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New American Express Cash Magnet Card

Moderator

New American Express Cash Magnet Card

CashMagnet.png

CashMagnet2.png


This is an curious new offering from American Express.

 

It seems to be a copy of the Capital One Quicksilver being that the rewards are cash-back and not MR points.  The sign-up bonus is generous, especially for those who are able to hit the secondary threshold to trigger the additional $150 cash back.

 

At one time this would have been a no-brainer for many, but due to Amex's recent policy updates regarding churning bonuses this might not be as popular as it otherwise might have been.

 

The facts are rather straight-forward, but DoC elaborates on the particulars here:  https://www.doctorofcredit.com/american-express-launches-cash-magnet-card-300-sign-up-bonus-1-5-ever...

The Garden Club has moved to the Personal Finance board!


https://ficoforums.myfico.com/t5/Personal-Finance/Garden-Club-September-2018/td-p/5344990


 

Message 1 of 353
352 REPLIES
Regular Contributor

Re: New American Express Cash Magnet Card

Oh, I wish this was a 2% card instead. Smiley Sad
Message 2 of 353
Highlighted
Moderator

Re: New American Express Cash Magnet Card


@j615 wrote:
Oh, I wish this was a 2% card instead. Smiley Sad

I know... I'm actually giving it some thought, but I would have to shift some 3% spend to reach the threshold for the second bonus.  Smiley Sad

 

The math 'works' to do so, but afterwards I'd be left with (yet another) card for the SD, save for the occasional Amex Offer.

 

Decisions, decisions... 

The Garden Club has moved to the Personal Finance board!


https://ficoforums.myfico.com/t5/Personal-Finance/Garden-Club-September-2018/td-p/5344990


 

Message 3 of 353
Frequent Contributor

Re: New American Express Cash Magnet Card

@j615

 

I agree 100%. 2% cash back should be the new minimum standard.

 

The best cash back card I've come across is the Visa Signature Card

from Alliant FCU. 3% cash back year 1, and 2.5% every year thereafter.

A quality card like this one is worth the $59 annual fee.

 

http://www.alliantcreditunion.org/borrow//#filter=credit-cards

Message 4 of 353
Frequent Contributor

Re: New American Express Cash Magnet Card

It showed up on my "preapproved" screen this morning, along with the 2 top tier Delta SkyMiles cards, but I'm closing on a house in a month and have to sit tight for the moment.  Pretty card, whatever that's worth, sort of LOOKS like a Cap1 Venture.

Message 5 of 353
Valued Contributor

Re: New American Express Cash Magnet Card

I agree.  I won't even look at a card that earns less than 2% cash back.

In my wallet: Chase Sapphire Reserve • PenFed Power Cash Rewards
Also have: Chase United Explorer • UNFCU Azure • NFCU cashRewards • NFCU Go Rewards • PenFed Promise
My rules: No CC debt. No bonus chasing. No gift cards. No AZEO. No airline incidental expenses. No business cards. No authorized users.
Message 6 of 353
Contributor

Re: New American Express Cash Magnet Card

AMEX seems to be doing some new things.

 

I am going to renew my push for 3% and 2% dining category on the Blue Cash Preferred and Blue Cash Everyday, respectively. The CSR told me that if more people call in requesting this, it has a better chance of happening. I will go down fighting!!

 

The new "Cash magnet" card is worse than my Quicksilver, because it is not as widely accepted, plus it has horrible foreign transaction fees. I agree, they should have made it a 2% card.

Message 7 of 353
Established Contributor

Re: New American Express Cash Magnet Card


@AllThingsInTime wrote:

@j615

 

I agree 100%. 2% cash back should be the new minimum standard.

 

The best cash back card I've come across is the Visa Signature Card

from Alliant FCU. 3% cash back year 1, and 2.5% every year thereafter.

A quality card like this one is worth the $59 annual fee.

 

http://www.alliantcreditunion.org/borrow//#filter=credit-cards


How do redemptions work on the Alliant visa signature?  I see that you can choose statement credit or checking deposit.  Is there a minimum?  Does the cashback appear at the end of the statement?  Or is there a delay, like Amex?

Message 8 of 353
Moderator

Re: New American Express Cash Magnet Card


@johnny50 wrote:

AMEX seems to be doing some new things.

 

I am going to renew my push for 3% and 2% dining category on the Blue Cash Preferred and Blue Cash Everyday, respectively. The CSR told me that if more people call in requesting this, it has a better chance of happening. I will go down fighting!!

 

The new "Cash magnet" card is worse than my Quicksilver, because it is not as widely accepted, plus it has horrible foreign transaction fees. I agree, they should have made it a 2% card.


Ugh... I didn't notice the 2.7% foreign transaction fee.  Smiley Frustrated

 

To be fair, the target market for this card likely isn't travelers... they have their charge cards/MR earning cards for that demographic.

The Garden Club has moved to the Personal Finance board!


https://ficoforums.myfico.com/t5/Personal-Finance/Garden-Club-September-2018/td-p/5344990


 

Message 9 of 353
Established Contributor

Re: New American Express Cash Magnet Card

I just product changed my BCP to this card mainly to remove the yearly fee plus i don't use AMEX much for my daily expenses. 


Starting Score: EQ: 499
Current Score: FICO 8 EX: 748, EQ: 745, TU: 769, FICO 9 EX: 773, EQ: 749, TU: 771




Shell FCU : 5K, CreditOne: 700, BBVACompass Express Loan : $35000
Message 10 of 353