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New credit cards - American Express EveryDay & EveryDay Preferred

Earlier this month, American Express announced a blockbuster of a new credit product. Two new credit cards that will earn Membership Rewards points. This is a game changer because there hasn't been a credit card that earned Membership Rewards points, only charge cards that usually come with heftier annual fees.

These 2 cards were scheduled to launch April 2, 2014, but Gary has broken the news that applications are live NOW!

American Express EveryDay

  • Application link
  • Annual fee: $0
  • Sign-up bonus: 10,000 Membership Rewards points after spending $1,000 within 90 days
  • Earning: 2x Membership Rewards points per dollar spent at U.S. supermarkets, for up to $6,000 per year of spend; 1x Membership Rewards point per dollar spent on everything else
  • Spending bonus: If you use the card to make 20 or more purchases during a billing cycle you earn 20% extra points on all those purchases

American Express EveryDay Preferred

  • Application link
  • Annual fee: $95
  • Sign-up bonus: 15,000 Membership Rewards points after spending $1,000 within 90 days
  • Earning: 3x Membership Rewards points per dollar spent at U.S. supermarkets, for up to $6,000 per year of spend; 2x Membership Rewards points per dollar at U.S. standalone gas stations; 1x Membership Rewards point per dollar spent on everything else
  • Spending bonus: If you use the card to make 30 or more purchases during a billing cycle you earn 50% extra points on all those purchases

My Thoughts

Both cards become much more valuable when you complete a certain number of transactions each month. The card with the better value is the EveryDay Preferred credit card, which needs 30 transactions per month to earn 50% more points on all purchases.

Essentially, if you complete 30 transactions in a billing period, you’ll earn 4.5 points per dollar spent at supermarkets, 3 points per dollar spent at gas stations, and 1.5 points per dollar spent on everything else.

These are great earning rates for every day categories. American Express already has a credit card that will cover these categories in the Blue Cash Preferred card, but I prefer to earn MR points instead of cash back. At the very least, this is a cheap/free way to keep your MR points from expiring.

I am planning on applying for the EveryDay Preferred card in order to maximize the MR earning and re-evaluate after the first year. If I don’t find $95 worth of value in the extra points I've earned with the Preferred, I’ll downgrade that to the regular EveryDay card with $0 annual fee.

What are your plans for either of these cards, if any?