American Express is rolling out two new cash back credit cards. The company says its aim is to offer simplified cards that don't require a minimum level of spending in order to earn accelerated rewards.
The cards — the Blue Cash Everyday and Blue Cash Preferred — will be available starting Wednesday. Customers with the company's old Blue Cash card will not be automatically migrated over to the new cards, but can call customer service to switch if they like.
The variable interest rate on the new cards ranges from 13.99 to 17.99 percent, depending on the borrower's credit history. There are no limits on the cash back rewards cardholders can earn.
Here are some details:
Blue Cash Everyday
Annual Fee: None
—3 percent back at supermarkets
—2 percent at gas stations and department stores
—1 percent everywhere else
—$25 bonus for referring a friend
Blue Cash Preferred
Annual Fee: $75
—6 percent back at supermarkets
—3 percent at gas stations and department stores
—1 percent everywhere else
—$100 welcome bonus
—$75 bonus for referring a friend
What's Different
Customers with the company's old Blue Cash card only earn accelerated rewards once they spent $6,500 in a year. The old card also doesn't give special, accelerated rewards for spending at department stores.
Customers can redeem rewards for cash back, gift cards or merchandise. A late payment results in points being forfeited for that month.
Copyright 2011 The Associated Press.