Amex EveryDay® is a balance transfer credit card from American Express that touts a 15-month introductory period for 0% APR within the first 60 days of card membership and no transfer fee. You also get that 0% APR on new purchases for the first 15 months.
In addition, the card offers a reward points program with a welcome bonus opportunity on new spending.
But how does it match up in the competitive world of balance transfer credit cards? That’s what Team Clark intends to find out with this review.
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Team Clark has spent time evaluating the credit card market in categories like best options for balance transfers and 0% APR introductory periods. We compared the Amex EveryDay with the best cards in these segments of the market. And we determined that it’s a viable choice because of the 15-month introductory period paired with the two-month window for fee-free transfers.
As you’re making your decision on whether the Amex EveryDay works for you, please use this review in conjunction with money expert Clark Howard’s 7 Rules for Using Credit Cards.
What Is the Amex EveryDay Credit Card?
The Amex EveryDay is a balance transfer credit card that also positions itself for long-term use by awarding Amex Membership Rewards Points for new purchases.
It carries no annual fee and a 15-month introductory period for 0% APR on both new purchases and balance transfers. There’s also no fee for balance transfers. The reward points program gets a boost from a welcome bonus offer and bonus spending categories.
Amex EveryDay: Specs and Perks
Before we get too far into whether or not this credit card is the right choice for you, let’s take a look at the fine print to determine some of the card’s features:
Bonuses and Perks
- Introductory APR Periods: This card boasts an introductory 15-month 0% APR period for both balance transfers and new purchases. But note that balance transfer rate is good only in the first 60 days of card membership.
- No Balance Transfer Fees: This fee waiver is what turns the Amex EveryDay into a real contender in the balance transfer space. No matter when you transfer a balance, there are no transfer fees.
- Welcome Bonus: You can earn 10,000 Amex Membership Rewards Points by spending $1,000 on qualifying purchases within your first 90 days of card membership. That is roughly 10 times the standard rate of one reward point per dollar spent.
- Monthly Points Boost: If you make at least 20 qualifying purchases with the card within a billing cycle, you’ll get an additional 20% on your Membership Rewards Points. For example, if you made more than 20 purchases in that billing cycle that earned a total of 2,000 rewards points, you’d actually be awarded 2,400 points.
Membership Rewards Program
This card is eligible to participate in the Amex Membership Rewards Program.
The program lets you earn points on dollars spent with the card, and then you use those points to redeem rewards “from over 500 leading brands in travel, gift cards, merchandise, or entertainment.” Typically, the points are awarded at one point per dollar spent, but there are spending bonuses that offer the opportunity to multiply those rewards on certain purchases.
Here are the points categories:
- 2x points on purchases at U.S. supermarkets, up to $6,000 per year. After crossing that threshold, you get 1x points.
- 2x points on purchases made through Amex Travel.
- 1x points on all other purchases with the card.
There is no cash value to these rewards points. Points are valued somewhere between 0.5 and 1 cent per point based on the type of rewards you redeem, according to NerdWallet. You can browse through the points redemption options here.
- Car Rental Insurance: If you use this card to pay for your car rental, you gain access to complimentary supplemental insurance from Amex if you decline the coverage offered by the rental company. This is not a replacement for liability insurance and does have some limitations, so check the fine print before booking.
- ShopRunner: This card comes with a complimentary subscription to ShopRunner, which delivers free two-day shipping and free returns for stores like Saks Fifth Avenue and Bloomingdale’s. You must opt-in by signing up here.
- Fraud Protection: American Express offers no-liability coverage for fraudulent purchases made with this card.
- Global Assist Hotline: If you’re more than 100 miles from home, Amex offers cardmembers access to its Global Assist Hotline. While this benefit doesn’t cover the costs of third-party services, it does give you access to 24/7 support on things like “emergency assistance and coordination services, including medical, legal, and passport referrals, emergency cash wires, and missing luggage assistance.”
Here’s a quick look at some of the fees you may encounter with the Amex EveryDay card:
- Annual Fee: None
- Balance Transfer Fee: None
- Cash Advance Fee: Either $10 or 5% of the total cash advance, whichever is greater
- Foreign Transaction Fee: 2.7% of the total of each transaction after conversion back to U.S. currency
- Late Payment Fee: Up to $40
Optimal Use of the Amex EveryDay Credit Card
While all of this talk about rewards points may have you considering long-term spending with the Amex EveryDay, Team Clark believes this card actually is best utilized as a balance transfer card only.
Let me explain why.
The Balance Transfer Offer Is Really Good
If you have sizeable credit card debt and are falling behind because a high interest rate is making it hard to pay the balance down, this card can be a real godsend. The 15-month 0% APR period for balance transfers plus the lack of a balance transfer fee equal the possibility of getting rid of all the interest charges on your existing debt.
For example, let’s suppose you are carrying $10,000 in credit card debt at the national average of 16.16% APR (the rate as of May 13, 2020).
If you moved that balance over to the Amex EveryDay within the first 60 days of card membership, you could pay off that balance in 15 billing cycles with monthly payments of $667. If you left the balance with the national average card, you’d have to pay approximately $741 per month to pay the debt off in the same 15-month time period, according to Capital One’s credit card payoff calculator.
That adds up to $1,110 in interest charges you could avoid completely with the Amex EveryDay. That’s a big win!
The only possible complaint on the balance transfer portion of this card is that the 15-month period for 0% APR is shorter than some rival cards. But many of the cards that offer longer 0% APR periods also charge balance transfer fees, so there is a tradeoff.
The Membership Rewards Points Aren’t Extremely Valuable
You may have been attracted by the rewards program outlined earlier in the article. It’s easy to see why. The redemption options feature businesses that have attractive products, and we all love the idea of getting something free for buying things we would’ve bought anyway.
But given the approximate value of 0.5 to 1 cent per rewards point, are you really getting the best rewards possible for your spending?
Let’s look at one of money expert Clark Howard’s favorite cash back credit cards for an example. The Citi Double Cash card offers a flat 2% cash back rewards on all spending (1% when you buy, 1% when you pay). That’s two cents for every dollar you spend.
At that rate, the cash back reward could be considered to be worth anywhere from two to four times more than the standard American Express rewards points. Of course, you could offset that by spending more in Amex’s bonus categories for this card, but that could be an uphill battle.
If you’re looking strictly for a rewards credit card, there are better options. Team Clark has a compilation of some of the best rewards cards on the market that offer more attractive rewards programs.
Clark Advises Against New Credit Spending While Paying Credit Debt
You may be wondering about using the Amex EveryDay card both for a balance transfer and to earn rewards on new spending.
Clark advises against this strategy: He believes your first goal should be to eliminate all credit card debt before using credit cards for rewards or promotional perks.
Amex EveryDay vs. Amex EveryDay Preferred: What Is the Difference?
If you’re on the American Express website browsing the options for a new credit card, you may have stumbled upon both the Amex EveryDay and the Amex EveryDay Preferred cards and wondered what the differences are.
Though the cards are almost identical in both name and appearance, there are some important distinctions to make between the two.
Here’s a quick breakdown of the key characteristics of the two cards:
|Card Characteristic||Amex EveryDay||Amex EveryDay Preferred|
|Introductory 0% APR on New Purchases||15 months||12 months|
|Introductory 0% APR on Balance Transfers||15 months||12 months|
|Welcome Bonus||10,000 membership rewards points on $1,000 spending in 3 months||15,000 membership rewards points on $1,000 spending in 3 months|
|Purchase Volume Bonus||20% extra points with at least 20 purchases per billing cycle||50% extra points with at least 30 purchases per billing cycle|
|Supermarket Bonus||2x Rewards Points||3x Rewards Points|
|Gas Station Bonus||1x Rewards Points||2x Rewards Points|
|All Other Purchases||1x Rewards Points||1x Rewards Points|
As you can see, the major difference is that you’ll pay an annual fee for the Preferred card in exchange for enhanced bonus opportunities on your spending. If you are a high-volume spender, you may find that the $95 per year nets you enough rewards to be worth it.
Are you considering adding the Amex EveryDay credit card to your wallet? Let’s review some of the pros and cons of the card before you make your final decision:
Amex EveryDay: Pros and Cons
|15-month period of 0% APR on balance transfers||There are foreign transaction fees|
|No balance transfer fees||Not the longest 0% period on the market|
|There is a rewards program for new purchases||Not the best rewards program on the market|
Bottom Line: While the card carries “everyday” in the title, I would not consider this to be an optimal everyday spending card. Instead, I believe the best use for the Amex EveryDay is as a balance transfer card. If you’re carrying credit card debt with a painful interest rate, this card offers an opportunity to get rid of it with the 60-day window for fee-free transfers and 15-month 0% APR offer. If you’re looking for a true everyday spender, Team Clark suggests considering the top options in our cash back credit card guide.
Do you have experience with the Amex EveryDay card? Let us know how you like it in the comments below!