will pay itself in 2-3 months of light use, especially if there are good offers available.

Message 23 of 73
jacetx
Valued Contributor

Re: Is the Amex BCP worth the annual fee?


@kdm31091 wrote:
Ok - one more dig against Amex: you can't "take" your rewards such as as a check or direct deposit. Statement credit/gift cards only. So for those who like to dump rewards into savings accounts, Amex doesn't make it easy. You can take a statement credit of course, then move the corresponding amount from your checking to savings, but just doesn't seem as satisfying. YMMV.

I forgot about that. I meant in general I put all my cashback on savings, except this one, which gets credited back.

Message 24 of 73
Anonymous
Not applicable

Re: Is the Amex BCP worth the annual fee?

QUOTE, "Ok - one more dig against Amex: you can't "take" your rewards such as as a check or direct deposit. Statement credit/gift cards only. So for those who like to dump rewards into savings accounts, Amex doesn't make it easy. You can take a statement credit of course, then move the corresponding amount from your checking to savings, but just doesn't seem as satisfying. YMMV. "

 

 

This is what spread sheets are for... seeing the bottom line is usually quite satisfying. For me anyway :-)

Message 25 of 73
UncleB
Credit Mentor

Re: Is the Amex BCP worth the annual fee?

Lots of good info here on the BCP... I'll just add that it's one of my most valuable cards.  Smiley Wink

 

In my own case, I think of the BCP in terms of being my "grocery store card".  Doing 'back of the envelope' math, the cut-off is approximately $210 per month for grocery spending.  If you average less than this, you're better off with the BCE.  If you average more, you're better off with the BCP.  This doesn't take into consideration the 3% rewards on department store purchases, which is also valuable to me.  (Of course there's gas for some to consider as well, but I have better cards for gas).

 

I put all of my cash rewards on an "old" Serve card, but the statement credit I get on the BCP doesn't bother me too much.  Any month that I have a statement credit, when I make my payment that month I simply "pay" the amount of the statement credit to the Serve card... easy peasy.  Smiley Wink

 

I'll admit that it's annoying having to 'wait' for the rewards, but for 6% on my grocery purchases I'm willing to overlook it.  Smiley Very Happy

Message 26 of 73
Anonymous
Not applicable

Re: Is the Amex BCP worth the annual fee?


@UncleB wrote:

Lots of good info here on the BCP... I'll just add that it's one of my most valuable cards.  Smiley Wink

 

In my own case, I think of the BCP in terms of being my "grocery store card".  Doing 'back of the envelope' math, the cut-off is approximately $210 per month for grocery spending.  If you average less than this, you're better off with the BCE.  If you average more, you're better off with the BCP.  This doesn't take into consideration the 3% rewards on department store purchases, which is also valuable to me.  (Of course there's gas for some to consider as well, but I have better cards for gas).

 

I put all of my cash rewards on an "old" Serve card, but the statement credit I get on the BCP doesn't bother me too much.  Any month that I have a statement credit, when I make my payment that month I simply "pay" the amount of the statement credit to the Serve card... easy peasy.  Smiley Wink

 

I'll admit that it's annoying having to 'wait' for the rewards, but for 6% on my grocery purchases I'm willing to overlook it.  Smiley Very Happy


Agreed.  I absolutely love this card - BCP.

Message 27 of 73
Anonymous
Not applicable

Re: Is the Amex BCP worth the annual fee?

I didn't think the relatively small amount of rewards gained from the BCP was worth dealing with their convoluted rewards system. The customer service for this card was also pretty bad.

Message 28 of 73
Anonymous
Not applicable

Re: Is the Amex BCP worth the annual fee?


@UncleB wrote:

Lots of good info here on the BCP... I'll just add that it's one of my most valuable cards.  Smiley Wink

 

In my own case, I think of the BCP in terms of being my "grocery store card".  Doing 'back of the envelope' math, the cut-off is approximately $210 per month for grocery spending.  If you average less than this, you're better off with the BCE.  If you average more, you're better off with the BCP.  This doesn't take into consideration the 3% rewards on department store purchases, which is also valuable to me.  (Of course there's gas for some to consider as well, but I have better cards for gas).

 

I put all of my cash rewards on an "old" Serve card, but the statement credit I get on the BCP doesn't bother me too much.  Any month that I have a statement credit, when I make my payment that month I simply "pay" the amount of the statement credit to the Serve card... easy peasy.  Smiley Wink

 

I'll admit that it's annoying having to 'wait' for the rewards, but for 6% on my grocery purchases I'm willing to overlook it.  Smiley Very Happy


All excellent points.

 

I have a young family and we spend around 500 a month at the grocery store, sometimes more, sometimes a little less. Another reason I love my BCP is for gas. I drive an hour one way to work 4 days a week minimum. The gas bill adds up! It's nice to get atleast the 3% back on that too.

 

So far the BCP has been a great card for a purpose. It's my only card yet that has a specific use year around

Message 29 of 73
Anonymous
Not applicable

Re: Is the Amex BCP worth the annual fee?

OP is going to have to do the math himself. I don't believe he's mentioned his actual supermarket spend or where it occurs, so we can't say whether the card is a good fit. If I recall correctly, the breakeven point between BCE and BCP is around $2800 annually. Check out TheManWhoCan's charts for more info on grocery (and gas) cards.

Message 30 of 73
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