What is the Amex Everyday Credit Card
The Amex Everyday Credit Card is another good example of the robust, dependable credit cards that you can generally find through American Express. There is no question that when it comes to a reputation for strong cards with worthwhile features, American Express frequently ranks high among the very best options. By no means should that be interpreted as these cards being absolutely perfect. While the Everyday card in particular has some great features, it is also true that the cards can have prohibitive, problematic elements. In other words, this is a very popular credit card, but that doesn’t automatically mean it will be the right card for your needs.
For example, a unique element to this card concerns its relationship to the ride-sharing app Uber. If you are a frequent Uber user, this could be the card for you. In fact, a great deal about this card seems to concern benefits that are particularly significant to those who prefer to use credit whenever possible. Also, if you are the kind of person who likes to keep track of their points at all times, knowing exactly when to have them redeemed, the Amex Everyday Credit Card can prove to be exactly what you’ve been looking for.
Amex Everyday Credit Card Basics
For very specific groups of people, this can be a good card. We’re not sure it’s the best of your options with everyday credit cards. It is nonetheless a strong card with some good cashback reward features, among other elements. One good example of those other elements would be the balance transfer feature. We will cover that in greater detail with some Amex Everyday pros and cons. For now, just understand that if you are looking for a card that can help you to clear away some credit card debt, this could be a perfect choice to that end.
You will also want to keep in mind that the “everyday” part of these credit cards should be taken quite literally. These are cards designed most of all for people who need a credit card that works well with a consistent flow of everyday purchases. Examples of such purchases could include frequent trips to the grocery store, as well as the various times in a given week when you have to hit a gas station. This card, as well as similar credit cards, is a good match for such individuals. The Amex Everyday Credit Card has some strong benefits, to be sure, if you are the kind of person we are describing.
At the same time, there are some frustrating aspects to this American Express card, as well.
Pros And Cons Of Amex Everyday Credit Cards
The first thing we want to draw attention to is the 0% financing. Yes, that will only last for fifteen months, but we are still talking about a heavyweight benefit. For purchases, as well as balance transfers, you can take advantage of 0% APR for a year and three months. That isn’t bad by any means, particularly if you are going to use the balance transfer aspect to deal with some of your current credit card debt.
As long as you can use the card intelligently and responsibly, you can achieve some pretty impressive things with those fifteen months in your pocket.
Let’s talk about the balance transfer benefits that are associated with this card. In addition to the 0% APR for 15 months, you will also be able to enjoy transfer fees in the amount of zero dollars. Compared to other credit cards for balance transfers, we are talking about savings in the neighborhood of 2.5%. That may not sound like a lot, but it can certainly add up. There is also an excellent chance with the Amex Everyday Credit Card that you will not have to pay any annual fees. However, just remember that this benefit is contingent upon having a really good credit score. If you don’t, the monthly fees will still likely be relative to most of the other options available to you in this bracket.
Then you have the regular APR. The regular APR for this credit card can be anywhere between 15.25% and 26.24%. Naturally, the regular APR you wind up with is going to be dependent upon your credit score. This is definitely a card where you want to go in with a pretty good score from the start. Understand that even if you even get the low range of that regular APR, you are still ultimately talking about a figure higher than the market average for those who have excellent credit.
Additional Pros And Cons Of Amex Everyday Credit Card
How do you feel about getting 10, 000 points added to your account almost immediately? The number is meaningless if the points aren’t worth anything, but that is not the case with the Amex Everyday Credit Card. You will find that these points do indeed have a good deal of value behind them. The only part that can be a little frustrating is the redemption schedule. As we mentioned earlier, you will definitely need to keep up with how many points you have, as well as when you can expect them to expire.
Nonetheless, if you spend up to $1000 within three months of opening the account, you will be rewarded with 10, 000 bonus points. Those points can be utilized in the form of gift cards or travel credit. You will want to note that 10, 000 points translates roughly to $100. Ultimately, there are better, similar bonuses for those who have excellent credit. Nonetheless, it is a nice perk, and it gives you an idea of how much value the points really have.
The Amex Everyday Credit Card also benefits from a good breakdown of points. At the very minimum, you will be able to earn one point for every dollar you spend. You also get extra points within the first six grand you spend on groceries per year. There is also a nice 20% bonus on your earnings, if you can make 20 purchases within a single month. Since this card is really best used on a day-to-day basis, it stands to reason that you won’t have to struggle to hit these milestones.
Further Considerations With The Amex Everyday Credit Card
The foreign transaction fee attached to this card is something else you should keep in mind. American Express is less-accepted outside of the United States than cards like Visa or Mastercard. This translates to higher-than-average foreign transaction fees. At a staggering 2.7% (market averages are currently at around 1.50%), the Amex Everyday card is certainly no exception. This is definitely not the credit card you want to rely on while traveling abroad.
You should also keep in mind that certain Amex rewards kick in only when you do them at a certain place. For example, you can earn 2 points per dollar spent on travel, but only if you handle your bookings through Amextravel.com. That can be slightly frustrating, particularly if you prefer to shop around, but the website is well-regarded, nonetheless. If you are someone who is particularly interested in gaining as many points as possible, this is certainly an aspect of the Amex Everyday Credit Card to keep in mind.
Many would suggest that the best way to benefit from these cards is to utilize the various partnered programs that work in cooperation with American Express. In general, this is often the best way to maximize the potential of your card. Again, this can be a little frustrating for some, but it still represents a solid tradeoff for anyone who is particularly interested in rewards and member perks. American Express has always been pretty good in this arena, and their Everyday cards are a very good example of that thought indeed. One of the best examples of the partnerships that can benefit your life would be the one they currently have with Uber. You can indeed use your reward points to pick up free rides on Uber. Given the enormous popularity of ride-sharing apps, particularly Uber, this might be your most meaningful benefit of all. This is certainly true for anyone who relies on Uber for ongoing travel/commute expenses.
While transferring points is the best way to optimize their value, the fact remains that simply having so many options is rather nice to have. If you are willing to put in a little work with the points management side of things, you can use your points to your advantage on a variety of different levels. This is perhaps the best thing about a very good all-around card. However, if you are looking for something that is straightforward in every possible regard, or something you can use while overseas, the Amex Everyday Credit Card is perhaps not for you.
You will just want to make sure your credit score is in good shape, prior to signing up for the card. Unless you don’t mind a very high regular APR, you may have better luck in going somewhere else.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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