Advertiser Disclosure

Best of, Life Events, Reviews

Tie the Knot With These 5 Wedding Loans

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

wedding loan
iStock

Updated – November 28, 2018

Your wedding day is bound to be one of the most important days of your life, and because of this, you may be tempted to go all out.

According to WeddingWire, the average cost of a wedding ceremony in the United States runs around $27,000, with another $4,000 for the honeymoon. Further, 80% of engaged couples are millennials who pay approximately 40% of the wedding costs themselves — that’s a big chunk of change.

If you’re tying the knot, you may be looking to use a personal loan to help cover wedding costs. Here’s what to consider before you commit to a loan and five lenders you should consider.

Cut costs before considering a loan

Kicking off your marriage with fresh debt may not be the best idea. That’s why, before taking out debt, you should review your wedding’s costs to see where you can save.

Consider these average costs from The Knot’s 2017 Real Weddings Study and ways you could cut costs:

Wedding planner

Skip out on a wedding planner and take advantage of free wedding planner apps, such as The Knot and Zola. These apps can keep you focused and organized from the day of engagement to the day of the ceremony.

Venue

Opt for a cheaper venue. For example, a church or firehouse that has a reception hall attached might not cost as much as a hotel ballroom.

Catering

The more guests you have, the more expensive catering becomes. To bring down this cost, opt for a buffet rather than a sit-down dinner. Keeping your food options simple and trimming your guest list will also help minimize the catering fee.

Flowers

Almost every wedding incorporates flowers, so you may not want to do away with this tradition. But instead of hiring a florist, you could save by having your bridesmaids help you arrange the flowers yourself (keep in mind that flowers that are in season in your area will have a cheaper price tag).

Gown

When shopping for a wedding gown, keep an eye out for bridal shows and sales. You’ll also want to consider second-hand shops, as wedding dresses have only been worn once and are typically in excellent shape.

Photographer and videographer

Check your contacts to see if you know any photographers or videographers who’d be willing to capture your wedding at a discount. If not, contact local studios to see if they have an associate or intern you could book for less.

Music

Do you really need a DJ or live band at your wedding? Consider creating your own wedding playlist and plugging into your venue’s sound system instead.

Wedding cake

A large number of cake tiers drives up the cost of a wedding cake. Stick with one or two tiers using less expensive fillings for a smaller price tag. You can then order a sheet cake on the side to have enough cakes to serve all of your guests.

Decor

Your decor is probably the easiest category to save on — using sites like Pinterest can help you come up with ideas of centerpieces and decorations you can make yourself.

Still need a loan? What to look for in a wedding loan

A personal loan is likely your best option for covering wedding expenses you can’t cover out of pocket. Unless your credit card has a promotional 0% APR, it likely has a higher interest rate than you’ll find on a personal loan. Furthermore, you may not want to tie up your assets by opting for a secured loan.

With a personal loan, you’ll make payments over a set period of time. In the MagnifyMoney personal loan marketplace, you’ll find loan terms from one to 12 years. The rate you receive will depend on your credit score and the lender.

When choosing a loan, there are a few things you’ll need to consider:

  • Credit score: Applicants with higher credit scores will receive better offers than those who don’t have the best credit. Equifax considers a score of 725 to 759 as good, and 760 to 850 as excellent.
  • Loan amount: The more money you borrow, the harder it will be to pay back. Never take out more than you need — so make sure to review your wedding expenses first to see where you can cut back, so you know exactly how much to take out.
  • Term: The shorter the term you select, the larger your monthly payment obligation will be. On the other hand, you’ll have the debt paid off much faster. Check your monthly budget to determine the shortest term you can afford.
  • Interest rate: Higher interest rates mean larger monthly payments. Always shop around and select the loan with lower rates.
  • Fees: Some personal loans come with fees. Check to see if there are any application, origination or prepayment fees, as some lenders charge these.

5 personal loans to pay for a wedding

You have many different lenders you can choose from to apply for a personal loan for your wedding. While you can shop among local banks and credit unions, you should also consider online lenders to ensure you’re getting the best deal.

LendingTree, which owns MagnifyMoney, offers a tool you can use to see loan offers. Using the tool, you’ll input basic information about yourself and what you’re looking for out of a loan. Afterwards, you can review loan offers from up to five different lenders.

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

To help kickstart your search, consider these five lenders:

Company
Loan terms
APR range
Origination fees
Minimum credit score required
Earnest

36 to 60

months

6.99% - 18.24%

Origination fee

No origination fee

680

SEE OFFERS Secured

on LendingTree’s secure website

Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

12 to 60

months

7.42% - 12.44%

Origination fee

$100

680

SEE OFFERS Secured

on LendingTree’s secure website

24 to 144

months

3.34% - 16.99%

Origination fee

No origination fee

660

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.34% APR with a term of 3 years would result in 36 monthly payments of $292.31.
Peerform

36 or 60

months

5.99% - 29.99%

Origination fee

1.00% - 5.00%

600

SEE OFFERS Secured

on LendingTree’s secure website

PenFed Credit Union

60

months

Starting at 6.49%

Origination fee

No origination fee

700

Apply Now Secured

on PenFed Credit Union’s secure website

Earnest

Earnest is an excellent choice: their personal loans have no origination fee or early prepayment fees and their interest rates are on the lower side. While they do list a minimum credit score of 680 in their eligibility requirements, they also state that they consider other things, such as:

  • How much money you have in savings
  • Your educational background
  • Your earning potential

Applicants must be 18 years of age, U.S. citizens or long-term permanent aliens with residence in either the District of Columbia or one of 45 partner states (excluding Alabama, Delaware, Kentucky, Nevada, and Rhode Island).

Loans of $5,000 to $75,000 are available in terms of 36 to 60 months at APRs from 6.99% to 18.24%. Once you receive an offer from Earnest, you have seven days to accept it.

First Midwest Bank

First Midwest Bank offers low APRs of 7.42% to 12.44% for loans between $5,000 and $25,000. In addition, they allow you to repay the loan in as little as 12 months or as long as 60 months.

The downside to First Midwest Bank is the $100 loan documentation fee, and the 680 minimum credit score with five years of good credit history requirement, which may not be attainable for all couples.

Applicants must be at least 18 years of age and live in one of the following 26 states to qualify: Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Wisconsin.

LightStream

You won’t have to worry about any origination, prepayment or hidden fees with LightStream’s personal loan. However, for the best rates on offer, applicants will need to have excellent credit (a minimum 660 credit score will be considered), five years of good credit history and proof of their ability to save.

Couples can take out between $5,000 and $100,000 with terms between 24 to 144 months. If you’re willing to sign up for AutoPay, you’ll enjoy 0.50% off your APR, making the range 3.34% to 16.99%.

LightStream also has two additional perks that set them above other lenders. First, if you have a better offer from a competitor, LightStream will not only match it, but give you a rate that’s 0.10 percentage points below the competitor. Second, if you are unhappy with any part of the loan process, LightStream will refund you $100.

Loans can be approved and funded the same day you apply if you’ve completed all of the steps by 2:30 pm EST.

Peerform

Peerform is a peer-to-peer lender with a lower 600 minimum credit score requirement. The company will even allow you to check your eligibility with a soft pull that won’t affect your credit score.

Applicants can borrow between $4,000 and $25,000 at APRs between 5.99% and 29.99% with a 36-month term. However, it is important that couples are aware of the many fees involved with using Peerform.

All personal loans are subject to origination fees of 1.00% - 5.00% and check processing fees of $15 per check. If you send your payment in late, or your payment is rejected due to insufficient funds, you’ll have to pay additional fees. When you submit an application with Peerform, you may receive multiple loan offers. You’ll be able to review each offer and choose the best one.

PenFed Credit Union

In order to apply for a personal loan with PenFed Credit Union to cover your wedding expenses, you’ll need to first become a member. Eligibility depends on where you’re employed, where you volunteer, whether you are in the military and which associations you belong to.

If you qualify, you can borrow between $500 and $25,000 at a starting APR of 6.49%. Terms range up to 60 months, and the loan does not have any origination or other fees attached to it. This credit union has a minimum credit score requirement of 700. They do state that all loans are subject to a minimum $50 monthly payment.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at erinm@magnifymoney.com

TAGS: ,

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Best of, Earning Cashback

10 Best 5% Cash Back Credit Cards for January 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Cash Back Credit Cards for 2017
iStock

Credit card reward programs come in so many varieties that it can be difficult to find the best cards for your spending habits. A basic, flat-rate card that earns you a certain percentage cash back on all purchases is probably the simplest bet out there. Typically, rates range from 1-2%. Not shabby, especially if you use that card exclusively. But it’s not exactly something to write home about either.

There are even better cash back rewards offerings out there, some as high as 5%. But with these high-reward cards, there’s almost always a catch, since most don’t offer 5% cash back across the board.

Every few months, they pick a few select shopping categories that can earn 5% cash back. Once those few months are up, the categories change. For example, a card could offer 5% cash back on groceries, gas and airfare from January to March, then switch those categories to wholesale stores, restaurants and gyms from April to June.

Additionally, there are sometimes caps on how much of your spending can qualify for the 5% reward. So if the cap is $1,500, for example, everything past that amount won’t qualify for the higher reward.

The key to maximizing these great cashback card offers is to find ones that offer cash in the categories you use the most. We dug around and found 10 cards that offer at least 5% cash back in some of the most common spending categories including gas, groceries and entertainment.

Access to bonus 5% Categories: Chase Freedom®

Chase Freedom®

APPLY NOW Secured

on Chase Bank’s secure website

Chase Freedom®

Regular Purchase APR
16.99% - 25.74% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

How it works: The Chase Freedom® card lets you Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. This translates to a maximum return of $75 per quarter on the 5% bonus category. You earn an unlimited 1% cash back on all other purchases outside of the bonus categories. You can also Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

The 5% categories change every quarter.

Another area where the Chase Freedom® shines is in how it allows customers to redeem their rewards. The cash you’ve earned converts into Chase Ultimate Rewards® points. Every $1 equals 100 points. You can easily use the cash and apply it to your monthly statement. Or you can convert them into points and use them on travel, gift cards, merchandise, and other services through the Chase Freedom® rewards dashboard.

They make it super simple to redeem points on the go through the Chase Freedom® Mobile app. While you’re shopping, you can pick the merchant from the list on of eligible merchants on your app (popular ones include Nike, Regal Cinemas, Lowe’s, Starbucks and Best Buy). Then tell the app how much cash you want to use. You’ll get a custom e-gift card that you can present at checkout to pay for your purchases.

chasefreedommobileapp

Plus, you can stack the points earned on your Chase Freedom® card with your points on other Chase rewards cards, like the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®. That just increases the spending power of your points.

The Fine Print: You can’t beat 5% cash back for your spending, especially with no annual fee. The downside is you have to remember to activate the category each quarter by subscribing to the program. But, if you set a reminder to do so, you can earn money without too much effort.

The original 5% cash back card: Discover it® Cash Back

Discover it® Cash Back

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Discover it® Cash Back

Regular APR
14.24% - 25.24% Variable
Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.

How it works: With the Discover it® Cash Back you earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate ($1,500). You need to activate every quarter to get the 5% cash back rate. All other purchases get 1% cash back.

Earn 5% cash back in these categories through the end of 2019:

  • January to March: Grocery stores
  • April to June: Gas stations, Uber and Lyft
  • July to September: Restaurants
  • October to December: Amazon.com

Using your rewards: Cash back from the Discover it® Cash Back is tracked in dollars and cents. You can immediately apply your cash back earnings to your bank account or as a statement credit toward your bill (note: your minimum payment will still be due). There’s also no minimum rewards value if you want to redeem them for charitable donations.

The fine print: You can only earn 5% cash back on up to $1,500 of spend each quarter you activate. Once you’ve hit that cap, you’ll earn 1% unlimited cash back automatically on all other purchases.. This adds up to a $75 maximum return on your rotating bonus categories. There is no annual fee.

Extra perks: As an Intro Offer, Discover will match ALL the cash back you’ve earned at the end of your first year, automatically. There’s no signing up and no limit to how much is matched.

Best for gas and restaurants in 2019: Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

APPLY NOW Secured

on Nusenda ’s secure website

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Regular Purchase APR
10.75% - 14.75% Variable
Annual fee
$0
Rewards Rate
Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter).

How it works: The Visa® Platinum Rewards Credit Card from Nusenda Credit Union lets you Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter). Notably, it offers both gas and restaurants in two quarters. As a bonus New card holders earn 10,000 bonus points for $500 in purchases during first 90 days.

Earn 5% cash back in these categories through the end of 2019:

  • January to March: Groceries and gas expenses
  • April to June: Movies, restaurants and home improvement
  • July to September: Gas and education expenses
  • October to December: Restaurants, hotels and airfares

Using your rewards: This offer stands out as a decent companion card for maximizing cash back. When coupled with the Chase Freedom® or Discover it® Cash Back, you can maximize cash back in different areas during one quarter.

For an example, you can turn to the Visa® Platinum Rewards Credit Card from Nusenda Credit Union for 5% on gas and school expenses in Q3. Then pull out the Discover it® Cash Back for dining out for another 5% the same quarter.

The fine print: Once again, you’ll need to monitor your spending habits to get the most cash back from a revolving category card. If you choose to use this card along with another one, a good practice would be labeling the cards in your wallet to ensure you use the right one for the right purchases in a given quarter.

One final caveat: While there is no annual fee, Nusenda is a credit union, so you will have to go through the process of applying for membership.

Pick your own cash back categories: U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

APPLY NOW Secured

on US Bank’s secure website

U.S. Bank Cash+™ Visa Signature® Card

Regular Purchase APR
15.99%-24.99% Variable
Annual fee
$0
Rewards Rate
5% cash back on your first $2,000 in combined eligible net purchases each quarter on two categories you choose, 2% cash back on one everyday category, like gas or groceries and 1% cash back on all other net purchases.

The U.S. Bank Cash+™ Visa Signature® Card has a revolving cash back program that’s unique in comparison to the others above because you get options.

Earning cash back: You can earn 5% cash back in two categories of your choosing each quarter limited to the first $2,000 of spend. Then you can choose another category with no cap to earn 2% cash back. On all other purchases, you earn 1% cash back.

The categories for an unlimited 2% cash back (choose one each quarter) are:

  • Gas stations
  • Restaurants
  • Grocery stores

The categories for 5% cash back up to $2,000 (choose two each quarter) are:

  • Home utilities
  • Ground transportation
  • Select clothing stores
  • Cell phone providers
  • Electronics stores
  • Car rentals
  • Gyms/fitness centers
  • Fast food
  • Sporting goods stores
  • Department stores
  • Furniture stores
  • Movie theaters

Using your rewards: You can redeem cash back for gift cards, statement credit or a deposit into a U.S. bank savings, checking or money market account. The first time you redeem $100 in cash back in a single transaction, you get a $25 Cash+ Bonus.

The Fine Print: The same opt-in revolving category applies here, except you must also remember to choose your categories. There is no annual fee. The U.S. Bank Cash+™ Visa Signature® Card is another good example of a card you may want to couple with another that gives you higher cash back for necessities, i.e., groceries. But, for diverse spenders who can benefit from the 5% category options, the U.S. Bank Cash+™ Visa Signature® Card is worth considering.

Ideal for typical business expenses: SimplyCash® Plus Business Credit Card from American Express

How it works: The SimplyCash® Plus Business Credit Card from American Express* gives 5% cash back on wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores, 3% cash back on the category of your choice from a list of eight, 1% cash back on other purchases. 5% and 3% apply to the first $50,000 in purchases per calendar year, then 1% applies thereafter. The eight categories are:**

  • Airfare purchased directly from airlines
  • Hotel rooms purchased directly from hotels
  • Car rentals purchased from select car rental companies
  • U.S. gas stations
  • U.S. restaurants
  • U.S. purchases for advertising in select media
  • U.S. purchases for shipping
  • U.S. computer hardware, software, and cloud computing purchases made directly from select providers

**Terms and conditions apply.

Earning cash back: You have to choose your 3% category within two months of signing. If you don’t choose one, the default is gas stations. The combined annual maximum spend for the 5% and 3% categories is $50,000. On all other purchases, you get 1% cash back.

Using your rewards: Cash back will appear as a credit automatically on your statement. The SimplyCash® Plus Business Credit Card from American Express card has No annual fee, so you’ll earn cash back with a generous annual maximum of $50,000 (see Rates & Fees).

The fine print: You must remember to choose your 3% cash back category every year. If you select one this year and forget to do so next year, you’ll be locked into the same 3% category for another 12 months until you make a switch. There is no annual fee.

*The information related to the SimplyCash® Plus Business Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

5% cash back for the Amazon Prime enthusiast: Amazon Prime Rewards Visa® Signature Card

Amazon Prime Rewards Visa® Signature Card

The information related to Amazon Prime Rewards Visa® Signature Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Amazon Prime Rewards Visa® Signature Card

Regular Purchase APR
16.24% - 24.24% Variable
Annual fee
$0
Rewards Rate
Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.

How it works: The Amazon Prime Rewards Visa® Signature Card is open to Amazon Prime Members, so it’s somewhat exclusive. Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. Buying items on other merchant websites that have the Amazon Prime Rewards Visa® Signature Card payment option enabled will not earn you 5% cash back.

Using your rewards: The cash back you rack up will apply as a credit to your statement.

Do the math: If you’re not already an Amazon Prime Member, it’s probably not worth signing up to become one just for the card unless you intend to spend big bucks on the site or at Whole Foods Market. You need to spend $2,380 per year at Amazon.com for the 5% cash back to cover the $119 annual membership fee.

The fine print: The fine print of what you can and can’t buy to earn 5% is the only gotcha here. But, if you shop a lot at Whole Foods Market or on Amazon.com often and stick to the rules, you’ll see a nice return from this card. There’s no annual fee for the card, but you must be an Amazon Prime member, which costs $119 a year ($59 for students).

Good fit for the regular Target shopper: Target REDcard™ Credit Card

Target REDcard™ Credit Card

APPLY NOW Secured

on Target’s secure website

Target REDcard™ Credit Card

Regular Purchase APR
24.65% Variable
Annual fee
$0
Rewards Rate
5% at Target & Target.com

How it works: For Target shoppers, there’s the Target REDcard™ Credit Card. It gives you a discount of 5% at Target & Target.com (minus any other discounts or promotions). Purchases that won’t earn 5% cash back include:

  • Prescriptions, over-the-counter items located behind the pharmacy counter and clinic services
  • Target Optical™ eye exams
  • Target gift cards and prepaid cards, Stockpile, Gift of College and lottery gift cards
  • Previous purchases
  • Certain restaurant merchants in Target stores, such as D’Amico & Sons Italian Kitchen and Pret A Manger
  • Target credit account payments, Target Debit Card cash back and cash advances on the Target Mastercard
  • Shipt membership fees
  • Gift wrap and shipping and handling charges on Target.com purchases
  • Wireless protection program purchases and deposits required by mobile carriers

Earning and using rewards: The program is pretty simple as far as how Target gives you money back. Your 5% will apply to eligible purchases in your shopping cart at checkout. In addition to 5% cash back, this program includes free shipping from Target.com and 30 extra days for returns.

The fine print: No red flags with the REDcard other than watching out for the purchases excluded from cash back listed above. For faithful Target shoppers, this no annual fee card with the 5% discount may be a no brainer.

Most straightforward 5% rewards card just for gas: Fort Knox Federal Credit Union Visa® Platinum Card

Fort Knox Federal Credit Union Visa® Platinum Card

APPLY NOW Secured

on Fort Knox Federal Credit Union’s secure website

Fort Knox Federal Credit Union Visa® Platinum Card

Regular Purchase APR
11.25% - 18.00% Variable
Annual fee
$0
Rewards Rate
Earn an unlimited 5% cash back on gas and 1% cash back on all other purchases.

How it works: The Fort Knox Federal Credit Union Visa® Platinum Card makes our list with the most straightforward, no cap rewards program. You can Earn an unlimited 5% cash back on gas and 1% cash back on all other purchases.

Using your rewards: Cash back will appear on your statement as a credit.

The fine print: This rewards program is offered by a credit union in Kentucky. You’ll have to take a few extra steps to qualify for membership. If you don’t live in Kentucky or have family in Kentucky, membership is open to anyone that joins the American Consumer Council. There is no annual fee for the card, but you will need to become a member of the credit union.

6% cash back for the heavy grocery shopper: Blue Cash Preferred® Card from American Express

Blue Cash Preferred® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Blue Cash Preferred® Card from American Express

Regular Purchase APR
15.24%-26.24% Variable
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.

How it works: The Blue Cash Preferred® Card from American Express is our top pick for cardholders who want to maximize cash back on groceries. With this card, you get 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.

Welcome offer: $200 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.

Using cash back: Cash back builds as Rewards Dollars you can redeem for statement credit in increments of $25.

The fine print: There is an annual fee of $95 per year.

Only advantageous for military service members living on base: USAA® Cashback Rewards Plus American Express® Card

USAA®Cashback Rewards Plus American Express® Card

APPLY NOW Secured

on USAA Bank’s secure website

USAA®Cashback Rewards Plus American Express® Card

Regular Purchase APR
13.90% - 27.90% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined. Earn 2% on your first $3,000 on supermarket purchases per year. Unlimited 1% cash back on all other purchases.

How it works: USAA® Cashback Rewards Plus American Express® Card lets you Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined. Earn 2% on your first $3,000 on supermarket purchases per year. Unlimited 1% cash back on all other purchases. USAA membership is available to active and former military and their eligible family members.

Earning cash back: You Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined. Earn 2% on your first $3,000 on supermarket purchases per year. Unlimited 1% cash back on all other purchases. You can redeem cash back in increments of $1 through the USAA Rewards Service Center online or over the phone.

The fine print: The USAA® Cashback Rewards Plus American Express® Card is light on the fine print. Just remember, the 5% category yearly maximum is $3,000 for combined gas and military base purchases per year and not per quarter. There is no annual fee.

The key to earning from any cash back card

In closing, regardless of which cash back card you choose, be sure to pay off your bill in full each month. That’s one underlying trap of any card rewards program. If you carry a balance over time, adding interest into the equation means you may end up paying the credit card company more than what you’re making in cash back.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Benét J. Wilson
Benét J. Wilson |

Benét J. Wilson is a writer at MagnifyMoney. You can email Benét J. at benet@magnifymoney.com

TAGS: ,