Upgrade to Amex BCP

[Wavester64]

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@dynamicvb wrote:

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@M_Smart007 wrote:

"Yeh, it has the sub offer too where $150 for $1000 spend in the first 90 days. "

minus the $95 annual fee. .. = $55

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Plus the $360 a year CB on groceries. The way these people eat around here, that won't be hard to hit either. :-)

I went ahead and clicked the link and it will be here in 7-10 days.

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Congrats - I just did the same ~ 2-weeks ago 

[Aim_High]

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@dynamicvb wrote:

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Plus the $360 a year CB on groceries. The way these people eat around here, that won't be hard to hit either. :-)

I went ahead and clicked the link and it will be here in 7-10 days.

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Congrats on your upgrade @dynamicvb ! 

Keep in mind that if you're using it primarily for the higher grocery payout, the break-even point between the 3% with no AF on the Blue Cash Everyday and the 6% on the Blue Cash Preferred with the $95 AF is about $3200 annual grocery spend or more.  Any annual spend less than that and you're better off with the Blue Cash Everyday.  And to remember your earnings rate drops to only 1% for every dollar you spend over that $6K, killing your potential earnings rate.  For groceries alone and after the AF, the BCP earns 4.4% in cash rewards.   It's more than BCE but less than the 6% rate appears.  For spending over $6K, having a backup card that also pays well in groceries or uncategoried spend would be helpful.

If you spend in other categories, it can really change the earnings equation.  The 2% on gas (BCE) goes up to 3% (BCP.)  And you add the 3% back on transit (BCP) if you can use that.  

Then the BIG tie-breaker is if you have enough streaming services to take advantage of the 6% on streaming. I believe that is uncapped.

As long as the spend makes sense, I believe BCP is a great card!

The current streaming service list* is:

• Amazon Music Unlimited
• Apple Music
• Apple TV+
• AT&T TV Now
• Audible
• CBS All Access
• Disney+
• ESPN+
• Fubo TV
• HBO Max
• HBO Now
• Hulu
• iHeartRadio
• Kindle Unlimited
• Luminary
• MLB.TV
• NBA League Pass
• Netflix
• NHL.TV
• Pandora
• Prime Video
• Showtime
• Sling TV
• SiriusXM Streaming and Satellite
• Spotify
• Stitcher
• YouTube Music Premium
• YouTube Premium
• YouTube TV

*Per:  https://www.americanexpress.com/us/rewards-info/retail.html

[Anonymous]

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@Aim_High wrote:

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@dynamicvb wrote:

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Plus the $360 a year CB on groceries. The way these people eat around here, that won't be hard to hit either. :-)

I went ahead and clicked the link and it will be here in 7-10 days.

---

Congrats on your upgrade @dynamicvb ! 

Keep in mind that if you're using it primarily for the higher grocery payout, the break-even point between the 3% with no AF on the Blue Cash Everyday and the 6% on the Blue Cash Preferred with the $95 AF is about $3200 annual grocery spend or more.  Any annual spend less than that and you're better off with the Blue Cash Everyday.  And to remember your earnings rate drops to only 1% for every dollar you spend over that $6K, killing your potential earnings rate.  For groceries alone and after the AF, the BCP earns 4.4% in cash rewards.   It's more than BCE but less than the 6% rate appears.  For spending over $6K, having a backup card that also pays well in groceries or uncategoried spend would be helpful.

If you spend in other categories, it can really change the earnings equation.  The 2% on gas (BCE) goes up to 3% (BCP.)  And you add the 3% back on transit (BCP) if you can use that.  

Then the BIG tie-breaker is if you have enough streaming services to take advantage of the 6% on streaming. I believe that is uncapped.

As long as the spend makes sense, I believe BCP is a great card!

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The OP was upgrading from a Cash Magnet rather than BCE, so the breakeven point on groceries (for a straight "Should I upgrade or not?" viewpoint) is less, just over $2.111 a year.   And gas spend will also be a bigger reward (going from 1.5% to 3%).   But after a year, you can downgrade to a BCE, and then @Aim_High calculations will apply.

But as I said earlier, just make sure that where you buy groceries is treated as a grocery store by Amex.   

[dynamicvb]

Thanks @Aim_High  for that link. I have not seen that one and its very useful. Also good to know that Walmart is on the excluded list as a lot of times we will buy groceries there. Will just have to go to one of the other ones. Gas is also a good factor as my wife will use a lot of that.

I think this is a good move, if not I'll take the advice and downgrade it after a year to the everyday.

[Anonymous]

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@dynamicvb wrote:

Thanks @Aim_High  for that link. I have not seen that one and its very useful. Also good to know that Walmart is on the excluded list as a lot of times we will buy groceries there. Will just have to go to one of the other ones. Gas is also a good factor as my wife will use a lot of that.

I think this is a good move, if not I'll take the advice and downgrade it after a year to the everyday.

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While it varies, it's the Walmart superstores that don't count, often the neighborhood market ones are treated as supermarkets (with exceptions reported in both directions!).   I would make a small purchase at your favorite one and see how it gets classified.

As many (especially @kdm31091 !) users would advise:  don't shop at a more expensive place JUST to get the 6%.   Getting 1-2% at Walmart can be much cheaper than getting 6% at some other places

[MacCreed]

If you have high grocery spend you should know that the $6000 limit is per calendar year.  Since you upgraded around mid year you have full $6000 now till Dec 31 and another $6000 next year.  

[kdm31091]

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@Anonymous wrote:

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@dynamicvb wrote:

Thanks @Aim_High  for that link. I have not seen that one and its very useful. Also good to know that Walmart is on the excluded list as a lot of times we will buy groceries there. Will just have to go to one of the other ones. Gas is also a good factor as my wife will use a lot of that.

I think this is a good move, if not I'll take the advice and downgrade it after a year to the everyday.

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While it varies, it's the Walmart superstores that don't count, often the neighborhood market ones are treated as supermarkets (with exceptions reported in both directions!).   I would make a small purchase at your favorite one and see how it gets classified.

As many (especially @kdm31091 !) users would advise:  don't shop at a more expensive place JUST to get the 6%.   Getting 1-2% at Walmart can be much cheaper than getting 6% at some other places

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Yup, and I'll say it again... sometimes pure grocery stores can be more expensive so even getting 6% may not be your best overall value. Does not mean it's always true and not for every item, but definitely need to keep it in mind.