The Amex EveryDay® Credit Card from American Express used to be a ho-hum product, featuring subpar rewards rates as its main draw. But now, with new benefits, it’s one of the best cards on the market for paying off debt.
|Old rates (before Feb. 15, 2018)||New rates (current as of Feb. 15, 2018)|
|Balance transfer fee||$5 or 3% of the amount of each transfer, whichever is greater.||$0. (Balance transfers must be requested within 60 days of account opening.)|
|APR||Introductory 0% on Purchases and Balance Transfers for 12 months, with the ongoing rate of 14.24% - 24.24% Variable APR||Introductory 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 14.49% - 25.49% Variable APR|
With these new benefits, the The Amex EveryDay® Credit Card from American Express is now one of the few cards that allow you to pay down your credit card debt without fees or interest. It offers this trifecta of benefits:
- No annual fee
- A way to avoid balance transfer fees
- An introductory 0% APR period
For folks trying to pay off debt, those terms are already among the most generous around. But the card’s ongoing rewards help it slide even further ahead of the competition. While the best balance transfer cards typically don’t offer rewards, this one comes with:
A decent welcome offer: Earn 10,000 Membership Rewards® points after you use your new Card to make $1,000 in purchases in your first 3 months. Terms Apply
2 points per dollar spent at U.S. supermarkets (on up to $6,000 a year in purchases)
1 point per dollar spent on all other eligible purchases
20% more points when you make 20 or more purchases with your card in a billing period
The Amex EveryDay® Credit Card from American Express is also the only $0-annual-fee AmEx card that earns Membership Rewards points, which can be transferred to several airline and hotel programs. Plus, you can qualify for it with good or excellent credit (scores of 690 or higher).
At this time, only two cards from major issuers offer similar deals: the BankAmericard® credit card and the Chase Slate®. Neither offers rewards. The Barclaycard Ring™ Mastercard® discontinued a similar offer earlier this month.