This is a nice bump from the usual $100-$200 bonuses on the Everyday and Preferred Amex cards, first reported by Doctor of Credit.
With the Everyday card you can get up to $300 cash back, the Preferred card can earn you up to $350 cash back. There is a bit of a kicker with the sign up bonus, however. Two hundred dollars of the “sign up bonus” is earned by receiving 10% back, through the end of the year, on spend with “U.S. Wireless Telephone Services”. This is limited to $2,000 spent with cell phone bills at 10% cash back. That works out to up to $200 as a statement credit bonus. You will get the 10% back as you spend money on cell phone bills. If your cell phone bill is $175, you will receive $17.50 each month you pay your bill. (up to $200 back through 12/31/16)
Let’s break it down:
• Everyday: $100 base sign up bonus
• Preferred: $150 base sign up bonus
• Everyday: $1,000 minimum spend to earn $100 bonus
• Preferred: $1,000 minimum spend to earn $150 bonus
• Everyday: No annual fee
• Preferred: $75 annual fee
• Everyday: Zero percent APR for the first 12 month on purchases or balance transfers
• Preferred: Zero percent APR for the first 12 month on purchases or balance transfers
• Everyday: 3% Cash Back at U.S. supermarkets, 2% Cash Back at U.S. gas stations and select U.S. department stores
• Preferred: 6% Cash Back at U.S. supermarkets, 3% Cash Back at U.S. gas stations and select U.S. department stores
Okay, so the differences in the two cards are pretty straight forward. If you need help meeting your minimum spend ($11 a day), you can pay your student loans, car payments, rent, and mortgages on Plastiq.com. Make sure you offer to pay your friends’ and families’ cell phone bills with your card, just have them write you a check or give you cash as pay-back. That will help you spend the $2,000 on cell phone providers much quicker, earning you $200 on top of your sign up bonus.