The Plan It by American Express Card is one of the hottest cards out there, but how does it compare to the Cash Magnet or Blue Cash Preferred(r) cards? We’ll take a closer look and explain the differences between the three in this article. If you’re ready to apply for a new credit card, read on to discover how it can benefit you. The best way to get an American Express card is to plan ahead and compare the features of each.
Plan It by American Express card
The Pay It Plan It feature of the American Express card allows you to make payments on certain purchases over a specified amount of time. It is available on most American Express cards, including green, gold, and platinum cards. The service allows Card Members to make over 5 million Plans worth nearly $4 billion. Most Plan It by American Express cardholders are millennials or members of generation z. The service allows people to make purchases that are too expensive to pay in full in a single payment.
You can use the Pay It feature on eligible AmEx cards to chip away at your balance over a period of time. To use this feature, you must be enrolled in the AmEx app and make an eligible transaction with a “Pay It” label. You do not pay for a specific transaction with the Plan It feature; instead, the payment will be applied to the minimum due each month. Any excess payments will go toward your outstanding balance.
The Plan It by American Express card offers a fixed monthly payment plan that allows you to pay for large purchases over a period of time. You can choose between three and 24 months to make your payments over time. The payment plan is easy to follow and does not come with hidden charges or fees. The fee for the Plan It card is always disclosed upfront. You can use the Plan It Calculator to estimate how much you will pay each month to pay off your plan.
American Express Cash Magnet Card
If you want to earn cash back without having to spend a lot of money, the American Express Cash Magnet card is a great option. Not only will you receive a cash back bonus of up to 1.5 percent on all of your purchases, but you will also be able to take advantage of select travel benefits, including a 0% intro APR period. The cash back program is simple and offers rotating bonus rewards categories. If you’re looking for a new credit card, you’ll find that this card comes with an introductory offer that includes a free gift card or merchandise from select merchants.
This card also comes with secondary insurance that covers rental cars if you’re in an accident, though this coverage won’t absolve you of liability for the accident. Another benefit is an unlimited 1.5 percent cash back that you can redeem as statement credits. You can also earn additional points toward your credit card balance, and you can use these to make purchases you wouldn’t otherwise make. The American Express Cash Magnet card can be used for everyday purchases and is easy to use.
American Express Cash Magnet Card comes with a $0 annual fee, which makes it an affordable card for most people. The card also offers a 0% intro APR period and high rewards earning rates. You’ll earn $200 when you spend $2,000 in six months with this card, and you can get unlimited 1.5% Cash Back. You’ll also be eligible for a $200 welcome bonus if you spend over $2,000.
American Express Blue Cash Preferred(r) Card
The American Express Blue Cash Preferred(r) card offers a number of perks for customers. Among them are 3% cash back at U.S. gas stations and 6% on select streaming services. Another nifty feature is statement credits. If you use the card to make purchases in certain categories, you’ll also earn cash back on those purchases. It’s a great choice if you make a lot of purchases at a single place.
The American Express Blue Cash Preferred(r) card offers rewards from gas stations, supermarkets, and other retailers in the U.S. Plus, you’ll earn bonus points with the Amex Offers program, which offers discounts and promotions on products and services. However, there’s only one drawback: there are few ways to redeem your ‘Reward Dollars’. They can be redeemed for gift cards, merchandise, or statement credits. But the rewards rate is so high that you’ll want to make sure that you use the card wisely.
The Blue Cash Preferred card comes with a fee of $10 for cash advances, 5% for all other purchases, and a 2.7% foreign transaction fee. However, this fee can be worth it if you use the card for domestic travel. In addition to this, the card offers perks like car rental loss and damage insurance and return protection. You can also return eligible purchases to American Express within 90 days of purchase.