What's the likeliehood this card ever gets a boost? A flat 1.5% with a 2.7% FTF seems rather stale and lacking value for most people, unless you're just chasing a no AF sub (currently $200).
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@Anonymous wrote:
@Zoostation1 wrote:What's the likeliehood this card ever gets a boost? A flat 1.5% with a 2.7% FTF seems rather stale and lacking value for most people, unless you're just chasing a no AF sub (currently $200).
It seemed that way to me when it first came out, but people here seemed to be keen on it. Some of that is "getting a foot in the door" with Amex (something I don't think is valuable, go for the card you want when you can get it) or because of the growth potential of an Amex credit card.
My understanding is that it's no easier to get a Cash Magnet than a BCE, BCP (my foot in the door card lol), or any other revolver from Amex (as compared to Green, Gold and Platinum which are all somehwat easier to get).
@OrangeRange wrote:Here's my theory: it most likely never will, or at least not until Amex changes its business strategy.
I think historically speaking, Amex has always been focused on its annual fee cards and strengthening their value proposition to its cardholders and target audiences. IMO, the Cash Magnet was just a half-hearted attempt to release something akin to the Chase Freedom Unlimited without actually making it an all-around solid card that people would prefer over their annual fee cards such as BCP or the MR-earning cards.
On the business side of the house, we see a true 2% CB because IMO given Amex depends highly on high-volume transactions to generate its revenue vs. interest payments, it is more likely that a business cardholder will be spending tens of thousands on their cards annually. That high volume of spend alongside the 2% dropping to 1% after $50,000 annually thus limits the blow to Amex's profitability with the card.
The fact that the CB is earned only as a statement credit, and it's automatic at the close of each statement, further strengthens my thoughts that Amex isn't in the business of giving out cash but begrudgingly does so. I wouldn't be surprised if they slyly hope that after reaching $50,000 most wouldn't even tell their 2% credits are now just 1%.
Forgot about this post for a bit, but I guess what you're saying makes sense. For me BCP is the card from them that had/has the best to me so it was both my foot in the door and useful to me. I can't justify points cards at this point (even though they're shoving green down my throat with every advertisement I see) nor can would a business card be an option.
@Zoostation1 wrote:What's the likeliehood this card ever gets a boost? A flat 1.5% with a 2.7% FTF seems rather stale and lacking value for most people, unless you're just chasing a no AF sub (currently $200).
I would say the likelihood is zero. It's more likely to get dropped someday, than changed.
