Home Credit Cards This Credit Card Went From Front Of The Wallet To The Chopping Block

This Credit Card Went From Front Of The Wallet To The Chopping Block

by joeheg

When I apply for a credit card, I look for many attributes. I like a card that gives a decent signup bonus. However, that’s not all I’m after. I’ll sign up for a card with a mediocre bonus if it provides good benefits for keeping it for the long term. That’s why I signed up for cashback and constant mileage earning cards in 2020.

The shift of the cards in our wallets has put a previous headline card on the chopping block when its renewal comes up in a few months. Which card do you ask?

American Express Everday Preferred

It feels odd to write since I wrote about how I loved the card and its bonus categories just last year.  What’s changed?

First, many other cards have improved their offerings while the AMEX Everyday Preferred hasn’t. To earn any more than 1X Membership Rewards on non-bonus categories, you have to make 30 transactions per month. That unlocks a 50% bonus on all earned points.

When I signed up for the card, I was using it for our groceries where it earns 3X (4.5X with the 50% bonus.) I also enjoyed the 1.5 Membership Rewards points I could earn on all expenses if we used the card 30 times a month.

Since then, many things have changed. Because of the pandemic, many other cards have offered bonuses on supermarket spending greater than 3X since people were eating at home more than dining out at restaurants. In addition, I’ve picked up several cards that earn as much, or more, on everyday spending without having to use the card 30 times a month.

Our new Rose Gold AMEX card earns 4X on grocery spending with no restrictions. I can earn 1.5 Ultimate Rewards on all expenses with the Chase Freedom Unlimited or 2% cashback with the Fidelity Rewards card.

The only thing that would cause me to keep the card open was preserving our Membership Rewards points. That’s not a problem because Sharon’s never going to let go of her Green Card (Note from Sharon: That’s right. I mean, I know the number by heart!) (and I’m not going to argue with her about that decision) and we also have a Blue Business Plus that earns Membership Rewards and has no annual fee.

In closing, the AMEX Everyday Preferred is entering the final days in the sock drawer. I’m going to force Sharon to call AMEX and close the card (but since I’m not forcing her to ask for a retention offer, I think she’ll be OK with it) (Note from Sharon: Ugh…I hate making phone calls!)

At least this will open up a slot where she can get a new AMEX card.

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This post first appeared on Your Mileage May Vary

Cover Photo by Eva Elijas from Pexels

4 comments

Brutus November 3, 2021 - 8:41 pm

Why would you call Amex? Just use the chat option.

Reply
Going farther November 4, 2021 - 6:34 am

Better strategy is to downgrade to the no AF Everyday and then upgrade back to Preferred when offer comes for 30K MRs. We’ve done this twice with wife’s card, once with mine. You also retain access to AmEx offers on the ED card. Plus yor AF will come due on the Gold card and are you going to keep it just for 1x or 2X extra on groceries?

Reply
Sam November 4, 2021 - 8:36 am

You can always close Amex cards by chat. No need to call.

Reply
Frank December 21, 2021 - 12:02 pm

One note, the Amex Gold 4X grocery benefit is not unlimited. It is capped at 25K in spend which for most people is enough but there are always those rare exceptions.

Reply

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