AMEX Blue Cash Preferred for Morgan Stanley: $400 Welcome Bonus, $0 Intro Annual Fee for the First Year

【Updated 2022.10】The welcome bonus on this card has increased to $400, and the annual fee is waived for the first year. However, there is an application hurdle: you need a Morgan Stanley relationship to apply. For details, see:

• AMEX Platinum Morgan Stanley

AMEX Blue Cash Preferred for Morgan Stanley Overview:

Benefits

• $100 high-spend bonus: If you spend $15,000 on this card in a calendar year, you can earn an extra $100 bonus. That is effectively an additional 0.6% cash back, so the value is not especially significant.
• 6% cash back on streaming purchases: 6% cash back on 20 U.S. streaming services including Amazon Prime, YouTube, Netlix, HBO, Apple Music, Pandora, Amazon Kindle Unlimited & Audible.
• 3% cash back on transit: Includes parking, tolls, trains, and rideshare services; transit includes trains, taxicabs, ride share services, ferries, tolls, parking, buses, and subways (airfare, car rental and cruises are not considered transit). This is quite useful, especially for people in big cities who use taxis or rideshare for commuting.
• 0% APR on purchases: Balances from purchases made within the first 12 months do not incur interest as long as you pay at least the minimum payment each month. Please read carefully: “How 0% APR Works on Credit Cards”
• Equinox+ credit: Get $10 back each month, up to $120 per year.

AMEX card benefits

• AMEX Offer: Examples include Amazon $20 back on $20, Walmart 15-5, and $10 back on $75 in phone bills. AMEX is often generous with targeted offers, allowing cardholders to earn cash rewards while spending. See also: Best Recent AMEX Offers, Past Great AMEX Offers, AMEX Offer Guide
• Small Business Day: AMEX credit cards can participate in the annual Small Business Day promotion, where spending at eligible merchants may earn extra rewards. See: Small Business Day Promotion Overview
• High credit limits: AMEX is often generous with credit limits and frequently offers limits much higher than other banks do.
• 3x credit limit increase: Starting on day 61 after getting an AMEX card, you may be able to request a credit limit increase to three times your original limit through the official website.
• Free ShopRunner membership: Enjoy free two-day shipping at many online stores. See details here: official link
• Extended warranty: Items fully paid for with an AMEX card get the manufacturer warranty extended by one additional year.
• Free credit report: Cardholders can check their EX credit bureau score for free. See: Comparison of Free Credit Scores

Cons

• The 6% cash back on groceries does not include Walmart (though it does include Neighborhood Market), Target, Costco, Sam's Club, and other discount supermarkets.

My Take

This card is very similar to the standard Blue Cash Preferred, but it adds an extra $100 bonus after $15,000 in spending and 3% cash back on gas. If you are eligible to apply (only Morgan Stanley or etrader users can apply), this card is slightly better for long-term holding than the regular Blue Cash Preferred. For other grocery card options, see the comparison below:

• Best Credit Cards for Grocery Stores and Supermarkets

Unlimited 6% Cash Back at Amazon

【Updated 2020.6】After this card was revamped, it offers 6% cash back on streaming purchases with no cap. You can use it to buy Kindle Unlimited Gift, then redeem that gift as an Amazon gift card, effectively getting 6% cash back at Amazon. I tested it myself and did receive the 6%. Here are the steps:

• Gift a Kindle Unlimited membership, purchase the amount you want, and enter your email. Pay with your BCP card.

• You will receive an email from Amazon.

• Click redeem. You will see fine print below indicating that you can redeem the membership as a gift card, which means converting it into an Amazon gift card. Be very careful not to click the wrong button. If you click the large “Redeem your kindle unlimited gift” button above, you will not be able to get a refund!

• You should indeed receive the 6% streaming cash back.

• Note: I do not recommend that brand-new Amazon accounts buy large amounts of Membership this way, as Amazon may flag it as fraud. Better to do it gradually.

How to Apply

• You must be a Morgan Stanley or E Trader user to apply for this card.

• AMEX official application status check link
• For the same AMEX credit card, the public welcome bonus is generally available only once (once-per-lifetime restriction)
• You can call the reconsideration line (800-528-4800, 877-399-3083, 866-314-0237) to speed up credit card approval or request a review of a denied application.
• AMEX limits you to 4 credit cards and 10 charge cards total.
• You can apply for a total of two AMEX credit cards every 90 days, excluding charge cards.
• After you submit your application, a pop-up may appear telling you that you are not eligible for the welcome bonus. In that case, it is usually best not to continue with the application (detailed analysis)
• More about applying for AMEX credit cards

Application Link: