Boasting one of the most attractive cash-back programs, the Blue Cash Preferred card from American Express would make a good fit for almost anyone.

With 6% cash back at supermarkets, 3% cash back at gas stations and department stores and 1% on everything else, there is plenty of potential to rack up savings on common, everyday purchases.

However, this highly-desirable card can also come with a hefty cost. In addition to a $75 annual fee, you are most likely going to face a high interest rate, regardless of how good your credit score is. By refraining from an account balance (as you always strive to do), the high APR can be rendered inapplicable.

To maximize the cash-back benefits of the Blue Cash Preferred, you should spend more than $48 per week at supermarkets.

Annual fee

The Blue Cash Preferred card has a $75 annual fee that many consumers would prefer to avoid. However, given the stellar amount of cash back that can be earned, the fee isn’t surprising. With enough spending, especially at supermarkets, cardmembers can make back the cost of the annual fee, plus more.

Spending $25 per week at supermarkets will allow you to recoup the $75 annual fee. However, you must compare the Blue Cash Preferred card to its no-annual-fee version (Blue Cash Everyday), which will be earning cash back while Preferred cardmembers are just spending to compensate for the annual fee. In actuality, you have to spend $48.08 per week, or $2,500 per year, at supermarkets to make this card worthwhile.

Other fees/charges

All American Express cards do not have over-the-limit fees, but it doesn’t mean that you can spend to oblivion. American Express may decline transactions to reduce risk.

Also, the Blue Cash Preferred card has a 2.7% foreign transaction fee, which isn’t much -- but still better than the 3% that is found with most credit cards.

Interest rates

The Blue Cash Preferred card has a regular APR of 17.24% to 22.24%, based on creditworthiness. Even with a top notch credit history, you will face a daunting interest rate -- undoubtedly high to account for its lucrative cash-back program.

So, carrying a balance on this card will be expensive. You should not be using this card if you are going to keep a balance and end up paying interest.

Rewards/Perks

The extraordinary cash-back program is obviously the most important feature of the Blue Cash Preferred card. With 6% cash back at supermarkets, 3% at gas stations and department stores and 1% on everything else, it could lead to plenty of cash back for anyone who does the household shopping. Few credit cards can offer such competitive cash back rates.

Because gift cards for many retailers can also be purchased at supermarkets, this card allows cardmembers to earn 6% cash back on purchases that they otherwise wouldn’t be able to get.

Misc.

American Express has several initiatives that deliver even greater value to its cardmembers through social media.

The card-issuer is actively offering various sorts of deals, offers and discounts through major networks including Facebook, Twitter and Foursquare. Simply accept an offer and it is loaded onto your American Express card.

American Express mobile apps allow you to check balances, review transactions and make payments. Additionally, there is a merchant-funded rewards program that lets you load special discounts and offers onto your card.

Learn more about the current Discover More offer if you think it is right for you.

(Disclosure: MyBankTracker was not compensated for the publishing of this review. However, MyBankTracker does receive compensation for successful signups through affiliate links.)