Alright, second one. Here we go. I'll focus on the EveryDay Preferred here (EDP) but this will really be more of a "which is the best grocery card" kind of post.The EveryDay Preferred
Basically this card is a 1.5/3/4.5 MR point card as long as you make 30 transactions a month. Not as complicated as it sounds.Pros:
-Potentially the highest rewards rate on groceries and very high on gas
-Potentially a very good uncategorized spending cardCons
-30 transactions is a hassle, especially if you have several other cards that you might want to use for category bonuses, dining and travel.
-Has a foreign transaction fee, so useless abroad
-Low sign-up bonus compared to similar cards
-Only useful if you can get good value out of MR points
-$95 annual fee
So the big thing this card has going for it is it has the potential for a ridiculous rewards rate if you can get good enough value out of MR points. Say you regularly fly a short-haul domestic route that's relatively expensive to buy outright. Transferring points to British Airways Avios and getting the flight for 4500 or 7500 could potentially mean a value of 2-3 cents per point. So if that kind of flight is useful to you, especially if it's one you have to take regularly, you're looking at between 3/6/9% and 4.5/9/13.5% back, which is ridiculous. There are sometimes MR->BA transfer bonuses, which can make this even more.
So that's where the card shines. If you can get value like that, it blows all other grocery cards out of the water. And most other kinds of cards too.
However, if you're only able to get about 1 cent per point, the card is completely useless. Up until about 1.3 cents per point, the Blue Cash Preferred is much better. At 1.4 or so, the EveryDay Preferred starts to shine, both as a groceries card and as an uncategorized spending card. So that's really the crux of whether this card is worth it -- can you get a value of 1.4 cents or more from MR points consistently, and can you always hit 30 transactions a month
Even if you can get that kind of value, it's important to take into account two major drawbacks: 30 transactions required and foreign transaction fee. The card has a FTF, so if you're spending a lot of time abroad, you'll have to use other cards. And any time you're spending enough time to abroad to make 30 domestic transactions tough, you risk not getting the 50% points bonus, which also generally makes the card useless. Yes, you can buy 1 gallon of gas 10 times at the pump or buy a bunch of $1 gift cards, but that's a huge pain in the ass. The 30 required transactions are also painful if you want to use other cards for category spending, dining, etc.Who Should Get EDP
-Virtually anyone who can average 1.4+ cents out of MR points and average 30 domestic transactions.
-People who fly enough on those valuable routes that they'll actually be able to spend 100,000 MR points or more a year and still get that rewards rate.
-People who don't mind the complication of point transfers and award booking.
-Those who don't spend a lot of time abroadWho Shouldn't Get EDP
-Anyone who can't get a value of 1.4 cents per point or greater out of MR.
-Anyone who doesn't travel, or doesn't travel valuable award routes enough to go through a large amount of MR points.
-Anyone who spends a lot of time abroad.
-Some people who spend very little on groceries and can't get high enough value out of MR points to justify the $95 fee based on uncategorized spending alone.
-Some people who spend a ton of flying and would do better with PRG.
-Anyone who doesn't want to deal with the hassle of making 30 transactions and making complicated point transfers.
Again, the most important point is whether you can get a value of 1.4+ cents out of the MR points. If you can, it would be hard not to be able to cover the annual fee with that value. With a rewards rate of 6.3% on groceries and 2.1% on uncategorized, most people would cover the value of the card. You'd have to spend ~$4500 or less on groceries and have Sallie Mae and Citi DoubleCash to make it not worth it. And if you get up towards 1.5 or 1.6 cents per point, it would be very hard to justify not getting this card based on the rewards rate.
If you spend a ton of flights, PRG may be a better choice, but unless your grocery spending is extremely low, most people would still do best to get both.
However, there are some non-reward related issues with this card that could make it worth avoiding for some people, even if you can get decent value out of MR.
Essentially, it's a big ****ing hassle. Transferring MR points can be somewhat tedious, and when you get into using partners of partners (like using Avios to book Alaska award flights, where you actually have to call in to do it) it gets even more complicated. As mentioned, 30 transactions is also a hassle, and the fact that this is an everyday spending card means you're going to have a ton of MR points, which requires you to be able to get good value not only on an occasional flight, but regularly. This could be a big problem for people who don't travel a lot, those with huge spending levels, or people who just don't fly routes that are conducive to getting high value out of MR points. And finally, you can't really use this card abroad because of the FTF. So that pretty much sums up the EDP: from a rewards standpoint, it rocks if you can get 1.4+ cents out of MR points. If you can get 2+, it really, really rocks. But it's also one of the most complicated and high maintenance cards out there.
Whew. Let's wrap up with a quick discussion of grocery cards as long as were here. As I mentioned, if you can get a value of 1.4 cents or greater from the EDP, it's pretty much king. But let's look at different grocery spending levels and what cards are best.
<$3000 - For groceries only, Sallie Mae wins here because it has no annual fee, unless you can get a value of 1.8+ from MR points on the EDP. However, since a value of 1.7 cents would give you an uncategorized rewards rate of about 2.5, EDP wins from about 1.7 cents on.
$3000-4500 - Sallie Mae + Blue Cash Everyday win here, unless you're getting a value of about 1.4 or greater out of MR.
$4500-6000 - The Blue Cash Preferred wins here, unless you're getting that 1.4+ value out of the EDP.
$6000-10500 - BCP, BCE and Sallie Mae win here, but if you're getting that 1.4+ value go with EDP + regular Everyday card + Sallie Mae
$10500-12000 - Definitely get BCP, and if you can get a value of 1.4 or greater, go with EDP as well. If not, get Sallie Mae and BCE.
$12000-25000 - If you can get the 1.4 value again, go with BCP, EDP, regular Everyday and Sallie Mae (And even add BCE too if you're up around $25000). If you can't get that value, go with BCP + Sallie Mae + BCE.
A few other factors come in here. First, Chase Freedom offers 5% on up to $1500 in groceries about once every two years, which can be turned into 7.5-15% with UR transfers. So you could feasibly consider that $750 a year and factor that in.
Also, some people use Chase Ink for buying Whole Foods gift cards, which obviously works extremely well if you shop at Whole Foods. There are lots of manufactured spending tricks, but I'm mostly ignoring MR in these posts.
And finally, for extremely high grocery spending (which would probably be pretty unusual to achieve without MR) the old Blue Cash card is another option.