The American Express Blue Cash Preferred is one of the best grocery credit cards you can have. It also is a great grocery cash back credit card. But while the Amex BCP is a great grocery credit card, there are a few improvements Amex could make to make this a better overall card.
0:00 – Start
00:49 – Big limitation
1:13 – Fix to groceries
3:30 – Update gas category
3:38 – Streaming
6:30 – Wrap Up/Thoughts
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29 comments
I just still don't spend enough as a single fella to justify the annual fee, especially compared to rotating 5% cards you can mix with 2-3% cash back cards. But I don't know why it seems like in the cashback space for groceries, almost no other issuer gives more than 2% for groceries outside the 1st year. 🤔
I actually don't have a 3x or higher multiplier for grocery spent. I find the BCE's $350 sign up bonus more valuable than the BCP 6% grocery multiplier
You have nailed it my friend! We’ve been using our AMEX Everyday card this year and MAXED-OUT the $6K in about 4 months. We are just a family of 2. Thanks 2 all of the Chase limited time grocery benefits we’ve changed over to the CSP for the limited time 3X. And just got the wife approved for the CFU, to cover all our grocery spend 4 the next 12 month’s at 5X. Of course this means that the AMEX everyday card go’s to the bench until mid 2021. LOL! We love AMEX but, we had to do it ! LOL !
Getting rid of the Streaming Services Bonus Category is definitely agreeable. I've had the BCP since it launched back in May of 2019 and been using it mainly for the groceries and transit categories. Would love AMEX to up the Transit bonus to 4%. 🙂
That would be quite helpful if Amex did raise the cap for grocery spend—even $9,000 would be good (i.e., a 50% increase). I do like earning 6x on streaming services, but I realize it’s not that much spend. What I don’t want to happen, though, is a bunch of cards raising their annual fees to offset the cost of increased rewards!
If they raise the spend limit, they will just reduce the bonus percent or increase the annual fee. I feel like 6% discount on $12,000 vs $6,000 is a higher discount than amex is willing to give. That is $360 that they are potentially losing. As far as streaming benefits, it might be useful for Amex to retain them to stay independent from their gold card and to compete for those households who have lots of subscriptions. So actually I say a better move for them would be increase subscriptions to 5% back, keep grocery 6%, gas stays the same. From my standpoint, I will still stay with gold card. Expected value of getting this card is 2% of $6k (delta of current amex gold grocery bonus) minus the $95 annual fee = $35 minus credit check inquiry = negative
Dustin it’d be nice but I don’t think it’ll ever happen. For Amex it’d be a rob Peter to pay Paul situation. I don’t think they’d stand to gain much…they’d just lose some Gold Card customers who don’t hit the $25k in yearly spend anyway and only have that card because Gold/EDP isn’t enough while the actual Gold is too much.
They’d also be losing $155 in AF to those who made the switch to this card from the Gold Card. In my opinion the Gold Card limit is only hit by those who play the gift card game as I doubt the average family is spending north of $2k a month in dining and grocery.
When I got tired of playing the gift card at the grocery store game the Gold Card because an expensive waste for me because the EDP got the job done with my new level of spending. 4.5x in grocery and 3x on gas after 30 transactions…and anyone with a cell phone bill or Amazon can hit the 30 transactions a month with 10 minutes of effort each month.
But I’m with you…I have the EDP and any upping of the caps would be appreciated!
This is the first time I have actively disliked one of your videos. The streaming credit is one of my favorite things about this card! I have never exceeded the grocery limit, and if I did I have a gold card. I would probably cancel this card if they took your advice! Stop it!
I really wish they would change it so you can actually cash out your reward balance rather than applying it as a statement credit. Is it really a cash back card if you can't get your cash?
Hello? American Express? Are you listening??? I'm in year 2 of the BCP, and if they don't up it in some way, I'll be canceling at the end of this year. Too many other good offers out there.
How many Amex Gold do you have?
Really great video as always. I think they have the right idea with this being a "family" catch-all card. The limit on grocery spend is absolutely horrendous though. Families of 4+ are definitely spending 1k/month on groceries at least. I think a few changes would make this both a lucrative card for Amex and for families.
What I would do:
– Make grocery spending limit 10k
– up the annual fee to $150
– 3% Utilities/Internet
Game changer
That’s why I haven’t upgraded my blue everyday cash I don’t see them doing anything to that card either 👎
I think the point being missed either intentionally or unawares is that Amex is not trying to give you more money, they are trying to profit. The BCP is designed to make more money off you than the BCE. The limit is there to make sure that there is a limit on how much you can take advantage of this card. There companies exist to PROFIT not give you money! That is just the incentive so you use their card instead of someone elses!
BCP was my first rewards card, I've since outgrown the card but it still has a special place in my heart. I'm at four AmEx credit cards so if I want a Marriott card I'll have to cancel the BCP.
These are great ideas and I hope they modify the card, too. Keeping your family in my prayers. Here's to a healthy happy baby. Take care and stay safe Dustin!
$6k is an insult. Only childless cardholders and instant ramen lovers spend less than that on groceries. According to BLS, the average American household spends $7700 on groceries, so at a minimum this ceiling should be no less than $8k. That being said, it's an easy workaround by swapping in 5x cards like the Discover it & Chase Freedom during their respective quarters on groceries (and gas) to bridge the gap, assuming you have those cards.
Those two effectively raise your ceiling to $9000 for free ($1500 x 2 = $3000 + $6000 = $9000), although that is an unnecessary hoop for many people for a card with an AF.
I love the streaming benefit. You aren’t taking into account that services like YoutubeTV and HuluTV count as streaming. Between YoutubeTV, YouTube premium, tidal, Spotify, Netflix I spend about $120 a month in streaming so I am pulling in $7 a month in streaming, so $84 a year. That by itself helps me just about break even on the annual fee.
I don’t really care much about the gas as I have Costco card which is 4%…..5% would get my attention. The streaming is cool as not many cards have it… but yes not very valuable. The free version works for me… they need more for me to upgrade.
You made a great point. I agree with sacrificing the streaming portion and increase the percentage for groceries and gas
3% cashback return categories on annual fee cards are a nothingburger. I need higher multipliers for CB or higher value points (UR, MR, TY). Change my mind.
4 percent would be nice to have. It’s up to 15-20 cents more per gallon when using card. Would definitely offset it.
Interesting video, if anything the spend one puts on the BCP wasn’t affected by the pandemic (excepting gas). Normally that would mean they don’t need to change but as lots of cards started bonusing grocery and streaming / ride share was already trendy their offering is looking kind of stale. There is no reason after 6k they couldn’t become a 2 or 2.5% grocery cash back card. I actually like the streaming rate, it is at least high and permanent. Part of the problem is I think they want to avoid competing / cannibalizing the Gold card.
What? The streaming category is the big draw for me. Yes, I spend more on groceries but there is not much competition for it in that category. I guess people are not watching streaming services this year?
Get rid of the gas category! After all I never use it so nobody likes it, right? Plus there are gas cards.
I like the Amex BCP for singles or couples without kids that don't travel. 6% cashback on groceries and streaming services have been great for 2020 pandemic year.
Maybe complement it with a fixed 2% cashback card from Fidelity or SoFi. This will cover all other routine expenses (Utilities, dinning, ..etc). Again, for those that do not travel.
Does anybody know if WaWa gas stations are eligible for the 3%?
They obviously want people going for the gold card.
At least a 10k limit on groceries and a 3% back on restaurants and Uber eats door dash ect throw in some Uber credits for eats like they do for gold members. Oh the streaming category helps me alot I'll get 60 bucks in savings making my annual fee at 35 bucks