The EveryDay credit card from American Express offers flexibility when compared to traditional Amex accounts. You can choose to carry a balance on this card or continue to pay off the balance each month. New cardholders may qualify to earn 10,000 Membership Rewards® points after making $1,000 in purchases during the first 90 days of having an active account.
Quick Facts About the Amex EveryDay Credit Card
- This credit card requires no annual fee.
- New applicants receive a 15-month introductory 0% APR on balance transfers and purchases, then a variable 14.49%-25.49% APR applies.
- With exceptions for returns and credits, if you make 20+ purchases with the EveryDay credit card in a single billing period, those purchases receive a 20% boost in value.
- Double points are earned at grocery stores and supermarkets in the United States, capped at $6,000 in purchases. 1x points for eligible purchases.
Benefits and Perks of the Amex EveryDay Credit Card
The EveryDay credit card is a powerful balance transfer card for those who have a high balance on a high interest rate account they are carrying. When approved for this credit card, you can transfer that balance, up to your approved credit limit, within 60 days for zero fees. New account holders also qualify for a 15-month 0% APR on the entire balance transferred.
That makes it much easier to pay down a high-interest debt.
There are two double-points earning opportunities available with the EveryDay credit card by American Express as well. You can earn two points for every dollar spent on eligible travel purchases booked through Amex Travel, as well as qualifying grocery stores, department stores, and fuel stations. Double-point purchases are limited to $6,000 per year. After reaching the cap or making a non-qualifying purchase, cardholders earn points at a 1:1 ratio to dollars spent.
To maximize the rewards potential of this credit card, however, 20 or more purchases must be made with it during each billing period. When that happens, the rewards rate increases by 20%. With this boost, the effective rewards rate in a bonus category becomes 2.4%. You must earn 5,000 points before being allowed to redeem any rewards.
There is also a lengthy delay in the receipt of your bonus rewards if you make enough qualifying purchases within a billing period. Amex awards the boost bonus 8-12 weeks after the billing period in which the bonus was activated. That means it may be up to 4 months after making a purchase that the qualifying rewards are added to your membership account.
Fees and Expenses of the Amex EveryDay Credit Card
The best benefit provided by the EveryDay credit card is the balance transfer opportunity. New cardholders receive a 0% introductory APR for their first 15 months on any balance transfer, within their approved credit limit. The balance transfers must be requested within 60 days of the account opening. There is no balance transfer fee associated with this account, even outside of the introductory period.
Most other credit cards which allow balance transfers require a 3% minimum transaction fee.
There is no annual fee associated with this card either. The 0% introductory offer applies to purchases as well.
The APR for cash advances with the EveryDay credit card is quite high at 26.74%. This variable APR is applied immediately to the account. It is not part of the 0% introductory APR offer with purchases and balance transfers.
The penalty APR terms are also very strict with this line of credit. The penalty APR may be applied to new transactions if just one payment is made after the due date. It may also apply if a payment is returned by a cardholder’s bank. Credit worthiness is also a factor in determining whether or not the penalty APR applies. Once instituted, the penalty APR remains active for a minimum of 6 months. Reviews of accounts with a penalty APR occur just twice per year.
Full Review of the Amex EveryDay Credit Card
For a long time, the Amex EveryDay credit card was for households who wanted to carry an American Express card which allowed for debt to be carried month-to-month. The rewards program is admittedly average, offering a maximum of 1.2% in value for rewards points on purchases if 20+ are made per month. Some purchases could qualify for rewards as high as 2.4%.
Then Amex added the balance transferring benefits to the EveryDay credit card. That gives it immediate value.
If you apply for this card solely for its travel benefits, you may find yourself disappointed. Not only are you forced to go through the travel site provided by American Express, your bonus-earning opportunities are limited. A foreign transaction fee of 2.7% also applies, which is not the best feature an international traveler wants to see with their credit card.
For those with a moderately good credit profile, however, the new structure of the EveryDay card could be an easy way to reduce the costs of your debt. New cardholders are permitted to transfer a balance up to the limit of their assigned credit. A 0% introductory APR applies for the next 15 months, assuming each monthly payment is made before the due date. That makes it extremely easy to manage your finances.
If your credit profile is good enough, American Express may issue you an instant card number. That allows you to make purchases with your new account before your credit card arrives. Most new cardholders receive their new cards in 3-7 business days, though some consumers might need to way 10-15 business days, depending upon their geographic location. That means you can start managing your finances more effectively right away.
From a purchasing standpoint, using an American Express card may be somewhat difficult for some consumers. In 2017, more than 1.5 million businesses began accepting Amex cards for the first time. Because American Express charges a swipe fee of up to 3.5%, many retailers are hesitant to accept it as a payment method. This may make it difficult for you to reach the 20-purchase threshold for bonus rewards.
There are modest bonuses available to new cardholders as well, with the 10,000 points equating to a $100 value on $1,000 in purchases made within the first 90 days.
Your membership rewards can then be redeemed in several different ways. You have options to have gift cards issued, receive cash, or have them be transferred to a loyalty program with certain hotel brands or airlines. Some loyalty programs offer less value for the points, however, because it is a point transfer that occurs – not a value transfer.
The reality of this credit card is that it is best used for transferring balances on high-interest debt. Even if you have another credit card which carries a balance month-to-month, having a line of credit with Amex through the EveryDay card can save you some money.
As with most credit cards that offer a strong balance transferring benefit, there are only a few reasons to keep this card around after the introductory period ends. The ongoing APR is somewhat competitive with the EveryDay card. Some rewards benefits are comparable to other cards as well. If you prefer cash back rewards instead of reward points, you may wish to look at a competitive card after you take care of your transferred balance.
View for more information about the Amex EveryDay Credit Card.
Credit Cards Similar to the Amex EveryDay Credit Card
For those looking for a good travel rewards card, the Capital One® Venture® Rewards Credit Card offers more for international purchases. Capital One cards do not carry a foreign transaction fee, which can save consumers almost 3% in cost on their purchases. The reward points earned can be applied to any travel purchase without regard to how it was originally booked.
The Chase Slate® credit card is a good choice for those who have a fair-to-moderate credit profile. The APR on this competitive card is slightly higher. You will, however, have access to a 15-month introductory period for balance transfers that is similar. No balance transfer fees are applied if the transaction is initiated within the first 60 days of the account opening.
The Citi® Double Cash Card is an option to consider if you prefer cash back instead of reward points. This competitive credit card does not have an annual fee either. It provides up to 2% cash back as well. Half applies immediately, then the other half is applied when the purchase is paid off. The foreign transaction fee is 0.3% higher with this card.
The Discover It® credit card provides up to 5% cash back in rotating categories instead of double points in a single category. This final competitor does not provide travel rewards per se, though the rewards can be issued as a statement credit. The cap on bonus reward spending is the same at $6,000 and the variable APR is similar for all credit categories.