Posted by William Charles on April 22, 2019
Deals

Published on April 22nd, 2019 | by William Charles

6

[Targeted] American Express Cash Magnet $200 Upgrade Offer

The Offer

No direct link, offer sent out via e-mail. Subject line is ‘<name>, switch to the Cash Magnet® Card at no cost!’

  • American Express is offering some Blue Cash Everyday cardholders a bonus of $200 when they upgrade to the Cash Magnet card and spend $1,000 within the first three months

Card Details

  • Valid until 6/15/19
  • No annual fee
  • Card earns 1.5% cash back on all purchases

Our Verdict

We’ve seen upgrade offers from the Blue Cash Everyday to the Blue Cash Preferred, but I don’t think we’ve seen any to the Cash Magnet before. Definitely worth considering if you’ve already had the Cash Magnet before as you wouldn’t normally be able to get a sign up bonus again. Standard sign up bonus on this card is $250, so if you haven’t had it before it would make more sense to apply for that directly. If you have any questions about American Express upgrade offers, I’d recommend reading this linked post.

Hat tip to reader Fred



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Mooo
Mooo

Got the same offer but for $150

Josh
Josh

Does upgrading count as a new card opened and/or a hard inquiry? I think taking the $200 vs $250 (if you’ve never opened the card before) is worth it if it doesn’t report as a new card opened.

Brandon
Brandon

Considering the $6500 in additional spend for $100 of the normal sign up, I wouldn’t mind this showing up for me. I won’t take the hard pull for the Cash Magnet as is.

MrDioji
MrDioji

Standard bonus had been $200 for $1000 spend for at least a few weeks now. Not bad if you refer for another 20k MR.

Jan B
Jan B

So the upgrade and the new bonus for opening is the same? I noticed other poster (Mooo) got a $150 offer.

Jan B
Jan B

I have the Magnet card. Don’t suppose I could take my Everyday and upgrade over successfully to another? Sure would like to do that.

However, my son needs to scrap his Preferred Blue to avoid upcoming AF. I had sent a referral for him to this Magnet card as a great way to hold his credit line and get the benefit. Wonder if I could get my referral benefit while he upgrades to this, too…

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