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AMEX Cash Magnet usage insight

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elixerin
Established Contributor

AMEX Cash Magnet usage insight

heya friends, following my recent approval of the amex revolver on Nov 8 i wanted to gain some insight on how i should take advantage of the 15 mo 0 intro apr WHILE also looking like a good candidate for the 3x CLI come 61 days from Nov 8

I’ve read they like multiple payments but what about one large chunk of current balance near statement closing? do they look at that and frown on it or is it ok?

as for aggregate reported balances itll be less than 20% on months that arent 1-8.9% or $5 depending on whatever is better i suppose. Also wanting to make use of the intro apr but i have no idea how i can do both interchangeably

4k limit (6k TCL currently reporting)

thx for any and all replies and insightSmiley Happy
3 REPLIES 3
AverageJoesCredit
Legendary Contributor

Re: AMEX Cash Magnet usage insight

Usually first month its harder to do multiple payments. In the end making multiple payments or i lump sum payment is fine. So long as Amex gets their moneySmiley Wink. As for intro apr, so long as you have that zero you can make purchases and let them carry over if you so choose. No interestSmiley Wink
Message 2 of 4
pinkandgrey
Senior Contributor

Re: AMEX Cash Magnet usage insight

I don't think there's any need to overthink this. Just make sure you pay as much as you possibly can before the due date. The balance when the statement cuts is really the main thing. I wouldn't stress about making multiple mini-payments. 

I just made sure not to let the balance report more than 8 or so percent and I got my 3x twice. 

 

Good luck! 

Discover It: 21.5k
Amex Cash Magnet: 18k
Fidelity Visa: 16.5k
Apple Card: 4.25k
Message 3 of 4
elixerin
Established Contributor

Re: AMEX Cash Magnet usage insight

thanks for the replies, think i can take advantage of intro apr offer while also looking good for the 3x cli 🤔
Message 4 of 4
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