Dear world, we need to address a common misconception. American Express is not only for the rich and famous. American Express has developed one of the most diverse sets of credit cards on the market. The days of only catering to the upper class with exclusive Platinum credit cards are over. Don't let the past prevent you from taking a look at the AmEx Everyday, because it is truly a diamond in the rough.
The AmEx Everyday card has recently been revamped to include some pretty exciting benefits. For starters, it has no annual fee. It also comes with a low 0% introductory offer on balance transfers and purchases which last fifteen months. If you need to transfer a balance to the card the balance transfer is waived. Many cards will charge up-to 5% of the balance transferred to use this benefit. The balance transfer must be requested within 60 days of account opening, so don't drop the ball on getting that taken care of. Once the intro rate period is over, you'll pay an ongoing Variable APR of 14.74% - 25.74% (accurate as of 8/03/2018).
As if the card wasn't already dripping with benefits, new cardholders will also receive 10,000 Membership Rewards points after using their new card to make $1,000 in purchases within 3 months of account opening. Card holders will continue to bulk up their rewards bank by earning 2 points per dollar at U.S. grocery stores on up-to $6,000 on purchases each year. All other purchases will earn 1 point per dollar spent.
But wait, there's more! If you make at least 20 purchases in a calendar month AmEx rewards you with a 20% point bonus. That means you're earning 2.4 points per dollar on the grocery tier, and 1.2 points per dollar on everything else. Membership rewards can be very valuable if transferred to airline or hotel partners. They can also be redeemed for gift cards and statement credits.
American Express really hit the nail on the head with this well rounded card. It may not earn the highest rewards or have the longest intro period, but this card has staying power.
This card really provides 3 ways to supplement your budget. Let's dive in.
Balance Transfers: Let's say that you have $2,500 in existing credit card debt at another bank, and you are paying 15% interest. Moving that balance over to the AmEx Everyday will save you around $400 over 24 months, assuming you make a monthly payment of $56.25. That's a better new customer bonus than most cash back cards offer! This card comes with a bonus offer too though!
Purchases: If you have any major life purchases coming up, a 0% intro rate is a great way to finance. This is a terrific alternative to in store financing for something like a fridge. Let's say you want to buy a $3,000 appliance. If you make 15 monthly payments of $200 you don't pay a dime for financing. This will save you around $320 when compared to the same purchase if it was made on a card that had an APR of 14.24% and you paid the same $100 a month.
If you have at least a 650 credit score (good credit), we'd say pull the trigger on this one. If you have excellent credit and are looking for a few more rewards, take a look at the AmEx Everyday Preferred. The Preferred edition will earn you more points per dollar in eligible categories, and earn a 50% bonus on points if you make more than 30 purchases a month. The downside is a $95 annual fee.
If you have fair credit, take a look at the Chase Slate. Slate offers similar perks without a rewards program, so it's a bit easier for fair credit customers to get approved. If you're unsure of what you may qualify for, take a look at CardMatch to see what might be a good fit for your credit score. CardMatch matches you to credit cards based on your credit profile. Both the Everyday and Slate cards can be found in the tool.