I always tell anyone who asks me about getting into miles & points to get out of debt first before evening thinking of playing this ‘game’.  The interest you pay on a credit card balance costs much more than the miles or points earned are worth.  But I may be rethinking that advice with this latest offer.

American Express EveryDay Card

The American Express EveryDay card is currently offering a 15 month 0% interest rate for both purchases and balance transfers along with 15,000 Amex Membership Reward points after spending $1000 in 3 months.

The best part of this offer is that there is NO balance transfer fee like many other 0% interest credit cards which usually carry a 3% balance transfer fee.  There is also no annual fee with this credit card.

So you can have the best of both worlds – 0% interest for 15 months while you are getting out of debt which could save you hundreds of dollars per month along with earning a 15,000 Membership Rewards welcome offer/bonus which is easily worth at least $300 if transferred to travel partners.

How to Save

If I were in $12,500 worth of credit card debt, I would apply for this card.  If approved, I would check to see what credit limit I was approved for.  Let’s say American Express approved me for a $15,000 credit limit.

I would immediately request a $12,500 balance transfer.  I would be paying no balance transfer fee with this card and saving over $150/month (assuming a 15% interest rate).

I would then put myself on a strict budget so I could knock this debt out within 15 months.  But also use this card for everyday expenses (gas, groceries, etc) so I could earn the 15,000 Amex Membership Reward points welcome offer/bonus.

This card also gives you 2X points at grocery stores and provides you with a 20% bonus at the end of the statement closing date if you had 20 or more transactions.

While I don’t recommend this since you won’t get the best value, if you are desperate, you can always use the bonus points earned for everyday charges.  The rate is not great – 20,000 Membership Rewards points can pay for $120 worth of charges if you need extra help getting out of debt.

Thinking of applying for the American Express EveryDay card?  You don’t have to but if you use my referral link – you will receive the same great offer described above but also earn me some extra points which I will be grateful for.

Are you in a in a bunch of debt and need more than one 0% interest credit card?  Check out these other 0% interest credit cards.

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