Morgan Stanley Blue Cash Preferred® from American Express® Review

When it comes to credit cards, the Morgan Stanley Blue Cash Preferred® from American Express® offers a variety of benefits that cater to different financial needs and lifestyles. Whether you are a frequent shopper at U.S. supermarkets or someone looking to take advantage of introductory APR offers, this card has a lot to offer. In this comprehensive review, we’ll explore every aspect of this credit card, from its cashback rewards to its fees and interest rates, helping you determine if it is the right card for you.

Morgan Stanley Blue Cash Preferred® from American Express® Key Takeaways

Before we dive into the detailed review, here are some key takeaways about the Morgan Stanley Blue Cash Preferred® from American Express®:
– $100 Statement Credit: Earn a $100 statement credit after spending $15,000 on eligible purchases per calendar year.
– Cashback Rewards: Earn 6% cashback at U.S. supermarkets up to $6,000 spent on eligible purchases per year (1% thereafter).
– Welcome Offer: $250 back after you spend $3,000 in purchases on your new Card within the first six months of Card Membership, received as a statement credit.
– Annual Fee: $0 intro annual fee for the first year; $95 thereafter.
– Introductory APR: 0% introductory APR for the first 12 months from the date of account opening.
– Purchase APR: Variable APR ranging from 19.24% to 29.99%.
– Balance Transfer APR: 0% introductory APR for the first 12 months from the date of account opening on balance transfers requested within 60 days of account opening.
– Credit Score Requirement: Good to Excellent (670-799).

Morgan Stanley Blue Cash Preferred® from American Express® Pros and Cons

Pros

1. Generous Cashback Rewards: The 6% cashback at U.S. supermarkets is one of the highest cashback rates available, making it a fantastic choice for families and grocery shoppers.
2. Introductory APR: The 0% introductory APR for the first 12 months on purchases and balance transfers can save you a significant amount of money if you need to carry a balance or transfer existing debt.
3. Welcome Offer: The $250 statement credit after spending $3,000 in the first six months is a substantial welcome bonus.
4. Flexible Payment Options: American Express offers various payment flexibility options, including the ability to pay your bill online and through customer service.
5. No Annual Fee for the First Year: The $0 intro annual fee for the first year allows you to try out the card without any initial cost.

Cons

1. Annual Fee After the First Year: The $95 annual fee after the first year could be a drawback for some users, particularly if they don’t maximize the cashback rewards.
2. Foreign Transaction Fee: This card charges a foreign transaction fee, making it less ideal for international travelers.
3. High Variable APR: The variable APR ranging from 19.24% to 29.99% can be high, especially for those who carry a balance.
4. Supermarket Spending Cap: The 6% cashback is limited to $6,000 in spending per year at U.S. supermarkets, which may not be sufficient for larger families or heavy grocery shoppers.

Morgan Stanley Blue Cash Preferred® from American Express® Benefits

Cashback Rewards

One of the standout features of the Morgan Stanley Blue Cash Preferred® from American Express® is its cashback rewards program. Cardholders can earn:
– 6% Cashback at U.S. Supermarkets: Up to $6,000 in spending per year, then 1% thereafter.
– 3% Cashback at U.S. Gas Stations and on Transit: This includes rideshares, parking, tolls, trains, buses, and more.
– 1% Cashback on Other Purchases: For all other eligible purchases.
These cashback rates make this card particularly appealing for everyday spending, especially for families who spend a significant portion of their budget on groceries and transportation.

Welcome Offer

New cardholders can earn a $250 statement credit after spending $3,000 in purchases on the card within the first six months of Card Membership. This welcome offer is a great way to kickstart your cashback earnings and offset some of your initial spending.

Annual Fee

The Morgan Stanley Blue Cash Preferred® from American Express® comes with a $0 intro annual fee for the first year, which increases to $95 thereafter. This allows new cardholders to experience the card’s benefits without any upfront cost.

Introductory APR

The card offers a 0% introductory APR for the first 12 months from the date of account opening on both purchases and balance transfers. This can be particularly beneficial if you plan to make a large purchase or transfer existing credit card debt, as it gives you time to pay off the balance without incurring interest charges.

Variable APR and Fees

After the introductory period, the card’s purchase APR ranges from 19.24% to 29.99%, depending on your creditworthiness. The balance transfer APR is also variable, ranging from 19.24% to 29.99%.
Other fees to be aware of include:
– 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: Up to $40 for late payments and returned payments.
– Foreign Transaction Fee: This card charges a foreign transaction fee, making it less suitable for international use.

Customer Service and Account Management

American Express is known for its excellent customer service. Cardholders can manage their accounts and pay their bills online through the American Express website or by calling customer service. The company also offers various tools and resources to help you manage your finances effectively.

Payment Flexibility

American Express offers several payment flexibility options, allowing you to choose the payment method that works best for you. Whether you prefer to pay your bill online, by phone, or through the mail, American Express provides convenient options to suit your needs.

Conclusion

The Morgan Stanley Blue Cash Preferred® from American Express® is a robust credit card that offers a range of benefits designed to appeal to a variety of consumers. Its generous cashback rewards, particularly the 6% cashback at U.S. supermarkets, make it an excellent choice for families and grocery shoppers. The 0% introductory APR for the first 12 months on purchases and balance transfers, combined with the $250 welcome offer, provides significant value for new cardholders.
However, the card does come with some drawbacks, including a $95 annual fee after the first year and a foreign transaction fee, which may limit its appeal for some users. Additionally, the high variable APR can be a concern for those who carry a balance.
Overall, if you are looking for a credit card that offers substantial cashback rewards on everyday spending and you can take advantage of the introductory APR and welcome offer, the Morgan Stanley Blue Cash Preferred® from American Express® is a strong contender. As always, it’s important to carefully consider your spending habits and financial goals before choosing a credit card to ensure it aligns with your needs.