On Nov. 10, Morgan Stanley and American Express announced their first-ever cash-back credit card, exclusively for Morgan Stanley and E*TRADE clients with eligible brokerage accounts.
The new Morgan Stanley Blue Cash Preferred® American Express Card offers the same high-rate cash-back program as the Blue Cash Preferred® Card from American Express (which Select has named one of the best for grocery shopping and streaming). Cardholders can earn:
- 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%)
- 6% cash back on select U.S. streaming subscriptions
- 3% cash back at U.S. gas stations and on transit
- 1% cash back on other eligible purchases
Cash back that you earn with the Morgan Stanley Blue Cash Preferred is provided in the form of Blue Cash Reward Dollars that can be redeemed as a statement credit whenever your available reward dollars balance is $25 or more.
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"Our card members love earning cash back on the things they do every day, like cooking at home and streaming their favorite show, which is why the Blue Cash Preferred Card is one of our most popular cash-back cards," Jon Gantman, SVP of cobrand product management at American Express, said in the company's press release. "With this new card, Morgan Stanley clients are getting one-of-a-kind value that can only come from their Morgan Stanley American Express card membership."
The Morgan Stanley Blue Cash Preferred Card joins the The Platinum Card® from American Express Exclusively for Morgan Stanley in the portfolio of American Express cards only for Morgan Stanley clients. (The Blue Cash Preferred is open to eligible E*TRADE clients as well, but the Platinum is not.)
The two act as a perfect pair: While the Blue Cash Preferred earns you cash back on the purchases you make every day, the Platinum offers luxury benefits on travel, entertainment and wellness. Plus, with the Platinum, Morgan Stanley cardholders can use their rewards points for deposits credited to their qualifying Morgan Stanley brokerage account.
American Airlines AAdvantage MileUp℠ Mastercard®
Rewards
Earn 2X miles per $1 spent on American Airlines flight and at grocery stores, earn 1X mile per $1 spent on all other purchases
Welcome bonus
Earn 10,000 American Airlines AAdvantage® bonus miles and a $50 statement credit after $500 in purchases within the first three months of account opening.
Intro APR
None
Regular APR
17.49% - 24.49%, variable
Balance transfer fee
5% or $5, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Pros
- Valuable welcome offer
- Modest annual fee
- Authorized users at no additional cost
- 25% savings on inflight purchases
Cons
- Limited spending categories
- 3% fee on purchases made abroad
New cardholders of the Morgan Stanley Blue Cash Preferred American Express Card can earn a welcome bonus of a $300 statement credit after spending $3,000 on eligible purchases in the first six months, and they can take advantage of a $120 Equinox+ Credit (earn $10 in statement credits per month, up to $120 per calendar year). Plus, they get an exclusive Morgan Stanley cardmember perk of a $100 statement credit every year after spending $15,000 on eligible purchases.
Though we recommend paying off your balance in full every month, cardholders can have more time paying off large purchases with an introductory 0% APR on purchases for the first 12 months from the date of account opening (after, 16.99% - 27.99% variable APR). Cardholders can also "buy now, pay later" using Amex's Plan It® feature: Spread out paying for purchases by paying in monthly installments with a fixed fee (see Plan It terms).
Bottom line
For Morgan Stanley or E*TRADE clients with an eligible brokerage account, the new Morgan Stanley Blue Cash Preferred American Express Card makes sense if they don't already have a credit card with a generous cash-back rewards program. Cardholders can also get a $120 Equinox+ Credit and an exclusive benefit for being a Morgan Stanley client that they couldn't otherwise get with a non-member card: a $100 annual statement credit when spending $15,000. Plus, cardholders get six months to meet the $3,000 spend requirement and earn the $300 statement credit welcome bonus.
While the Blue Cash Preferred provides a rewarding cash-back program and statement credits exclusive to Morgan Stanley clients, cardholders can't use rewards to supplement their investment accounts like they can with the Platinum Card from American Express Exclusively for Morgan Stanley.
Don't have a Morgan Stanley brokerage account? Consider the Fidelity® Rewards Visa Signature® Card, which allows cardholders to earn a flat-rate 2% cash back on all eligible spending, and every $2,500 they spend equals a $50 deposit into their eligible Fidelity investment account(s). Read more about the Fidelity cash-back investment card in our full review.
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For rates and fees of the Blue Cash Preferred® Card from American Express, click here.
Information about the Morgan Stanley Blue Cash Preferred® American Express Card and the Fidelity® Rewards Visa Signature® Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.