New American Express Cash Magnet Card

[Anonymous]

Has anyone been able to convert an Amex rewards card into a cash card 
interested in this card prefer not to open a new account

apologies if this has been asked and answered 

[Adkins]

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@Anonymous wrote:

Has anyone been able to convert an Amex rewards card into a cash card 
interested in this card prefer not to open a new account

apologies if this has been asked and answered 

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Do you mean a card that earns MR points instead of cash? If so, the answer will be no - you can't move from a cash ecosystem to a rewards ecosystem. They are separate and never mingle. 

[Anonymous]

Thank you

[Anonymous]

Can I convert this card into the every day cashback card? Since they are both in the same category.

[CreditCuriosity]

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@Anonymous wrote:
Can I convert this card into the every day cashback card? Since they are both in the same category.

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Blue cash everyday should be able to not the everyday mr card

[Anonymous]

Thanks for the reply. The blue cash everyday is the one I am aiming for right now.

[yapsalot]

I just called the Amex customer service and asked if I could product change my Blue Cash Everyday to the Cash Magnet. The rep said no. I sent a chat and that rep said I could make the change and did make it.

Amex's phone support is so unreliable, this is only the second time in three years I have called them and they have been wrong both times.

Its not that the Cash Magnet is such a great card, it isn't. It pays 1.5% back when I get 3% on my Alliant signature visa (for the first year only, then goes to 2.5%). But I am making the switch because the BCE 3% on groceries is the only sensible use of the card and I don't buy many groceries. At least with 1.5% on all purchases I can give the card some usage to keep it active and preserve this three year old card which is giving me some benefit on AAoA with no annual fee. Also the BCE is an ugly card and the Magnet looks nice.

[Anonymous]

DW got the Magnet shortly after it started. Nothing has impressed me. DW had an $20K limit BCP with 14.xx apr rate prior to Magnet. Scores arround 750-760. Income over $100K.  She took the sp and got a whole $5K limit when 17.xx apr. We then moved  $5K from BCP to make this a reasona ble card. Around day 65 she requested $5 K limit increase. Uage was at 45% due to the 0% apr. She had already paid them $2K.

Denied 2 reasons 1) Insufficient payment on the Magnet balance 2) New car loan in the past 6 months.   Her new car was not that expensive $42K she put down $10K and and in 6 months made 12 payments on 60 month loan. We both have many cards that are better. This one was going to finance a Kitchen redo because of the 12 month plus 0% apr.  It still may but after that the sock drawer.  

[longtimelurker]

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@yapsalot wrote:

.But I am making the switch because the BCE 3% on groceries is the only sensible use of the card and I don't buy many groceries. At least with 1.5% on all purchases I can give the card some usage to keep it active and preserve this three year old card which is giving me some benefit on AAoA with no annual fee. Also the BCE is an ugly card and the Magnet looks nice.

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For  just "keep alive" purposes, the actual $ difference between 1% on the BCE and 1.5% on the CM will be very small, and if you make the small purchase (every few months)  at a  grocery store (or even gas) the BCE would do better.

On appearance, not something that I understand, but I guess if the cards are being kept just for age, as good as any way of deciding!

[wasCB14]

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@longtimelurker wrote:

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@yapsalot wrote:

.But I am making the switch because the BCE 3% on groceries is the only sensible use of the card and I don't buy many groceries. At least with 1.5% on all purchases I can give the card some usage to keep it active and preserve this three year old card which is giving me some benefit on AAoA with no annual fee. Also the BCE is an ugly card and the Magnet looks nice.

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For  just "keep alive" purposes, the actual $ difference between 1% on the BCE and 1.5% on the CM will be very small, and if you make the small purchase (every few months)  at a  grocery store (or even gas) the BCE would do better.

On appearance, not something that I understand, but I guess if the cards are being kept just for age, as good as any way of deciding!

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How much can appearance matter for a card that rarely sees use?

In my wallet, at least, the competition for a front-row slot is pretty fierce. Looking nice isn't enough.