For people with "Good" or "Excellent" credit, there’s no shortage of credit cards to choose from. The Amex Blue Cash Everyday and HSBC Platinum Mastercard are both solid choices for people interested in bulking up their wallet with rewards. Here’s what you need to know about each to make a good decision that meets your credit card needs:
Amex Everyday Blue Cash
You're the perfect customer for the Blue Cash Everyday if you visit the supermarket multiple times a week. To find out whether the Blue Cash Everyday is the right card for you, answer the following questions:
- Do you have a credit score of 690 or higher?
- Do you go to the supermarkets once or twice a week, and cook at home a lot?
- Do you drive to and from work and spend a lot on gas?
- Do you want a cashback credit card, rather than frequent flyer programs?
If you answered yes to the questions above, then this is a great card to add to your wallet to help you earn bonus cash back.
The Blue Cash Everyday is stronger than the HSBC Platinum Mastercard because of its longer promotional interest period. With average interest rates close to 20%, those extra promotional months can result in significant savings. People also love it because they can rack up cash back at the grocery store. The Blue Cash Everyday offers cash back at the grocery store, with some of the highest rates around. Families spend an average of $4,000 a year on groceries, so this can equal substantial value.
The biggest customer complaint about the card is the additional fee when used outside of the United States. In addition to Amex not being accepted as universally as Visa or Mastercard credit cards, at the time this article was written, the Blue Cash Everyday was charging a foreign transaction fee. Plus, bonus cash back in categories like groceries and gas only apply when purchasing at stores located in the U.S. As a result, many consumers say that this is not the card to bring with them on vacation to Europe.
HSBC Platinum Mastercard
You're the ideal customer for the HSBC Platinum if you want to earn cashback rewards in non-bonus categories. Curious whether the HSBC Platinum Mastercard is a good fit? Answer the following questions to find out:
- Do you have a credit score greater than 690?
- Do you spend in categories other than gas, dining out, and department stores?
- Are you planning on making a large purchase and looking for 0% interest?
If you answered yes to the questions above, then the HSBC Platinum Mastercard may be a better fit for you.
The HSBC Platinum may be better for you because of its flexible redemption options. If you don't spend much money on groceries, gas or department stores, then you may be better off with the HSBC Platinum Mastercard.
Unlike the Amex Blue Cash Everyday card, which requires rewards be redeemed in increments of $25, the HSBC Platinum Mastercard allows you to redeem points for travel, merchandise or gift cards. There are no limits on the number of points you can earn and no blackout dates. The HSBC Platinum has a shorter introductory APR period than Amex Blue Cash, but it still offers substantial value. Once the intro period ends, if you have good credit and don't pay your bill late, you can score an interest rate lower than the average.
People love the card because they can book rewards travel using non-HSBC travel websites. Along with its flexible rewards redemption options, HSBC does not require that you use its own website to book reward travel (though you can if you'd like). Many consumers reported getting a better deal—and enabling their rewards points to go further—by booking rewards travel through an outside travel site, which may offer a better price on similar flights.
The biggest customer complaint about it is that you need to book rewards travel three weeks in advance. Customers were disappointed to discover that they can't use their rewards points to book a last-minute getaway; all rewards travel has to be booked a minimum of 21 days in advance. Some consumers also mentioned that the inability to transfer points to other loyalty programs was a drawback they wish they had known about before signing up.
The Blue Cash Everyday from American Express offers more lucrative rewards than the HSBC Platinum Mastercard. If you're the typical young family that doesn't travel as much as you'd like but spends a lot of money at supermarkets, gas stations, and department stores, then the Blue Cash Everyday from American Express just might become your go-to credit card.
Indeed, this no-annual-fee, cashback credit card offers many, many benefits, such as bonus cash back on food, gas, and clothes, as well as regular cashback rewards on all purchases. You can redeem cash back in increments of $25. You even earn cash back on gas gift cards and retail gift cards you purchase at U.S. supermarkets.
Planning a big purchase? The Blue Cash Everyday also offers a longer intro APR period. This makes it a good card for large one-time purchases and paying down balance transfers. With so many benefits, its no wonder Amex Blue Cash Everyday ends up a head above the rest. For people with good or excellent credit, this is a great addition to your pocketbook.