American Express EveryDay® Credit Card Review

When it comes to picking a credit card, it’s essential to consider various aspects, such as rewards, fees, benefits, and overall value. As a financial expert, I have had the opportunity to review and analyze numerous credit cards, and today, I will be providing an in-depth review of the American Express EveryDay® Credit Card. This card is designed for individuals who want to maximize their rewards on everyday purchases without the burden of an annual fee. In this review, we will cover all the essential details, benefits, and potential drawbacks of this credit card to help you make an informed decision.

American Express EveryDay® Credit Card Key Takeaways

Before delving into the specifics, let’s highlight some of the key takeaways of the American Express EveryDay® Credit Card:
– No Annual Fee: One of the significant advantages of this card is that it comes with no annual fee, making it an attractive option for budget-conscious consumers.
– 0% Introductory APR: Enjoy a 0% introductory APR on purchases and balance transfers for the first 15 months from the date of account opening. After that, a variable APR of 18.24% – 29.24% applies.
– Enhanced Rewards: Earn 2x Membership Rewards® Points at U.S. supermarkets (on up to $6,000 per year in purchases, then 1x) and 1x points on other purchases.
– Bonus Points Opportunity: Use your card 20 or more times on purchases in a billing period and earn 20% more points on those purchases.
– Welcome Offer: Earn 10,000 Membership Rewards® Points after you use your new card to make $2,000 in purchases in your first 6 months.
– Travel Benefits: Enjoy travel-related benefits such as Car Rental Loss and Damage Insurance and access to the Global Assist® Hotline.
Now, let’s dive deeper into each aspect of the American Express EveryDay® Credit Card.

American Express EveryDay® Credit Card Pros and Cons

Pros:

1. No Annual Fee: This card is an excellent choice for consumers who want to earn rewards without paying an annual fee.
2. 0% Introductory APR: The 0% introductory APR on purchases and balance transfers for the first 15 months can be beneficial for those looking to finance large purchases or consolidate debt.
3. Flexible Rewards: The card offers flexible rewards with 2x points at U.S. supermarkets (up to $6,000 per year) and 1x points on other purchases.
4. Bonus Points for Frequent Use: Earn 20% more points when you use your card 20 or more times on purchases in a billing period.
5. Travel Benefits: Access to travel-related benefits such as Car Rental Loss and Damage Insurance and the Global Assist® Hotline.
6. Welcome Offer: The opportunity to earn 10,000 Membership Rewards® Points after spending $2,000 in the first 6 months.

Cons:

1. Foreign Transaction Fee: This card charges a foreign transaction fee, making it less suitable for international travel.
2. Mediocre Welcome Offer: While the 10,000 Membership Rewards® Points welcome offer is decent, it may not be as competitive as some other cards with higher sign-up bonuses.

American Express EveryDay® Credit Card Benefits

Rewards Program

The American Express EveryDay® Credit Card’s rewards program is designed to benefit those who frequently shop at U.S. supermarkets and use their card regularly. Here’s a closer look at the rewards structure:
– 2x Points at U.S. Supermarkets: Cardholders earn 2x Membership Rewards® Points on purchases made at U.S. supermarkets, on up to $6,000 per year. After reaching the $6,000 cap, cardholders will earn 1x points on these purchases.
– 1x Points on Other Purchases: For all other purchases, cardholders earn 1x Membership Rewards® Points.
– 20% Bonus Points: If you use your card 20 or more times on purchases in a billing period, you will earn 20% more points on those purchases.

Welcome Offer

New cardholders can earn a welcome offer of 10,000 Membership Rewards® Points after making $2,000 in purchases within the first 6 months of account opening. While this offer is not the most generous compared to other cards, it can still provide a valuable boost to your points balance.

Introductory APR

One of the standout features of the American Express EveryDay® Credit Card is the 0% introductory APR on purchases and balance transfers for the first 15 months from the date of account opening. This can be particularly advantageous for individuals looking to finance large purchases or transfer existing credit card debt. After the introductory period, a variable APR of 18.24% – 29.24% applies.

Travel Benefits

The American Express EveryDay® Credit Card offers several travel-related benefits that can enhance your travel experience:
– Car Rental Loss and Damage Insurance: When you use your card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter, you can be covered for damage to or theft of a rental vehicle in a covered territory.
– Global Assist® Hotline: Whenever you travel more than 100 miles from home, the Global Assist Hotline is available 24/7 to provide medical, legal, financial, and other select emergency assistance and coordination services. Card members are responsible for the costs charged by third-party service providers.

Additional Benefits

– Purchase Protection: Eligible purchases made with your card can be protected against damage or theft for up to 90 days from the date of purchase.
– Fraud Protection: American Express offers robust fraud protection to help safeguard your account against unauthorized charges.
– Payment Flexibility: The card provides payment flexibility options, allowing you to carry a balance with interest or pay in full each month.

Rate and Fee Information

Understanding the rates and fees associated with the American Express EveryDay® Credit Card is crucial for managing your finances effectively. Here’s a breakdown of the key rate and fee information:

Purchase Intro APR

– 0% Introductory APR: Enjoy a 0% introductory APR on purchases for the first 15 months from the date of account opening.

Purchase APR

– Variable APR: After the introductory period, a variable APR of 18.24% – 29.24% applies based on your creditworthiness.

Intro Balance Transfer APR

– 0% Introductory APR: Benefit from a 0% introductory APR on balance transfers requested within 60 days of account opening for the first 15 months.

Balance Transfer APR

– Variable APR: After the introductory period, a variable APR of 18.24% – 29.24% applies to balance transfers.

APR for Cash Advances

– Variable APR: The APR for cash advances is 29.99%.

How to Avoid Paying Interest

– Grace Period: Your due date is at least 25 days after the close of each billing period. You will not be charged interest on purchases if you pay your entire balance (or your balance adjusted for plans) by the due date each month.
– Interest on Cash Advances: Interest on cash advances begins accruing from the transaction date.

Fees

– Annual Fee: $0
– Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater.
– Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
– Penalty Fees: The card charges up to $40 for late payments and up to $40 for returned payments.
– Foreign Transaction Fee: This card charges a foreign transaction fee, which can be a drawback for international travelers.

American Express EveryDay® Credit Card Benefits

Membership Rewards® Points

The American Express EveryDay® Credit Card is part of the Membership Rewards® program, which offers a variety of redemption options, including:
– Travel: Use your points to book flights, hotels, and other travel-related expenses through the American Express Travel portal.
– Gift Cards: Redeem your points for gift cards from a wide range of retailers and restaurants.
– Shopping: Use your points to shop for merchandise from popular brands.
– Statement Credits: Apply points as a statement credit to offset eligible charges on your account.
– Transfer Partners: Transfer your points to various airline and hotel loyalty programs for added flexibility and value.

Travel Benefits

In addition to the rewards program, the American Express EveryDay® Credit Card offers several travel-related benefits:
– Car Rental Loss and Damage Insurance: When you use your card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter, you can be covered for damage to or theft of a rental vehicle in a covered territory.
– Global Assist® Hotline: Whenever you travel more than 100 miles from home, the Global Assist Hotline is available 24/7 to provide medical, legal, financial, and other select emergency assistance and coordination services. Card members are responsible for the costs charged by third-party service providers.

Purchase Protection and Fraud Protection

– Purchase Protection: Eligible purchases made with your card can be protected against damage or theft for up to 90 days from the date of purchase.
– Fraud Protection: American Express offers robust fraud protection to help safeguard your account against unauthorized charges.

Payment Flexibility

The card provides payment flexibility options, allowing you to carry a balance with interest or pay in full each month. This can be especially beneficial for managing your finances according to your needs and preferences.

Customer Service

American Express is known for its exceptional customer service, and the EveryDay® Credit Card is no exception. Cardholders have access to 24/7 customer support, making it easy to get assistance