We demonstrate the effectiveness of a guided-wave Bose-Einstein condensate interferometer for practical measurements. Taking advantage of the large arm separations obtainable in our interferometer, the energy levels of the 87Rb atoms in one arm of the interferometer are shifted by a calibrated laser beam. The resulting phase shifts are used to determine the ac polarizability at a range of frequencies near and at the atomic resonance. The measured values are in good agreement with theoretical expectations. However, we observe a broadening of the transition near the resonance, an indication of collective light scattering effects. This nonlinearity may prove useful for the production and control of squeezed quantum states.