Posted by William Charles on July 19, 2019
Deals

Published on July 19th, 2019 | by William Charles

12

[Targeted] American Express Cash Magnet $200 Upgrade Offer

Update 7/19/19: Deal is back, not sure what the new end date is.

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.

nick
nick

upgrade is not going to count as a new card and no hard inquiry in my experience with amex. many times if you have history w them they will soft pull even on new accounts.

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…

Jack Spicer
Jack Spicer

I received the offer to upgrade my Blue Cash Everyday to the Blue Cash Everyday Preferred, and not this, probably because I already hold the Cash Magnet. I am hoping that I will be able to product change back to the basic BCE card after a year is up. However, I am worried that American Express is going discontinue the Blue Cash Everyday card, and keep just two “blue” cash cards, the Cash Magnet and the Blue Cash Everyday Preferred.

Look at the designs of the two cards. The Cash Magnet and the Blue Cash Everyday Preferred have extremely similar designs that show that they are of the same family. To add to this, the basic Blue Cash Everyday never received a makeover like the Blue Cash Everyday Preferred and is now clearly the odd one out.

The most telling thing is this. At the top right of the Cash Magnet, it simply says “Cash,” while the Blue Cash Everyday Preferred card simply says “Cash Preferred.” Unless they’re going to have two cards in the future that both say the same “Cash” in the top right, I’m thinking they may try to discontinue the Blue Cash Everyday and that is why they’re pushing as many people as possible to upgrade and get rid of it. Like really, the Cash Magnet is also a no annual fee card, why offer $200 to drop the Blue Cash Everyday and pick it up?

Henry
Henry

Does anyone would know if you’ve choose to upgrade the card and what will happen to your referral? I’ve already referred all of my quota on BCE, will I get more from BCP this year?

Gus
Gus

Anyone feel Amex may discontinue the Blue Cash Everyday Card? They’re throwing upgrade offers left and right. It’s almost like they’re politely asking people to bail and move onto either the Cash Magnet or Blue Cash Preferred.

myguess
myguess

I can see that. However, when I tried to switch BCE to Magnet last year, they wouldnt do so without a fresh application and hard pull. Which is bizarre since I’ve always had 790+ FICO for 5 years with them and my BCE has a $42K CL and always PIF.

I tend to think they are more nuanced in their approach. It’s simple math. If a customer is yielding less than 1.5% cash back on his BCE, AmEx would rather he stay on BCE than upgrade to Magnet. Conversely, for a customer who is just using it as a category card and say netting an average 2% CB on BCE, AmEx would like to get him to switch to Magnet.

Said differently, which card yields AmEx the greatest profit for a specific customer? AmEx knows that based on your spending history,and pushes upgrade offers accordingly.

C
C

I got an offer to convert my old Blue card that has membership rewards. I have negative 85,000 rewards from a clawback of a bonus. Will they make me pay for these if I convert?

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