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Last week, American Express announced a new credit card to their portfolio – the American Express EveryDay Credit Card (you can learn more about this card along with the Preferred version here).
For those of you who were not aware, there are two types of Amex Membership Reward credit cards – those that earn full Membership Reward points and those that earn limited Membership Reward points. Accounts with full Membership Reward points means that you can transfer your points from your account to a partner hotel or airline program. If you have a credit card that earns limited Membership Reward points you will NOT be able to transfer your points to partner loyalty programs. You can redeem your points for merchandise, gift cards, etc.
Well, one of my favorite aspects of the Amex EveryDay credit card is that it earns full Membership Reward points! And it has no annual fee! This is actually the only credit card where you can earn full Membership Reward points that charge an annual fee.
Having this card can ensure that you can always keep your Membership Reward points even if canceling the card that the points were tied to. As I explained in this post: “If I Cancel My American Express Platinum Card, Can I Keep the Points?“, if you cancel your Amex card that earns Membership Reward points, you will lose your points unless you have another Amex card that also earns full Membership Reward points. So let’s say you currently have an American Express Platinum card and are thinking about canceling the card. You currently have points in your account and do not want to transfer them out to a loyalty partner just yet as you aren’t 100% sure where you want to use them. If you are an Amex EveryDay cardholder, then you will not lose your points and still be able to transfer them to a loyalty program at another time.
This is a great card and one that I recommended a few times to use on various spend categories.