Update 3/3/23: The new signup offer is for $300 + waived $95 annual fee for the first year. Pretty similar to the previous $400 offer.
The Offer
- Blue Cash Preferred is offering a bonus of $400 after $3,000 in spend within the first six months of card membership.
Card Details
- Annual fee of $95 not waived first year
- Card earns at the following rates:
- 6% cash back at U.S. supermarkets (up to $6,000 in spend annually, then 1%)
- 6% cash back on select U.S. streaming subscriptions
- 3% cash back at U.S. gas stations
- 3% cash back on transit (e.g taxis/rideshare, parking, tolls, trains, buses and more)
- 1% back on all other purchases
- You can only get the sign up bonus on American Express cards once
Our Verdict
Nice offer, and it’s available via referral links as well which lets you give a friend a nice referrer bonus. The best straight bonus on this card before was $350 + waived annual fee (though there was a $200 + $200 (20% back on Amazon) offered and home furnishing up to $500). The new offer is higher at $400, but the annual fee is not waived, so overall a worse deal. Still a pretty good offer overall and it’s nice they give you 6 months for the spend, which also makes it easier to meet it all on bonus categories. We’ll add it to our list of the best credit card signup bonuses.
Hat tip to pizza42bob
I am seeing $300 offer for $3000 spend with $0 intro annual fee.
Also, my P2 just applied and got the card, but we forgot to check her offer was the same first and it wasn’t; hers was the $250 offer with $0 intro annual fee. Will Amex match the amount of the bigger offer if we show them? Alternatively, can we change to the Blue Cash Everyday offer instead?
Update: The bonus offer is now $250 (not $300, even in Incognito) after you spend $3,000 within six months. The first annual fee is still waived.
I thought about doing this and then downgrading the card to the Blue Cash Everyday card, but the terms state that they might take away the statement credit if you do that (I pasted that paragraph below).
Wouldn’t you be better off going for the Blue Cash Everyday card? No $95 annual fee and a $200 bonus after you spend $2,000 in six months.
“If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with this offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain an offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit, we may freeze, or we may take away statement credit from your account. “
“Wouldn’t you be better off going for the Blue Cash Everyday card?”
That’s what I would do,
Bev.
I’m seeing $250 via referral link and $300 on direct link, both with first year waived AF.
Does Amex let you retroactively downgrade the card after 12 months to avoid the $95 fee like Chase?
I’ve never had the Blue Cash Preferred but I do have an active Blue Cash card. I have never done an upgrade bonus/downgrade. Tried applying and received:
“you are not eligible to receive the welcome offer, intro APRs, and intro plan fees.”
I thought you could receive the SUB for both versions of the card?
I’ve upgraded twice in the past and then downgraded back to the regular card after a full year. No hassles. The timing is good now for those pursuing the BCP because there will be no “competition” with the 6% back on groceries from CHASE FREEDOM or DISCOVER when that 5% bonus category ends 3/31.
Citi Custom Cash, as long as you’re OK with $500/month budget.
Can you get this card if you have the Morgan Stanley version? Does anyone know?
They’re separate products, you’re GTG to apply and get a SUB for this card. IME.
Already have BCE. Link comes up as $75 after $1000 for upgrade. Just tried incognito multiple times: $250 after $3000 🙁
I have a link with $300 offer, but sharing is not allowed here.
Can someone help me understand the language? For the 6% supermarket cashback, it says “Up to $6,000 per year in purchases at U.S. supermarkets.” So is it up to $6,000 maximum cashback for the supermarket category, or for $6000 in supermarket spending = $6000 x 0.06 = $360 maximum cashback?
The latter.
$360 max cashback
Anybody have any success with retention offers on this card recently? I’ve had it about 6 years now, and am 0 for forever.
Max 6% then downgrade to no AF. Sock drawer until the next calendar year when there is still enough time within that year for you to max the 6%, then upgrade and max 6%. Max the 6% at the beginning of the 3rd year, then downgrade again.
They often have upgrade offers for the no AF version. At worst you should be paying 1xAF/2yrs.
yes, i got a target email for spend $1000 get $75
I still don’t understand the value proposition this card has after Citi custom cash. You can hold and churn multiple CC and it’s like 5% versus 6% here. So 1% difference and there is atleast one out of four quarters somebody covers grocery.
Actually, it’s more like 5% vs 4.4% once you factor in the annual fee…if you max out the $6000. Still, Amex has a lot of additional value that make the BCP worth it, imo.
Such as?
Amex offers are the most obvious value added. In just my normal spend, I usually don’t have a problem overcoming the AF with just that. The Disney+ credit is another nice feature (at least while I have kids in the house). Though when the BCE was updated I’ve definitely considered downgrading and switching my grocery spend to a card like the Custom Cash. Just saying that value propositions with Amex is never just a simple as comparing straight cashback.
I imagine most readers have at least 1 other amex card, so amex offers are not a consideration for keeping the card. You only have 1 amex offers per person and they’re *usually* available on other cards.
I have six AMEX cards, with anywhere from 30 to 160 offers attached to each card. Very few of those offers are duplicated on two or more cards. I would guess no more than a dozen or so.
BCP has the extra earning categories (gas/transport, streaming) and a few credits, return protection, purchase protection.
Return protection, purchase protection AND extended warranty. I use BCP for all tech stuff.