American Express EveryDay and EveryDay Preferred Review
Updated September 26, 2016.
Amex introduced these two new cards in March 2014.
Amex introduced these two new cards in March 2014.
American Express EveryDay
American Express EveryDay Preferred
- Best Use of Membership Rewards points: both EveryDay cards earn Membership Rewards points and are eligible for the transfer feature. Normally, Amex Membership Rewards points can be redeemed for statement credit, merchandise gift cards, travel, shopping, etc., up to 1 cent per point. However, some cards are eligible for the transfer feature that allows points to be transferred to frequent flyer miles or frequent guest points. Please see our featured review for five major programs that have transfer features - SPG vs. MR. vs. UR vs. TY vs. CR. Traditionally only Amex charge cards such as Green, Gold, Platinum, and Centurion are eligible; in 2012 Amex added a credit card product the Mercedes-Benz Card to the list and now more. Also Amex EveryDay is the first card to enjoy this feature without an annual fee.
- Other Benefits: (1) Amex Offers - you receive savings in form of statement credit or earn bonus MR points on select merchants when using your Amex card; you need to manually add an offer to your Amex card to be eligible for savings or bonus, and unlike other savings/bonus programs, you don't need to shop through a certain portal. (2) ShopRunner membership for free 2-day shipping with select merchants. (3) Entertainment Access (a.k.a. Membership Experiences) including American Express Presale and Premium Access (Dining Access).
While the non-fee EveryDay is already very attractive with 2-1 rewards structure, 20% monthly bonus, and the ability to transfer points to frequent traveler miles/points, we think most people will find paying $95 to upgrade to EveryDay Preferred makes more sense due to the 3x category, and an extra 30% monthly bonus. Thus here we will focus on EveryDay Preferred (EDP). EDP's 50% monthly bonus is not too hard to achieve if you plan to use it on daily basis. With the 50% bonus and a $95 annual fee, this card returns 4.5x, 3x, and 1.5x on groceries, gas, and others, respectively.
Amex EDP vs. Amex PR Gold: We thought EveryDay Preferred was a better card for most consumers when it was introduced in April 2014. We commented "Only when you have large airfare purchases and/or extremely high grocery spending, PR Gold will make sense." With PR Gold's 15K points booster gone in January 2015, EveryDay Preferred completely left PR Gold in the dust. However, the June 2015 revamp finally gave PR Gold another chance to compete. Assuming you make at least 30 transactions a month, EveryDay Preferred returns 4.5x, 3x, and 1.5x, for grocery (up to $6K annual spending), gas, and other categories, respectively. PR Gold returns 3x, 2x, and 1x, for airfare, grocery & gas & dining, and others. PR Gold is better for airfare, dining, grocery beyond $6K/year, and foreign purchases, and EveryDay Preferred is better for grocery under $6K/year, gas, and general purchases.
Amex EDP vs. Amex Mercedes-Benz: The annual fees on both cards are the same at $95. Again assuming you achieve 50% bonus, EDP returns 4.5x (with a $6K annual spending cap), 3x, and 1.5x on groceries, gas, and others, while Mercedes-Benz Card returns 5x, 3x, 2x, and 1x on Mercedes purchases, gas, dining, and others. Unless you spend a lot on dining and/or have Mercedes spending, Amex EDP will be a better card to have.
Amex EDP vs. Amex Blue Cash Preferred (BCP): First of all, EDP is $20/year more expensive. They have similar bonus categories: groceries as the primary (4.5x for EDP and 6% for BCP; both have a $6K annual spending cap) and gas (3x for EDP and 3% for BCP) as the secondary. One little difference is that BCP has an extra 3% category - select department stores. In this way, we may think EDP as a MR version of BCP. You need to value a MR point more than 1.41 cents to pick EDP over BCP based on the grocery category considering the $20 difference in annual fees, since (4.5 point/$ x 1.41 cent/point - 6%) x $6,000 = $95- $75. Then EDP returns 4.23% (3 point/$ x 1.41 cent/point) for gas and 2.12% for general spending, while BCP returns 3% for gas and department stores and only 1% for general spending. However, the real difference between the two is that one has the transfer feature and the other has straightforward cashback.
Amex EDP vs. Amex SPG: Amex SPG, with the same $95 annual fee, has long been our benchmark for miles/points cards since it returns 2.5x and 1.25x airline miles for Starwood hotels and general spending, if you transfer points in bulks of 20K. On paper, EDP's 1.5x general spending blows SPG out of water, and it also has strong earning rate for groceries and gas. However, before reaching your conclusion too soon you also need to consider their difference in transfer partners. SPG not only has more partners but also has several unique partners that rank high in value. Here we don't want to go into details and encourage you to visit our SPG vs. MR vs. UR vs. TY vs. CR page. Still we welcome the strong challenge that EDP brings to Amex SPG.
Amex EDP vs. Chase Sapphire Preferred: They have the same $95 annual fees. Assuming that you have at least 30 transactions per month, EDP's earning rate is 4.5-3-1.5, while Sapphire Preferred's earning rate is 2-1. At first glance, EDP is a clear winner; however, since their bonus categories (Sapphire Preferred has travel and dining, while EDP has groceries and gas) and transfer partners are so different, we actually think they are not direct competitors. In fact, they can be complementary to each other and be a great combo in your wallet.
Amex EDP vs.Citi ThankYou Premier: The annual fees are the same, and our current valuation for Amex MR and Citi ThankYou points is similar. Assuming you achieve 50% monthly bonus on EDP, they both return 3x on gas, but their other bonus categories are very different (ThankYou Premier has 3x travel, 2x on dining and entertainment, while EDP has 4.5x groceries). So it is your spending pattern and preference in redemption that will help you decide which card to go with. On paper, ThankYou Premier is better for travel, dining, entertainment, and foreign purchases, while EDP is better for grocery and general spending. In reality, they can be complementary to each other and form a great combo.
Amex EveryDay is the first non-fee card that allows points transfer to multiple frequent traveler partners and can be quite valuable to many. Amex EveryDay Preferred is even better with a reasonable annual fee and an easy-to-achieve 4.5-3-1.5 earning structure. Amex EveryDay Preferred challenges our benchmark Amex SPG in the general spending category while giving a hard time to Amex PR Gold and Amex Mercedes-Benz in the bonus categories. We think the dual EveryDay has been the most exciting new product Amex has brought to us in the past few years. It is not surprising that EveryDay Preferred is rated #1 Best Credit Card for Rewards and also among the overall Top 10 Best Credit Cards.
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