Amex BCP Rewards Getting Capped Next Year

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silver6054
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Postby silver6054 » Mon Dec 17, 2012 11:43 pm

Guess it depends what the spend is on. I spent 17K on groceries since Feb, and that is the major reason for card. For 5% gas I use PenFed. For other things I would get between 2 and 5% on that first 6500 using various cards, but with the BCP cap, you probably do come out ahead (again depending on exactly what you buy!). Is the Blue 5% on groceries/gas/drug store and 1% on others, after the initial 6,500?


craigm1
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Postby craigm1 » Tue Dec 18, 2012 9:27 am

silver6054 wrote:Guess it depends what the spend is on. I spent 17K on groceries since Feb, and that is the major reason for card. For 5% gas I use PenFed. For other things I would get between 2 and 5% on that first 6500 using various cards, but with the BCP cap, you probably do come out ahead (again depending on exactly what you buy!). Is the Blue 5% on groceries/gas/drug store and 1% on others, after the initial 6,500?


yes during the $6500 min it's half a percent on everything other then drug,gas,supermarket after that it's 1% the card is really for larger spenders I usually spend about 50k a year on it, I also use the cash + for bills and restaurants between the 2 last month I got back $168 bucks on the cash+ I usually average about 3.5% a month
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14

Gamma
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BCE Capped as well!

Postby Gamma » Tue Jan 08, 2013 3:45 pm

andrewket wrote:If they don't cap BCE as well, you're right. I can't imagine Amex wont cap both cards. The annual fee is wiped for two years; I got the $150 after $1k spend offer.


For those of you who aren't aware, just thought I'd share this piece of information I just discovered.

Get 3% cash back at U.S. stand-alone supermarkets, 2% cash back on gasoline at U.S. stand-alone gas stations, 2% cash back at select major department stores; and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. The first $6,000 of purchases at U.S. stand-alone supermarkets in a calendar year qualifies for 3% cash back; 1% thereafter.Cash back is earned only on eligible purchases.

Randiesel75
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Postby Randiesel75 » Tue Jan 08, 2013 4:11 pm

Gamma wrote:For those of you who aren't aware, just thought I'd share this piece of information I just discovered.

Get 3% cash back at U.S. stand-alone supermarkets, 2% cash back on gasoline at U.S. stand-alone gas stations, 2% cash back at select major department stores; and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. The first $6,000 of purchases at U.S. stand-alone supermarkets in a calendar year qualifies for 3% cash back; 1% thereafter.Cash back is earned only on eligible purchases.


I was just approved this card, still awaiting it in the mail. Was this something new? Was this unlimited prior?

cashback
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Postby cashback » Tue Jan 08, 2013 5:33 pm

Randiesel75 wrote:I was just approved this card, still awaiting it in the mail. Was this something new? Was this unlimited prior?


Yes. Rewards used to not be capped.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

cashback
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Postby cashback » Sat Feb 09, 2013 1:50 pm

Just read on FatWallet that BCP owner's are getting a message on their statements saying

"Effective with your first billing period that begins on or after May 1, 2013....."

You will earn a reward of :

"6% on the first $6,000 of eligible purchases during an annual reward year at supermarkets located in the US (Superstores and warehouse clubs are not considered supermarkets). An annual reward year is 12 billing periods in a row starting with the one that begins in january"

So much for the cap beginning on your anniversary date. My statement cuts on Monday. So I will probably see it then.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

Gamma
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Postby Gamma » Sat Feb 09, 2013 2:30 pm

cashback wrote:Just read on FatWallet that BCP owner's are getting a message on their statements saying

"Effective with your first billing period that begins on or after May 1, 2013....."

You will earn a reward of :

"6% on the first $6,000 of eligible purchases during an annual reward year at supermarkets located in the US (Superstores and warehouse clubs are not considered supermarkets). An annual reward year is 12 billing periods in a row starting with the one that begins in january"

So much for the cap beginning on your anniversary date. My statement cuts on Monday. So I will probably see it then.

So we still have unlimited cashback till billing statement of May..... That will leave us with 8 months, counting May, to spend 6k. The changes suck, but still a great card.

FutureBillionaire
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Postby FutureBillionaire » Sat Feb 09, 2013 2:43 pm

Gamma wrote:So we still have unlimited cashback till billing statement of May..... That will leave us with 8 months, counting May, to spend 6k. The changes suck, but still a great card.


Yeah, it's still a good card. But, I'm glad I can supplement it with other cards.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Bksuper
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Postby Bksuper » Sat Feb 09, 2013 9:02 pm

^Actually, I am not sure why this is a great card. If you've got a 2% on everything card, you wouldn't use it for anything but its categories. Without paying an annual fee and with visas (accepted more places), you can beat the rewards on department stores (Cash+) and gas stations (PenFed PRV). That leaves grocery stores that take amex (which are only the higher priced grocery stores around me), for an extra 1% over the best No AF CC for grocery stores (SallieMae/Barclay MC) on the first $250 per month of grocery spending (== first $3k/year which many people don't exceed, 1% of which is $30/year) and then if you spend $6k+ per year on groceries, an extra 3% on the next $3k of amex accepting grocery store spending (over BCE, PenFed PRG, Associated Bank Rewards Sig visa), which amounts to $90/year. So max cash back (assuming you're using it optimally in conjunction with other cards and spend $6k per year at a grocery store that accepts amex) is $120/year, with the card having an AF regardless of how you use it, and how much you spend, of $75. So the absolute best case scenario is a profit of $45 per year and if all of the above circumstances aren't true or become not true in the future you probably lose money. It just doesn't seem like such a good deal to me. And even if you hassle with gift cards to increase the ease of hitting $6k per year grocery spend, again your best case profit is $45/year and then there are all the downsides of gift cards.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

silver6054
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Postby silver6054 » Sat Feb 09, 2013 9:21 pm

That's a nice analysis. Almost made me apply for the SallieMae card! (But since that saves me only $60 a year after the BCP cap, I decided the HP wasn't worth that.)

But your point is right. For some portion of the population (those with high grocery bills, or those who chose to enhance grocery bills with gift cards!), the capping on the BCP made the card go from great to just OK. Worse than what happened to Cash Plus for me.



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