Balance Transfer

Both the American Express Blue Cash Preferred® Card and the American Express Blue Cash Everyday® Card can be used for balance transfers, but they cater to different needs. Here’s a breakdown of each card in terms of balance transfers:

American Express Blue Cash Preferred® Card

Key Features for Balance Transfers:

  • Introductory Offer: Offers a 0% APR for 12 months on balance transfers and purchases.
  • Balance Transfer Fee: 3% of the amount transferred.
  • Regular APR: Ranges from 18.74% to 29.74% Variable after the introductory period.
  • Annual Fee: There is a $95 annual fee.

Pros:

  • Higher cash back rewards (6% at U.S. supermarkets, 3% on transit and gas stations) could be beneficial if you plan to use the card for purchases after paying off the balance.
  • The introductory APR allows for a year of interest-free payments, making it a solid choice if you can pay off your transferred balance within that time.

Cons:

  • The annual fee may offset some of the benefits, especially if you don’t utilize the rewards or spend heavily in the bonus categories.

American Express Blue Cash Everyday® Card

Key Features for Balance Transfers:

  • Introductory Offer: Offers a 0% APR for 15 months on balance transfers and purchases.
  • Balance Transfer Fee: 3% of the amount transferred.
  • Regular APR: Ranges from 17.24% to 28.24% Variable after the introductory period.
  • Annual Fee: No annual fee.

Pros:

  • Longer 0% APR period compared to the Blue Cash Preferred® Card, giving you more time to pay off transferred balances without interest.
  • No annual fee makes it a more cost-effective option for those focused on transferring balances.
  • Good cash back rewards (3% at U.S. supermarkets, 2% at gas stations) on everyday purchases.

Cons:

  • Lower cash back rates compared to the Blue Cash Preferred® Card, which may be less attractive if you do a lot of grocery shopping.

Which is Better for Balance Transfers?

  • If you’re primarily looking for a balance transfer card: The Blue Cash Everyday® Card may be the better choice due to its longer 0% APR introductory period and no annual fee. This can help you save more money while paying down your transferred balance.
  • If you plan to use the card for additional purchases: The Blue Cash Preferred® Card might be worth considering, especially if you frequently shop at supermarkets and can take advantage of the higher cash back rewards. However, factor in the annual fee to see if the benefits outweigh the costs.

Conclusion

Ultimately, both cards have their merits for balance transfers, but the Blue Cash Everyday® Card generally offers a more favorable balance transfer experience due to its longer introductory period and absence of an annual fee. Consider your overall financial situation and how you plan to use the card beyond the balance transfer to make the best choice for your needs.