Posted by William Charles on July 19, 2018
Credit Cards

Published on July 19th, 2018 | by William Charles

11

American Express Lowers Bonus On Cash Magnet Card To $250 (From $300)

When American Express launched the Cash Magnet credit card in June it had the following sign up bonus:

  • Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
  • Plus, earn an additional $150 back after you spend an additional $6,500 in purchases within your first 12 months.

This was advertised as the launch offer. That bonus has now been lowered to a maximum of $250, broken down as follows:

  • Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
  • Plus, earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months.

Basically you now earn $100 instead of $150 on the additional $6,500 in purchases within the first 12 months. The card wasn’t particularly strong before, only useful for the sign up bonus due to the low earning rate of 1.5% cash back on all purchases. It’s even worse now with the lowered bonus. For a list of better earning cards, I’d recommend reading this post.

 



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Alex
Alex

love me some amex, but this card is turds

W
W

Yep. Should be like it earns 1 MR and users can cash out MRs for 1.5 cents. Thats at least something unique.

Amy
Amy

I got this card during the signup bonus period. I was specifically looking for a no-nonsense, no AF card, that also would be 0% interest for a few months to buy some new appliances. I was also very much looking for purchase protection and extended warranty. I am not an Amex fan, but am very happy with this choice. 120 days of purchase protection, and an additional 2 years of warranty in my case. I will keep this card around to allow it to age, as most of my newer ones I am canceling to reapply next year and get a bonus, and the rest of my everyday cards seem to be used for specific purposes (gas, groceries, etc). So for the initial purchases of $7,500, it was 5.5% cash back, and then it is even with the freedom unlimited card if you don’t have a sapphire card.

Stephen
Stephen

Which cards allow you to reapply for a second (or third) bonus? Thanks very much!

Amy
Amy

Many allow you to reapply after 24 months of getting the bonus (Chase for example). Check the rules for each lender here!

datapoint
datapoint

We got three(3) of these, spent 3000 combined and got 450 cash back and then abandoned the cards. It was an easy 450 for 3 accounts combined into one family use.

NinjaX
NinjaX

cmon AMEX. plz introduce your Chick Magnet card. i desperately need one of those and cant afford the Black version.

Thom
Thom

wait would that be a Black Chick, Magnet card or a Black, Chick Magnet card

NinjaX
NinjaX

hmm. excellent rubiks question…

Charles Mann
Charles Mann

I got this card along with some other Amex cards. Only problem with them is absolutely terrible cust serv; most reps are clueless and 2 out of three are in India. If they didn’t give out bonuses, Amex would not exist anymore.

Calvin

I’m seeing a different offer for this card in incognito mode. Earn $200 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $200 back in the form of a statement credit. † This offer may not be available if you leave this webpage and return later. OFFER TERMS Welcome offer not available to applicants who have or have had this Card. We may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility. $200 Statement Credit To qualify for the $200 statement credit, you must make eligible purchases with your American Express Cash Magnet® Card that total $1,000 or more (the “Threshold Amount”) within your first 3 months of Card Membership, starting from the date your account is approved. In rare instances, your period to spend $1,000 may be shorter than 3 months if there is a delay in receiving your Card. Also, purchases may fall outside of the 3 month period in some cases, such as a delay in merchants submitting transactions to us or if the purchase date differs from the date you made the transaction. (For example, if you buy goods online, the purchase date may be the date the goods are shipped). The statement credit will be applied 6-8 weeks after the Threshold Amount is met. If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit statement credit to, we may freeze statement credit credited to, or we may take away statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us. Eligible purchases can be made by the Basic Card Member and any Additional Card Members on a single Card Account. Eligible purchases are purchases for goods and services minus returns and other credits. Eligible purchases to meet the Threshold Amount do… Read more »

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