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Who wouldn’t love to save money at the grocery store without even needing to clip coupons? What if I told you there is an American Express card that will give you an eye popping 6% cash back at supermarkets?
Like all credit card companies, American Express — who some would argue is the granddaddy of the credit card industry — is working hard these days to nab new customers.
This isn’t surprising: The weak economy has made consumers think hard about every purchase and financial investment that they make. American Express, like its competitors, is rolling out a steady diet of incentives, promotions and discounts to encourage consumers to sign up for its cards.
The latest example of this is American Express’s new Blue Cash Preferred card.
This cash-back card is loaded with incentives.
For instance, there’s a welcome bonus. If you charge at least $1,000 worth of purchases within the first 60 days of activating your Blue Cash Preferred card, you’ll earn $150 cash back. Plus, right now, Amex has a special offer going on: Earn 5% cash back on eligible travel purchases in the first 6 months, up to $200.
And that’s just the start. The card provides 6 percent cash back every time you use it to make a purchase at supermarkets. You’ll receive an additional 3 percent cash back when you use your card at gas stations and department stores.
For all other purchases, you’ll receive 1 percent cash back.
This means that you can quickly rack up the cash with the American Express Blue Cash Preferred card.
Introductory Purchase Interest Rate
American Express is now offering this card with an additional perk: For up to six or 12 months, new purchases will come with an interest rate of 0 percent. After this introductory period ends, your purchase interest rate will increase to 17.24 percent, 19.24 percent or 21.24 percent, depending on your credit.
This card, unfortunately, is not free. It comes with an annual fee of $75. American Express does point out on its Web site, though, that if you use your card to charge just $25 worth of groceries every week, you’ll receive more than $75 in cash back in a given year.
And if you really want to nab the savings with this card, convince your friends to apply for it. You’ll receive a $75 bonus for each friend approved for the card.