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Amex cash Magnet 5% for 6 months offer

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Amex cash Magnet 5% for 6 months offer

Hi Guys,

 

I'm not sure if this was already informed but when I went to AMEX site to try the prequal, I saw it said 'special offer for you' for most of the cards. But it was there for a while like 70K for platimum, 50K for gold, 45K for Green etc.,

 

What I never saw before was 5% back for 6 months upto $350 for Cash Magnet and $300 for BCP and $175 for BCE.

 

AmexBCP.JPGAmex_BCE.JPGCashMag.JPG

 

 

Message 1 of 6
5 REPLIES 5
Super Contributor

Re: Amex cash Magnet 5% for 6 months offer

That offer for the Cash Magnet would require $10K of spend to hit the $350. If you have a lot of non-cat spending, it's not bad but the $200 for $1K normal Cash Magnet SUB and a second card with a $150 SUB would require a lot less spend. 

The BCP and BCE offers have been incognito for awhile -- I actually signed up for my BCP last month with a $300 incog offer. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 2 of 6
Super Contributor

Re: Amex cash Magnet 5% for 6 months offer

I'm not surprised. Some lenders are heading more towards longer term spend offers vs a quick spend $500 and get $100, etc. These types of offers encourage longer term use of the card, even though mathematically you are usually better off with other offers unless you plan to spend a ton on the card.

Message 3 of 6
Valued Contributor

Re: Amex cash Magnet 5% for 6 months offer

I do have ~10k expense each year that doesn't fall into any category of my cards. Sadly they don't take amex, lol.

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Message 4 of 6
Contributor

Re: Amex cash Magnet 5% for 6 months offer

It seems like they are copying the CFU a bit since they are similar in that they offer flat 1.5% cash back. CFU was offering 3% unlimited CB up to $20K for the first year. It’s all marketing. Most people won’t take the time to do math and figure out that while 5% back the first 6 mths sounds good, it’s only really beneficial for big spenders. I’m poor so I would rather get $150 or whatever for $1k spend...that’s 15% back! Maybe it works best for someone who is going to do a lot of non category spending that no other card would offer the 5% CB.
Message 5 of 6
Valued Contributor

Re: Amex cash Magnet 5% for 6 months offer

You got my interest until I saw the $350 cap. Boo!





Total Revolving Limits $219,300

FICO 8 scores 04/2019
EX-778
TU-714
EQ-716
Message 6 of 6
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