About Amex EveryDay Credit Card
The Amex EveryDay is a low-interest rewards card that offers a 10,000-point sign-up bonus and 0% APR on purchases and balance transfers for the first 15 months you own the card.
While there are other credit cards in the Amex stable that offer more sign-up points, very few offer the mix of rewards, low interest and lack of fees that the EveryDay does.
In the grand scheme of the credit card world, how does the EveryDay compare? Are the card’s rewards best suited for people with less-than-stellar credit?
These are the questions we’ll answer in this review as we do an in-depth exploration of the card’s rewards and various rates and fees.
We’ll also compare the card to some others within the low interest world to give you an idea of how it stacks up.
Is the Amex EveryDay right for you or are there better options? Our review will answer the question.
Earning Rewards with the Amex EveryDay
Like many credit cards, the EveryDay has a system set up to where you can earn rewards points with every purchase you make.
These points are known as "Membership Rewards" points and you can use them to buy merchandise and travel through the Amex website.
You can also transfer the points to hotel and airline loyalty programs, which is something we’ll discuss in a few minutes.
Points on Purchases
According to the card’s rewards structure at the time of publishing, you’ll earn two points for every dollar you spend at grocery stores and one point for every dollar you spend on everything else.
So, if you spend $150 on groceries at Whole Foods, you’ll earn 300 Membership Rewards points. If you stop by the gas station after you go shopping and fill up for $50, then you’ll earn 50 points because the purchase wasn’t a grocery-store purchase and, therefore, earns one point per dollar.
From a yearly perspective, if you spend $600 a month on groceries, you’ll earn 14,400 points per year and, according to average spending habits in America, around 18,000 points on everything else. The grand total per year is around 32,400 points.
If you want to convert those points to cash, you’ll earn $324.
Pro tip: If you use your card 20 times within a billing cycle (around 30 days), you’ll get a 20 percent bonus on the points you earned in that cycle.
Transferring Rewards Points to Delta, Hilton
As we mentioned earlier, you can use those points to buy gift cards, merchandise and travel through American Express’ Membership Rewards online shopping portal. You can also transfer those points to two travel partners: Delta and Hilton.
Delta’s SkyMiles is the airline’s frequent flyer program and, through Membership Rewards, you can transfer points to SkyMiles in 1,000-point chunks that are good for 1,000 SkyMiles.
The transfer rate doubles if you send 1,000 Membership Rewards points to the Hilton Honors program; you’ll get 2,000 Honors points.
The Amex EveryDay Sign-up Bonus: 10,000 Points
You’ll earn an additional 10,000 points if you can spend $1,000 in the first three months. For most people, hitting that $1,000 mark will be easy. Remember, though, that any balances you move to this card and any fees you pay won’t count toward that $1,000.
Also, the three-month deadline starts the day Amex approves you for the card, not the day you get it in the mail. If it takes a month for the card to show up, you have two months left to spend $1,000 and get the bonus.
The EveryDay’s fine print says the points will show up in your account between eight and 12 weeks after you hit the spending requirement.
As we read through the fine print we also noticed that Amex says they could freeze all your points if you cancel the card within the first 12 months of owning it. This is an effort, they note, to prevent people from signing up for the card, earning the bonus points and then closing the card.
0% Intro Offers on Balance Transfers and Purchases
One of the strengths of this card is that you get a 0% interest rate on purchases and balance transfers for 15 months.
Normally, if you spend, say, $3,000 on your card and don’t pay off the balance in full on your due date, you’ll pay interest on whatever you didn’t pay off. With this 0% offer, which is common among many credit cards, you won’t pay interest at all for the first 15 months you have the card.
There are a couple of things you need to know, though. First, only balance transfers you make in the first 60 days get 0% for 15 months. Any transfers made after those first 60 days will get the regular interest rate, which we’ll discuss in a few minutes.
Also, you won’t pay a balance transfer fee on the balances you move to this card within the first 60 days. Most credit cards will charge a 3% - 5% fee for transfers, which would be $90 to $150 on a $3,000 balance.
Rates and Fees of the Amex EveryDay Credit Card
If the rewards and low interest rates are the good news that you get with every credit card, the rates and fees are the bad news.
Basically, as a consumer, you enter into a bet with the credit card company. They’re betting that you’re going to pay late or carry a balance so they can charge you fees and interest and recoup the free rewards they give you.
If you can budget well and spend wisely, then you’ll never have to pay those fees or interest. If you don’t budget well and spend smart, here are the fees and rates you can expect to pay with this card:
- Purchase and balance transfer APR: 14.49% to 24.49%
- Cash advance APR: 26.74%
- Penalty APR: 29.99%
- Balance transfer fee: None
- Foreign transaction fee: 2.7%
- Late/returned payment fee: $38
As far as APR goes, the 14.49% rate is pretty low compared to the competition. This rate, though, is reserved for people with the best credit scores, which usually means around 720 and above. If your scores are lower than, say 670, there’s a good chance you might get the highest APR.
Any number of free credit score websites can tell you what one or two of your credit scores are before you sign up for this card.
The one thing to watch out for with the Amex EveryDay is the 29.99% penalty APR. This is an interest rate they’ll put on your account if you make a late payment or have a payment returned. Technically, their fine print says late or returned payments "may" trigger the APR.
Our advice is to avoid tempting fate and always pay on time by using automatic payments that make at least the minimum payment.
The 29.99% will stay on your account for six months, at which point Amex will review your account and consider restoring the regular APR. The best way to get the regular APR back is to make on-time minimum payments during those six months.
How the Amex EveryDay Card Compares to Similar Credit Cards
There are many different rewards credit cards on the market, but the fact that the EveryDay doesn’t have an annual fee narrows down the competition to the point that we can compare it to some of the leading low-interest and cash-back credit cards:
|Amex EveryDay||Citi Double Cash||Citi Simplicity||Discover It||Chase Slate|
|Yearly cash rewards for $25K spending||$324||$500||None||$375||None|
|Sign-up bonus||10,000 points||None||None||Double rewards in 1st year||None|
|Intro APR||0% for 15 months||0% for 18 months (balance transfers only)||0% for 18 months||0% for 14 months||0% for 15 months|
Among the cards listed in this table, the Amex EveryDay fares pretty well and, in our opinion, presents itself as an above-average low-interest card.
When it comes to rewards, the card offers the advantage of giving points, something you won’t get with the Simplicity and the Slate. The drawback, though, is that the Citi Double Cash and the Discover it offer more lucrative rewards.
The card puts in a strong showing in the sign-up bonus category because it’s the only one that gives you an up-front bonus. The Discover it doubles the cash back you earn the first year, but you won’t see that perk until after the first 12 months of owning your card.
The main drawback to the EveryDay is the penalty APR, a dubious distinction it shares with the Citi Double Cash.
The Final Word: Pros, Cons and Who We Think the Card Is Best For
In our opinion, the Amex EveryDay has several clear advantages. First, it allows you to earn rewards without charging you an annual fee.
These rewards are valuable because you’re able to transfer them to Delta and Hilton. Very few low interest cards allow you to move your points to a travel partner, which makes this card an interesting option.
The downside to the card is the penalty APR. If you tend to pay late, then this card won’t be a good choice because there’s a decent chance your APR will go up to 29.99%.
Based on our research, we believe this card is a great fit for someone who wants the option to transfer points to travel partners but doesn’t want to pay an annual fee for using the card. We also think it’s a good choice if you need to transfer balances between cards and want to avoid a balance transfer fee.
If you aren’t convinced this card is right for you, take a look at our Best Cash Back Credit Cards of 2018 article. We talk about which cards are best for certain types of situations, some of which may mirror what you need out of a credit card.