A Points Card With a Balance-Transfer Bonus
Credit Needed: Good/Excellent
The Amex EveryDay Credit Card from American Express offers competitive rewards and favorable terms, particularly for a card that doesn’t charge an annual fee.
If you use the card to make $1,000 in purchases during your first three months as a cardholder, you’ll earn 10,000 points as a welcome bonus. But the opportunity to earn bonus points doesn’t end after your first three months with the card. In any given billing period, if you use your card to make 20 or more purchases you’ll earn 20% more Membership Rewards points. Terms may apply.
What about your APR on these purchases if you can’t pay your bill in full at the end of a billing period? Well, for your first 15 months as a cardholder you’ll get an introductory 0% APR. That goes for new charges and for any balance transfers you request within 60 days of opening your new account. After the introductory term, an APR of 12.99% - 23.99% Variable will apply.
10,000-points – When you sign up for the Amex EveryDay Credit Card and spend $1,000 within your first three months as a cardholder you’ll earn a 10,000 point welcome bonus.
2 points for every dollar spent at the supermarket – When you swipe your card at U.S. supermarkets, you’ll earn double the points. The points are capped at $6,000 for the year, so you’ll only earn double points on your first $6,000. After that you’ll earn points at the normal rate of one point per dollar spent.
20% bonus when you make 20+ purchases in a billing period– If you’re a frequent shopper you’re in luck. Amex wants to reward people who swipe their cards regularly. If you hit the 20-transaction mark in a given billing period, you’ll earn 20% more points on those purchases less returns and credits. Terms and limitations may apply.
0% introductory APR – The Amex EveryDay Credit Card comes with a 0% introductory APR for your first 15 months after approval. On your purchases and on any transferred balances from other cards requested within the first 60 days of opening the account, you won’t rack up interest for a full 15 months. After the introductory period expires, the ongoing APR will be 12.99% - 23.99% Variable depending on credit-worthiness.
- Smart Tip: The Amex EveryDay Credit Card from American Express comes with a 0% introductory APR for your first 15 months after approval. On your purchases and on any transferred balances from other cards requested within the first 60 days of opening the account, you won’t rack up interest for a full 15 months.
No annual fee – You don’t have to pay for Amex EveryDay Credit Card perks like bonus points. That’s right – the Amex EveryDay Credit Card doesn’t come with an annual fee.
$0 Balance Transfer Fee - No balance transfer fee on balance transfers that are requested in the first 60 days from account opening.
Who It Benefits
What kind of consumer would be well served by the Amex EveryDay Credit Card? Those who make frequent purchases each month and spend heavily at the supermarket stand to benefit from the card’s rewards. For example, a parent who makes frequent trips to the supermarket in the U.S. to stock the family fridge could be a good candidate for the Amex EveryDay Credit Card.
The card can also benefit those who have balances on old cards that they’d like to pay down. Customers with debt from other credit cards can request to transfer their balances to the Amex EveryDay Credit Card within 60 days of opening the account in order to take advantage of the 0% APR for 15 months. Ideally, those customers would pay their balances off by the end of the 15 months, becoming debt-free before the APR increases to a rate of 12.99% - 23.99% Variable.
How It Works
Your three-month timeline for qualifying for the 10,000 bonus points starts as soon as you’re approved for the card, not when you receive the card in the mail. So if you’re determined to earn those points, err on the side of caution and frontload the $1,000 in spending that you need to qualify for the welcome bonus offer. If you hit the target, your 10,000 points will be credited to your Membership Rewards account six - eight weeks after you reach the $1,000 mark.
If you want to transfer a balance to your new card, keep in mind that only balance transfers (from accounts in your name) that you request within 60 days of opening your new card account will go through. Transferred balances must be $100 or more. However, the total amount of all your transfers must not exceed the lesser of $7,500 or 75% of your credit limit.
To qualify for the 20% extra points benefit you must make 20 or more separate purchases of goods or services on your card in a single billing period. Buying multiple items in one transaction still counts as a single purchase. Banking fees and charges, such as for cash advances, don’t count as a purchase. Buying cash equivalents like travelers checks or prepaid cards doesn’t count, either. You can track your purchases in the Amex app so you know when you’re getting close to the 20-purchase milestone.
You’ll earn two points for every dollar charged at U.S. supermarkets, up to your first $6,000 in eligible purchases in a calendar year. Warehouse clubs like Costco are not considered eligible stores, and purchases of things like prepaid cards are also ineligible. After you hit the $6,000 threshold on grocery spending at supermarkets in the U.S., you’ll earn points at the normal rate of one point per dollar.
What's The Catch
Often, cards that offer rewards points require that customers pay an annual fee. The Amex EveryDay Credit Card doesn’t have that catch. It does, however, come with some fees and penalties that can add up for the unwary consumer.
The card comes with a penalty APR of 29.24% variable. This is a variable rate that can change with fluctuations in the Prime Rate. The penalty rate kicks in if you make one or more late payments or make a payment that is returned.
Once the penalty APR kicks in, it will apply for at least six months. Once six months have passed, American Express will review your account. You’ll be eligible to return to your normal APR after you have made on-time payments (with no returned payments) during a six-month period. If your income tends to fluctuate and you’ve missed credit card payments in the past, you might be better off with a card that doesn’t charge a penalty APR.
Just The Math Please
If you spend $1,000 in your first three months with the card, you’ll earn a welcome bonus in the form of 10,000 bonus points. You’ll also earn two points for every dollar you spend at supermarkets in the U.S., up to your first $6,000 in a given year. You’ll earn one point per dollar on all other purchases.
If you transfer a balance to the Amex EveryDay Credit Card within the first 60 days of account opening, you will pay a fee $0. For 15 months, your transferred balances will have a special 0% APR. After 15 months, the APR on your transferred balance(s) will revert to your regular, variable APR, ranging from 12.99% - 23.99% Variable.
Rates And Fees
Annual Percentage Rate (APR) for Purchases
Receive 0% for 15 months on purchases. Afterward, your APR will be at a rate of 12.99% - 23.99% Variable. This rate is based on credit-worthiness and will vary with the market based on the Prime Rate.
APR for Balance Transfers
Receive 0% for 15 months on balance transfers that are requested within 60 days of account opening. Afterward, your APR on any transferred balances will be the same as your regular APR – 12.99% - 23.99% Variable, depending on your credit score.
APR for Cash Advances
The APR for cash advances is 25.24% Variable.
Penalty APR and When It Applies
There is a penalty APR of 29.24% Variable. The Penalty APR applies if you make one or more late payments or make a payment that is returned.
How to Avoid Paying Interest on Purchases
Your due date is at least 25 days after the close of each billing period. If you pay your entire balance by each month’s due date you will not accrue interest charges.
Balance Transfer: $0 balance transfer fee on transfers requested in the first 60 days.
Cash Advance: Either $10 or 5% of each cash advance, whichever is greater.
Foreign Purchase Transaction: 2.7% of each purchase transaction in U.S. dollars.
Late Payment: Up to $40
Returned Payment: Up to $40
How It Stacks Up
The natural point of comparison for the Amex EveryDay Credit Card is the Amex EveryDay Preferred Credit Card. The Amex EveryDay Preferred Credit Card charges an annual fee of $95 but offers 15,000 bonus points compared to the 10,000 you get with the Amex EveryDay Credit Card when you spend $1,000 in your first three months with the card.
The Amex EveryDay Preferred Credit Card offers 3x points at U.S. supermarkets, compared to 2x points with the Amex EveryDay Card, and includes a gas rewards rate of two points per dollar at U.S. gas stations. The Amex Everyday Preferred card offers a 50% extra points after 30+ transactions (less credits and returns) in a billing period, compared to the 20% bonus after 20+ transactions with the Amex EveryDay Card.
If you don’t consistently spend a lot on gas and you’re wary of annual-fee cards, you might want to stick with the Amex EveryDay Card and track your spending for a year. You can always upgrade to the preferred version if you find that your spending patterns would enable you to take advantage of the higher rewards and offset the annual fee.
Do you feel like you’re always making trips to the supermarket for one thing or another? Would you love to get points for your spending without having to pay an annual fee? Do you have balances from old cards that you’d like to transfer to a card with a 0% APR? If you answered yes to these questions, the Amex EveryDay Card could be a good fit for your needs.
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