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Blue Cash® from American Express

• Up to 5% Cash Back with Unlimited Cash Rewards
• Earn unlimited cash back
• 0% Intro APR for 6 months
• Low Balance Transfer rate - 4.99% fixed APR for the life of the balance
• No Annual Fee

Just The Facts –

Issuer :  American Express

APR :  An introductory 4.99% on balance transfers is offered (provided that you have excellent credit) otherwise it is higher

Introductory Period : 6 months

APR After Introductory Period : 13.24%

APR On Purchases : 13.24 % Variable

APR On Cash Advances : 23.24% Variable

Annual Fee : $0

Credit Line Possible : Blue Cash From American Express has no pre-set spending limit; however, purchases are approved based on credit record, account history, and personal resources.  The minimum limit approved is $1,000. The maximum limit is 100,000.

Insurance included : Blue Cash From American Express offers Auto rental insurance, a purchase protection plan, and up to $100,000 in travel accident insurance.

Financing Configuration : Interest is calculated on your average daily balance (including purchases made on that day).

Grace Period : You have twenty days after making a purchase during which you do not have to pay interest.

The Best Thing About It—You can transfer balances from your higher-rate MasterCard, Discover, and Visa cards to this card and enjoy the lower interest rate.

The Worst Thing About It – Not all applicants may qualify for the lowest rate offered – the interest rate is dependent on a credit check and the variable APR rate for cash advances is unusually high. The balance rate transfer of 4.99% is also not the lowest in the industry.

Credit Rating Needed For Acceptance :  Excellent

Who Is It For?

The Blue Cash Credit Card, issued by American Express®, is designed for people with average credit who plan to take advantage of   versatile cash back reward program.

The card is only suitable for residents of the United States. It is not available to residents of Puerto Rico.

The Benefits

 

The OPEN Blue Cash rewards program that comes with Blue Cash From American Express is generous and one of the best in the business. The cash rebate amount varies according to where the cardholder makes their purchases. Cardholders earn a cash back rebate of up to 5% at "OPEN Savings" locations and up to 2.5% for all other general purchases.  "OPEN Savings" locations include FedEx, Hertz, 1-800-FLOWERS.COM, and more.

Track all of your expenses on one statement.  Online access to this statement to your account is also provided so you can stay on budget.

Earn high interest on your savings. The high yield savings account that your money is deposited into has a 5% variable rate.

No annual fee is charged. Blue Cash From American Express is an annual fee-free card.

You manage your account online – This card comes with an online account that provides the convenience of paying your credit card bill online. You are also able to monitor what goes on in your account with full access to an online account report.

Duplicate cards are complimentary.  Duplicate cards are free and you can earn cash rewards every time they are used as well.

You have a Return Protection Plan. If you try to return a designated item within 90 days from the date of purchase and the merchant won’t take it back, Blue Cash From American Express will refund the full purchase price, up to $300 per item.

You have full protection from theft or loss of your card while traveling.  Blue Cash From American Express provides quick emergency cash and emergency card replacement should your card be stolen.

You have a great deal of travel insurance. This card offers $100,000 in travel insurance.

The card comes with a Global Assist Hotline. Whenever you travel more than 100 miles from home, you have security and peace of mind 24/7 with medical, legal, financial or other emergency assistance, including medical and legal referrals, visa/passport help, cash access, lost luggage and more

You are not held liable for unauthorized transactions that appear to be conducted on the Internet.  This means that you don’t have to pay the usual $50 fraud liability charge.

 

The Drawbacks

 

The OPEN program is based on a sliding scale. It is important to understand that once the annual spending exceeds $15,000, the rebate for additional "Open Savings" purchases is 2%, and the rebate for all other additional purchases is 1%.

The APR is variable! The APR for purchases varies according to the applicant’s credit history and will be calculated on .99%, 5.99%, 8.99% or 10.99% + Prime Rate.

Cash Advances have an extraordinarily high APR depending on your credit rating. The APR for cash advances varies according to the applicant’s credit history and the variable rate is a whopping 23.24 % variable rate!

Monthly payments are applied to purchases first.  The amounts that you pay monthly are not applied to the highest interest garnering activities such as taking out a cash advance.  This can make it longer to pay off your debt.

The interest rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

The grace period is short. The grace period for Blue Cash From American Express is only twenty days compared to the usual thirty days before you start paying interest on your purchases.

Rewards points will expire. If you have not used them after a three-year period your rewards points disappear.

You cannot earn the 1% cash back on related American Express products. Cash and cash equivalent transactions (including American Express® Travelers and Gift Checks), finance charges, fee’s returned goods or services and account adjustments do not earn a rebate.

The Return Coverage is limited. Coverage is limited to $300 per item, excluding shipping and handling, and up to a maximum of $1,000 annually per Card Account and is subject to additional Terms, Conditions and Exclusions.

 

Fees To Watch Out For

 

Late payment fee :  $15 on balances up to $100; $29 on balances of $100 through $1,000; $35 on balances over $1,000

Over the Limit Fee : $35

Cash Advance Fee : 3%, $5 minimum for Express Cash transactions

Balance transfer fee :  4.99% for six months.

 

To Summarize –

Blue Cash From American Express has no annual fee and a reasonable interest rate for purchases (for those who qualify), which makes it ideal for those who plan to carry a balance. A 4.99% introductory rate is available on balance transfers for the life of the loan. It is important to note that the 4.99% balance transfer introductory rate only applies to those who initiate a transfer when applying for the card.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%*	6 months	13.24%*	None	Yes	Excellent Credit*