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Hi there, I recently got approved for cash magnet and everyday under one inquiry, and have been using the cash magnet primarily and not really using the everyday. Even though I have the 0% intro interest promo, the APR on the everyday is absurd (just under 26%) while the CM is less than 20% so i'm just not going to use the ED much.
I'm curious about how Amex handles product changes, as I was originally aiming on getting the BCE and ideally I would like to change my CM to the BCE. Is it too early to request a PC? I have had both cards for less than 2mo.
For some reason I'm thinking you have to have the cards for a year prior to a product change? I could be very wrong though. I would hope on their chat and ask!
I don’t think you can PC in first year i think its federal law but i could be mistakened. As far as PC i don’t even know if thats possible because i don’t think they are in same family of cards? I know you can do BCP to BCE for example and EDP to ED but not sure about what if any card you PC cash magnet to .
The law only states that they can’t increase annual fees in the first year, so you would not be able to change from Cash Magnet to Blue Cash Preferred until after a year. I don’t believe Amex has any time constraints on a PC, although I do not know that for a fact. They do allow product changes only within card families. Cash Magnet is the same family as BCE and BCP.
@Anonymous wrote:Hi there, I recently got approved for cash magnet and everyday under one inquiry, and have been using the cash magnet primarily and not really using the everyday. Even though I have the 0% intro interest promo, the APR on the everyday is absurd (just under 26%) while the CM is less than 20% so i'm just not going to use the ED much.
I'm curious about how Amex handles product changes, as I was originally aiming on getting the BCE and ideally I would like to change my CM to the BCE. Is it too early to request a PC? I have had both cards for less than 2mo.
My recollection is that (a) they won't do it until you've had the card 13 months and (b) they will only pc it to something which they consider to be in the same "family". They probably do consider the BCE to be in the same family as the CM.
Definitely call in and ask.
Federal law disallows anyone from PC'ing to a card with a higher AF, but you can PC to a card with the same or lower AF within a year. I'm not sure if Amex has any additional rules for this timewise.
Also, if you swipe your card enough times, the ED gives you 1.2 MR on everything and 2.4 MR on groceries. If you travel at all, it wouldn't be hard to get more value out of 1.2 MR than 1.5% cash back.
Thanks all, just used chat and sucessfully did a PC retaining my 0% APR promo
Congrats! Looks like Amex's cash back cards are in the same family.