Is it really 6% cashback on the Blue Cash Preferred?

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m4l490n
 
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Is it really 6% cashback on the Blue Cash Preferred?

Postby m4l490n » Fri Feb 17, 2017 3:12 pm

Hello everybody

I recently was looking at credit cards based on a good deal in cashback. I found that the AMEX Blue Cash Preferred is supposedly offering 6% cash back in supermarkets. I say supposedly because I find that too good to be true. Then I read on their website the following:

Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit


So my question is. Does that mean that is not really 6% real cash that I can use for whatever I want?

I mean, I have the CITI double cash and I can redeem my cashback exactly as that, cash. If I have for instance 60 dollars cashback and I redeem it then 60 dollars are deposited into my checking account.

Does this AMEX Blue Cash Preferred works the same? or what does that Reward Dollars really mean?

Thanks!!


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CarefulBuilder14
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby CarefulBuilder14 » Fri Feb 17, 2017 4:19 pm

A few other things to consider:

1. There is a $95 Annual Fee.

2. You need to redeem in $25 increments.

3. Some stores like Walmart don't qualify as "groceries".
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby 9Cline » Fri Feb 17, 2017 6:39 pm

To my knowledge we can't get money (cash) to use as we wish, we can only use it like cash in $25.00 increments for statement credits, gift cards, or shop on the reward dollars site.. They have some nice stuff on there, I've never bought anything,but I have looked @ it many times... I enjoy having this card. :cheers:
LOWES, DISCOVER-iT, MACY'S-AMEX PREMIER ELITE, AMEX-EDP, AMEX-BCP, CHASE FREEDOM VS, CITI-DC WEMC, JCP-PLAT MC, BELK ELITE, CITI BESTBUY, CHASE SAPPHIRE , HOME DEPOT :beat:

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CarefulBuilder14
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby CarefulBuilder14 » Fri Feb 17, 2017 7:52 pm

9Cline wrote:To my knowledge we can't get money (cash) to use as we wish, we can only use it like cash in $25.00 increments for statement credits, gift cards, or shop on the reward dollars site.. They have some nice stuff on there, I've never bought anything,but I have looked @ it many times... I enjoy having this card. :cheers:

Gift cards are not discounted (at least usually). "Stuff" is usually overpriced.

Statement credits are only inferior to deposit-able cash if a person is trying to carry a balance on the card at 0% or some very low APR. Really, if a person uses the card often, redeeming efficiently isn't a problem. It only takes $25/.06 = $416.67 of grocery spend to hit $25.

I'd give it pretty high marks for ease of redemption, considering it's an AF card that should get lots of spend.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
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Tubpbs
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby Tubpbs » Sun Feb 19, 2017 4:13 pm

I have the card. The question is pretty much answered, but yes the card offers 6% back at stores that code properly and the cash back is only in the form of a statement credit. No check and no direct deposit.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
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m4l490n
 
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby m4l490n » Mon Feb 20, 2017 12:45 pm

Tubpbs wrote:I have the card. The question is pretty much answered, but yes the card offers 6% back at stores that code properly and the cash back is only in the form of a statement credit. No check and no direct deposit.


Yeah, the question has been answered indeed. So I don't like it, I prefer real cash that I can use in whatever I want and not limited to statement credit or AMEX overpriced stuff.

Thanks!!

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CarefulBuilder14
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby CarefulBuilder14 » Mon Feb 20, 2017 8:48 pm

m4l490n wrote:
Tubpbs wrote:I have the card. The question is pretty much answered, but yes the card offers 6% back at stores that code properly and the cash back is only in the form of a statement credit. No check and no direct deposit.


Yeah, the question has been answered indeed. So I don't like it, I prefer real cash that I can use in whatever I want and not limited to statement credit or AMEX overpriced stuff.

Thanks!!

No matter what you did with real cash, you'd need to pay the bill with it (or other cash) sooner or later. 6% cash is a lot relative to missing out on a little interest by not being able to invest the cash back right away.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

kdm31091
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby kdm31091 » Tue Feb 21, 2017 5:48 am

My usual beef with BCP is that people get sucked in by the 6% and go out of their way to shop at the "qualifying" stores and probably spend more than they are gaining vs getting many items at Target/Walmart, which don't "count" as grocery.

Beyond that, I think the reward system is cumbersome, but if you are using the card heavily, it won't be as big of a problem. Statement credit being the only cash option annoys me too, but others aren't bothered by it, at the end of the day it's basically nitpicking as it comes out to the same thing in the end.

Taalar
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby Taalar » Wed Feb 22, 2017 10:05 pm

I have had and used this card for years mostly for this benefit. Yes it costs $95 per year but with a max of $360 cash back per year on groceries, that more then makes up the difference between it and a 2 or 3% card for groceries. A credit is as good as cash if you use the card IMO. It also gives you 4% on some dept stores and 3% on gas which is pretty good on something with no cap and no needing to change your cards around.

m4l490n wrote:Hello everybody

I recently was looking at credit cards based on a good deal in cashback. I found that the AMEX Blue Cash Preferred is supposedly offering 6% cash back in supermarkets. I say supposedly because I find that too good to be true. Then I read on their website the following:

Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit


So my question is. Does that mean that is not really 6% real cash that I can use for whatever I want?

I mean, I have the CITI double cash and I can redeem my cashback exactly as that, cash. If I have for instance 60 dollars cashback and I redeem it then 60 dollars are deposited into my checking account.

Does this AMEX Blue Cash Preferred works the same? or what does that Reward Dollars really mean?

Thanks!!
Chase Sapphire Reserve Visa Infiniti $59,500
Bank of America Cash Rewards Visa Signature $47,500
American Express Blue Cash preferred. $35,500
Capital one Quick Silver Visa Signature $25,000
USAA Limitless Cashback Visa Signature $25,000
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Tubpbs
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Re: Is it really 6% cashback on the Blue Cash Preferred?

Postby Tubpbs » Sun Feb 26, 2017 11:23 am

Taalar wrote:I have had and used this card for years mostly for this benefit. Yes it costs $95 per year but with a max of $360 cash back per year on groceries, that more then makes up the difference between it and a 2 or 3% card for groceries. A credit is as good as cash if you use the card IMO. It also gives you 4% on some dept stores and 3% on gas which is pretty good on something with no cap and no needing to change your cards around.

m4l490n wrote:Hello everybody

I recently was looking at credit cards based on a good deal in cashback. I found that the AMEX Blue Cash Preferred is supposedly offering 6% cash back in supermarkets. I say supposedly because I find that too good to be true. Then I read on their website the following:

Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit


So my question is. Does that mean that is not really 6% real cash that I can use for whatever I want?

I mean, I have the CITI double cash and I can redeem my cashback exactly as that, cash. If I have for instance 60 dollars cashback and I redeem it then 60 dollars are deposited into my checking account.

Does this AMEX Blue Cash Preferred works the same? or what does that Reward Dollars really mean?

Thanks!!


Correct. If you actually use the card for groceries, even if you only use it for that and buy $6,000 annually, that's $500 a month...so each month you have a larger balanace that your annual cash back. It should make no difference how you get it back. Being pissed about the $25, meh, but it makes more sense than being pissed about cash vs. statement credit.

All that said, I personally would prefer straight cash back, but I don't care. The preference doesn't outweigh the cash earnings...
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
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