New American Express Cash Magnet Card

[UncleB]

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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...

[j615]

Oh, I wish this was a 2% card instead.

[UncleB]

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

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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. 

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... 

[Anonymous]

@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

[Anonymous]

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.

[UpperNwGuy]

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

[Anonymous]

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.

[Blodreina]

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@Anonymous 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

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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?

[UncleB]

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@Anonymous 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.

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

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

[sghosh5]

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.