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New American Express Cash Magnet Card

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K-in-Boston
Credit Mentor

Re: New American Express Cash Magnet Card


@Anonymous wrote:

Meh. It's not 2%, as others have noted, like Fidelity Visa or Citi DoubleCash. And if you are happy with 1.5%, Chase Freedom Unlimited offers wider acceptance, better customer service and website, IMO, as do others, I'm sure (US Bank, Cap One).

 

I've always thought Amex customer service is greatly overrated. Now they're late to the game with a card that's no better than those offered by multiple banks. 

 

Poor Amex. Weak customer service, hated by merchants for its fees, brand "status" all but vanished, multiple co-branding partners departed. It's almost sad.


This seems to be a recurring theme the last few years.  For those of us with Platinum or Centurion cards, nothing could be further from the truth, but I think for those who don't have one of the high-end charge cards there has been a decline in the quality of CS.  Even then, I can certainly think of a number of card issuers who have significantly worse CS.

Message 41 of 376
DaJagman
Regular Contributor

Re: New American Express Cash Magnet Card


@800who wrote:

I didn't know I had to wait a year, the CSR just said I wasn't elligble for it and then I said well I'm going to compare to other cards because there is a lot of better options out there if going to actually apply for something and he really didn't have anything to argue haha. So once I've had my card for a year I can do a product change?


Yes, the card has to have been open for a year.  I would wait the extra month or so and then try again.  I was able to product change my BCP a half hour ago, my card has been open over 10 years.

FICOs: EX: 840, EQ: 850, TU: 841
Bank of America Cash Rewards 50k
Diners Club Premier 40k
Chase Sapphire Reserve 50k
American Express Platinum NPSL
Discover it 47K
Message 42 of 376
K-in-Boston
Credit Mentor

Re: New American Express Cash Magnet Card


@K-in-Boston wrote:

@Anonymous wrote:

Off topic but...how do you guys add the signature and card pics at the bottom of your responses??


https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

 

A little out of date, but still has the info.


 


@UncleB wrote:


How to add card pictures to your signature:  http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

 

Skip towards the end (and ignore references to Photobucket)... your questions should be answered there.  Smiley Happy


 


@CreditCuriosity wrote:


How to add card pictures to your signature:  http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839


 


@CreditCuriosity wrote:

Lol 3 people hit it immediately too funy Smiley Tongue


 Yes, but the important thing is that I did it first (by seconds, but sometimes seconds matter).

Message 43 of 376
Anonymous
Not applicable

Re: New American Express Cash Magnet Card

If you fulfill the spending requirement for the full Amex Magnet bonus, your return on that spending would be 5.5% in bonus and cashback at 1.5%. $412.50 divided by $7,500.

 

If you instead apply for the Chase Marriott card, spend $5,000 (note, less than Amex spending requirement) in the first three months, you'll get 100,000 Marriott points in bonus and at least another 5,000 points for the spending. If each point is worth $0.01 for Mariott stays (modest estimate), then the reward is worth $1,050. That's a return of 21%.

Message 44 of 376
UncleB
Credit Mentor

Re: New American Express Cash Magnet Card


@Anonymous wrote:

If you fulfill the spending requirement for the full Amex Magnet bonus, your return on that spending would be 5.5% in bonus and cashback at 1.5%. $412.50 divided by $7,500.

 

If you instead apply for the Chase Marriott card, spend $5,000 (note, less than Amex spending requirement) in the first three months, you'll get 100,000 Marriott points in bonus and at least another 5,000 points for the spending. If each point is worth $0.01 for Mariott stays (modest estimate), then the reward is worth $1,050. That's a return of 21%.


True, but not everyone is interested or eligible (5/24) for the Marriott card.  Smiley Wink

 

For me, Marriott points would be next to useless. 

Message 45 of 376
CreditCuriosity
Moderator Emeritus

Re: New American Express Cash Magnet Card


@Anonymous wrote:

If you fulfill the spending requirement for the full Amex Magnet bonus, your return on that spending would be 5.5% in bonus and cashback at 1.5%. $412.50 divided by $7,500.

 

If you instead apply for the Chase Marriott card, spend $5,000 (note, less than Amex spending requirement) in the first three months, you'll get 100,000 Marriott points in bonus and at least another 5,000 points for the spending. If each point is worth $0.01 for Mariott stays (modest estimate), then the reward is worth $1,050. That's a return of 21%.


Although chase has the stupid thing called the 5/24 rule which 95% of the forum approx has hit a wall against.. Thus this isnt viable and alot of us will take any bonus we can.. Not many of the forum is willing to wait to get under the 5/24 rule and pass up many many bonuses while they try to get under it.  So most say pound sand chase and do other lenders or cards from chase that dont fall under it

Message 46 of 376
800who
Regular Contributor

Re: New American Express Cash Magnet Card

I went on Amex website and chatted with a rep. and asked about the one year card member requirement for a product change, however he said although I haven't been for a year (11 months -_-) that he will go ahead and allow a product change, but due to not signing up for the card I don't get the bonus... Smiley Sad However I'll take the 1.5% unlimited(card is visually more appealing haha) compared to my BCE. I'm sending it.

Message 47 of 376
UncleB
Credit Mentor

Re: New American Express Cash Magnet Card


@UncleB wrote:

If PCs to (and from) the Cash Magnet card are allowed (I'm assuming it's part of the 'Blue' family) that does change things for me.

 

I've had my BCP long enough not to have to worry about running afoul of the churning patrol/RAT by closing it (well, probably anyway) so I could close it next year and then PC the Cash Magnet to a BCP.  That way it wouldn't be as if the Cash Magnet app was just for the bonus.

 

Things that make you go hmm... Smiley Happy


Throw everything above out the window...

 

I went to apply for the card (I was pre-approved) and got the pop-up that I wasn't eligible for the bonus.  Smiley Sad  Obviously I chose to cancel the application.

 

I've only closed two Amex cards... a green card in 2016 (there was no sign-up bonus) and a Delta Gold last May (30k Skymile bonus).  I did close the Delta Gold to avoid the annual fee, but at that time it wasn't a concern (pre-RAT). 

 

In any case, it seems the bar is set quite low for what they consider 'abuse'.  Smiley Frustrated

Message 48 of 376
K-in-Boston
Credit Mentor

Re: New American Express Cash Magnet Card


@UncleB wrote:

@UncleB wrote:

If PCs to (and from) the Cash Magnet card are allowed (I'm assuming it's part of the 'Blue' family) that does change things for me.

 

I've had my BCP long enough not to have to worry about running afoul of the churning patrol/RAT by closing it (well, probably anyway) so I could close it next year and then PC the Cash Magnet to a BCP.  That way it wouldn't be as if the Cash Magnet app was just for the bonus.

 

Things that make you go hmm... Smiley Happy


Throw everything above out the window...

 

I went to apply for the card (I was pre-approved) and got the pop-up that I wasn't eligible for the bonus.  Smiley Sad  Obviously I chose to cancel the application.

 

I've only closed two Amex cards... a green card in 2016 (there was no sign-up bonus) and a Delta Gold last May (30k Skymile bonus).  I did close the Delta Gold to avoid the annual fee, but at that time it wasn't a concern (pre-RAT). 

 

In any case, it seems the bar is set quite low for what they consider 'abuse'.  Smiley Frustrated


Smiley Surprised

 

Wow.  I am very sorry to hear that.

Edit: Did it tell you on the application page that tells you that you are pre-approved or did you actually have to click "Agree & Submit" before getting the message?

Message 49 of 376
UncleB
Credit Mentor

Re: New American Express Cash Magnet Card


@K-in-Boston wrote:

@UncleB wrote:

@UncleB wrote:

If PCs to (and from) the Cash Magnet card are allowed (I'm assuming it's part of the 'Blue' family) that does change things for me.

 

I've had my BCP long enough not to have to worry about running afoul of the churning patrol/RAT by closing it (well, probably anyway) so I could close it next year and then PC the Cash Magnet to a BCP.  That way it wouldn't be as if the Cash Magnet app was just for the bonus.

 

Things that make you go hmm... Smiley Happy


Throw everything above out the window...

 

I went to apply for the card (I was pre-approved) and got the pop-up that I wasn't eligible for the bonus.  Smiley Sad  Obviously I chose to cancel the application.

 

I've only closed two Amex cards... a green card in 2016 (there was no sign-up bonus) and a Delta Gold last May (30k Skymile bonus).  I did close the Delta Gold to avoid the annual fee, but at that time it wasn't a concern (pre-RAT). 

 

In any case, it seems the bar is set quite low for what they consider 'abuse'.  Smiley Frustrated


Smiley Surprised

 

Wow.  I am very sorry to hear that.


Thanks... it's OK.  I'm actually glad that now I know not to bother with any Amex apps until at least next January or so (when my ED will be two years old). 

 

I do give them credit for the warning, though... I still had the option to take the card without the new-account goodies, which sometimes is what's important, anyway (you watching, Chase???). 

Message 50 of 376
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