SELECT consumers could get up to $250 from American Express this month.
There are just a few simple steps to follow to qualify for the free money.
GettyAmerican Express is offering free cash to customers with no deadline to claim it (stock image)[/caption]First, those interested would be in the market for a new credit card.
Credit cards offered by companies today include a variety of perks.
Those perks can include cash back, points, or travel benefits, among others.
Of course, there are also retailer-specific credit cards that offer bonuses for shoppers who use them through continued purchases at the store.
It can be tough for Americans to navigate the options to determine what’s right for their situation and what kind of perks would best suit their lifestyle.
FAMILY FIRST
For an all-around top credit card for families, it’s hard to beat the Blue Cash Preferred Card from American Express, per NerdWallet.
The personal finance brand rates it five out of five stars, and for good reason.
American Express is currently offering those who qualify and sign up for the Blue Cash Preferred Card in May a $250 statement credit.
The only requirement for the free money is spending $3,000 on the card within the first six months of the account opening.
While that may seem intimidating, those who have a big purchase planned, such as for moving costs or furniture expenses that they have already saved for, it’s a no-brainer.
They can use the credit card to pay for the item, and then quickly pay the entire balance using the saved money.
It quickly guarantees the $250 and doesn’t encourage more spending than was already planned and budgeted.
To get the deal, consumers must head to the American Express website, fill out an application form, and get approved.
Customers who are eligible for the Blue Cash Preferred Card also pay no annual fee for the first year, with a $95 charge starting the following year.
What's a good credit score?
FICO, the most widely known credit scoring system, and its rival VantageScore both use a range of 300-850 points.
Below we list what’s considered a good and bad credit score, according to both systems.
FICO
Poor: 300-579 Fair: 580-669 Good: 670-739 Very good: 740-799 Exceptional: 800 or aboveVantageScore
Very poor: 300-499 Poor: 500-600 Fair: 601-660 Good: 661-780 Excellent: 781-850
There’s even 0% introductory APR on any purchases from the date the account is opened for an entire year.
The 0% introductory APR also includes balance transfers from other credit cards for the same period.
APR is 20.24% to 29.24% afterward.
KEEP IT COMING
Cash back rewards range from 1% to 6% with the Blue Cash Preferred Card.
The 6% back comes from supermarket purchases up to $6,000 per year, and dips to 1% after the maximum is reached.
This same rule also applies to streaming subscriptions.
There’s also 3% back at gas stations and 1% on all other purchases.
More details can be found through the American Express website or NerdWallet’s comprehensive review.
Americans should also watch out for a potential $325 in free money they could get from Citibank this spring.
A one-time direct payment of $300 in free cash is also going out from SoFi in May.
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