Posted by William Charles on November 8, 2019
Credit Cards

Published on November 8th, 2019 | by William Charles

29

American Express Cash Magnet Card – $350 Sign Up Bonus (Extra 3.5% Cashback)

The Offer

No direct link to offer, shows up via incognito mode for some

  • American Express is offering an additional 3.5% cash back on purchases within 6 months up to $350 (in addition to the standard 1.5% cash back)

 

Card Details

Our Verdict

This offer basically works out to be spend $10,000 within the first six months and get a $350 bonus. Previous best bonus was for $300 but only required $7,500 in spend within 12 months. This is an extra $50, but requires $2,500 in spend. Most people will/should prefer the previous offer, but obviously that’s not available so signing up for this offer/card might make sense. The 1.5% ongoing earn rate is not that interesting as lots of other cards earn at a higher rate, for a full list of those click here. If you’re thinking of applying, make sure you read these things everybody should know about American Express cards first.

Hat tip to arunkumarmm on myFICO



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s5kf

I like the design, but I’m unsure if this card will actually have the property of “attracting cash towards the card” like Amex claims in the card’s name

Mark
Mark

I got a penny to stick to it but nothing silver or paper. Now while we’re being literal, let me tell you my Legal troubles and concerns about Taco Bell’s recent “steal a base, steal a taco” promotion😀

Missjenniferd1
Missjenniferd1

Lolololllololol!!!!!!😂😁🤗

MSer
MSer

Sure wish Amex would release a 2x MR everywhere card. Cost-wise (ie, their internal costs), you’d think it wouldn’t be too much different than a 1.5% cashback card. Such a card would quickly become my favorite everyday card even if it had a modest annual fee. Otherwise Citi Double Cash will continue to get all my non-bonus spend.

John
John

Blue Business Plus?

Roger
Roger
Mark
Mark

I’m sure OP means non-biz.

Roger
Roger

In our business – everyone should have a “business” – not to miss out on cards like INK Cash and BBP.

David
David

Business Name: Manufactured Spending Co. Ltd

Panbanquan
Panbanquan

Too bad. First, my wife’s biz was closed by Chase ( I used her cards), then, mine was closed, too.

Steve

350/10000 = 3.5% is indeed lower than 300/7500 = 4%. But, this new offer doesn’t “require” that you spend $10,000; you can spend any amount up to that. So, this offer could be better for some people. But still it isn’t very good.

P
P

I got this on the first try. Applied and pending. Seems to be the case with my applications now. Goes to pending and then gets approved after 2-3 business days.

Would be nice to have as can be converted to BCP for 6% at grocery stores.

Hung

Another marketing strategy to lure people like CFU 3% SUB. To get $350 you have to spend at least $10,000 in 6 months. With that spend you could get the Schwab Plat 60k and Gold 50k SUB for total of 110k MR which you can cash out for 1.25 for at least $1,325.

Brandon
Brandon

Discover gave me an offer recently for an extra 3% on all purchases up to $1500 in purchases within the next 6 months. Ironically makes all these offers for 5% over the next 6 months boring. Especially with the $300 BCP referral offer and the $200 Freedom Unlimited offer I currently spending on.

bob
bob

how did you receive this offer? Mail? Message center?

Sexy_kitten7
Sexy_kitten7

When I googled I saw 0, 150, 175, and 250. They should just start using a random number generator!!!

D.T.
D.T.

WB changes time to time….

Mikey
Mikey

The magnet in the AMEX claw which takes back your bonus is stronger.

Missjenniferd1
Missjenniferd1

Yep!!

bob
bob

does it also still have 0% APR for 14mo?

i applied for this a couple years ago and got a 25K CL. i stuffed a 3% APY account with $25K and it was glorious.

Om Prakash
Om Prakash

how is this a new card? they always had the magnet at 1.5 back and the design is the exact same

W.C
W.C

[deleted]

D.T.
D.T.

good for 1 time WB I guess. Not really a sustainable card. AMEX might wind down this card already

Steve
Steve

Is it good to have it for some American Express offers since it has 1.5% back? For me otherwise I have to use blue cash preferred which has 1% back for most categories except grocery stores.

terribledealchase
terribledealchase

A clever way to entice sub 700 FICO scores to apply and rack up 10k in debt, then hit them with APR when they need to revolve.

Zaos
Zaos

If this is a biz charge, I’ll be all over.

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