Laughable AmEx offer - I guess anything is better than nothing

[Cashbackjunky]

Hey all,

I decided to check my AmEx offers today, since it's member week. While looking, I saw this on my Cash Magnet (I haven't put any spend on it since hitting my SUB a couple months back)

I had to contain my excitement with that extra whole 1% back staring me in the face.

I guess it's better than nothing but with my Platinum Honors Preferred Rewards with BofA, I get 2.625% back with my UCR.

Are these general spend offers from AmEx (not directed for a specific merchant) usually this lackluster? It's the first one I've seen on any of my AmEx accounts, so I don't have much of a gauge.

Cheers!

[wasCB14]

Business Platinum.

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*And EDP has one that is more modest:

[OmarGB9]

I've never gotten one of those, so I couldn't tell you. 

[TheRedHat]

So your Cash Magnet card turns into a 2.5% uncategorized cashback card if you spend $1,500 each billing period for the next 3 cycles? I'm not seeing how this is a bad deal. Especially if you combine it with other offers that may be available to you.

[Cashbackjunky]

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@TheRedHat wrote:

So your Cash Magnet card turns into a 2.5% uncategorized cashback card if you spend $1,500 each billing period for the next 3 cycles? I'm not seeing how this is a bad deal. Especially if you combine it with other offers that may be available to you.

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That's a great way to look at it. Thanks for that perspective! I suppose I'm being so harsh towards it considering the merchant offers are usually ~25-50% back. 1% just seems laughable - but it does, in fact turn it into a 2.5% flat card for 3 months.... Hmmmmm 

[wasCB14]

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@Cashbackjunky wrote:

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@TheRedHat wrote:

So your Cash Magnet card turns into a 2.5% uncategorized cashback card if you spend $1,500 each billing period for the next 3 cycles? I'm not seeing how this is a bad deal. Especially if you combine it with other offers that may be available to you.

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That's a great way to look at it. Thanks for that perspective! I suppose I'm being so harsh towards it considering the merchant offers are usually ~25-50% back. 1% just seems laughable - but it does, in fact turn it into a 2.5% flat card for 3 months.... Hmmmmm 

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It depends on the merchant's gross margins. If a jewelry or clothing company can sell an item for $500 and it only costs $100-$150 to make, then doing some promotion for $100 off $500+ isn't a bad idea, especially if the advertising brings in a new customer they would otherwise not likely get.

[Anonymous]

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@Cashbackjunky wrote:

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@TheRedHat wrote:

So your Cash Magnet card turns into a 2.5% uncategorized cashback card if you spend $1,500 each billing period for the next 3 cycles? I'm not seeing how this is a bad deal. Especially if you combine it with other offers that may be available to you.

---

That's a great way to look at it. Thanks for that perspective! I suppose I'm being so harsh towards it considering the merchant offers are usually ~25-50% back. 1% just seems laughable - but it does, in fact turn it into a 2.5% flat card for 3 months.... Hmmmmm 

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@Cashbackjunky wrote:

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@TheRedHat wrote:

So your Cash Magnet card turns into a 2.5% uncategorized cashback card if you spend $1,500 each billing period for the next 3 cycles? I'm not seeing how this is a bad deal. Especially if you combine it with other offers that may be available to you.

---

That's a great way to look at it. Thanks for that perspective! I suppose I'm being so harsh towards it considering the merchant offers are usually ~25-50% back. 1% just seems laughable - but it does, in fact turn it into a 2.5% flat card for 3 months.... Hmmmmm 

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2.5% if you spend exactly $1500.   At best, that's "fine"  It depends what other cards you have for uncategorized spend, but IMO your original reaction was more or less right!   Still, better than those horrible US Bank offers, where the spend is something like $10K to earn $25!

[SouthJamaica]

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@Cashbackjunky wrote:

Hey all,

I decided to check my AmEx offers today, since it's member week. While looking, I saw this on my Cash Magnet (I haven't put any spend on it since hitting my SUB a couple months back)

I had to contain my excitement with that extra whole 1% back staring me in the face.

I guess it's better than nothing but with my Platinum Honors Preferred Rewards with BofA, I get 2.625% back with my UCR.

Are these general spend offers from AmEx (not directed for a specific merchant) usually this lackluster? It's the first one I've seen on any of my AmEx accounts, so I don't have much of a gauge.

Cheers!

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Members Week? What's that?

[Cashbackjunky]

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@SouthJamaica wrote:

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@Cashbackjunky wrote:

Hey all,

I decided to check my AmEx offers today, since it's member week. While looking, I saw this on my Cash Magnet (I haven't put any spend on it since hitting my SUB a couple months back)

I had to contain my excitement with that extra whole 1% back staring me in the face.

I guess it's better than nothing but with my Platinum Honors Preferred Rewards with BofA, I get 2.625% back with my UCR.

Are these general spend offers from AmEx (not directed for a specific merchant) usually this lackluster? It's the first one I've seen on any of my AmEx accounts, so I don't have much of a gauge.

Cheers!

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Members Week? What's that?

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https://www.americanexpress.com/en-us/benefits/membership/member-week/

Nothing that'll knock your socks off but still cool

[K-in-Boston]

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@wasCB14 wrote:

Business Platinum.

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*And EDP has one that is more modest:

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They get crazier than that, and employee card spend doesn't even count!