AMEX (USA) Cash Magnet Credit Card [New Card]

Old Jun 14, 18, 7:47 am
  #1  
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AMEX (USA) Cash Magnet Credit Card [New Card]

Not really impressed with it.

1.5% cash back.
Foreign transaction fee.
No option for direct depositing rewards.
Most likely a statement lag until you can redeem said rewards.

Thoughts?

https://www.americanexpress.com/us/c...Art-CashMagnet
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Old Jun 14, 18, 10:19 am
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2% is the minimum for a cash back card these days, IMO. It's why Chase Freedom Unlimited (also 1.5% CB) is normally a meh card as well unless you combine with other UR earning cards to increase the effective rate, for instance.

That said, a $300 bonus is nothing to laugh at.
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Old Jun 14, 18, 11:20 am
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Originally Posted by tmiw View Post
...

That said, a $300 bonus is nothing to laugh at.
It is when you consider the spending level required.
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Old Jun 14, 18, 11:56 am
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I applied (almost)... cuz a popup said I'm not eligible because i'm on the AMEX BAD BOY LIST (BBL).

Once you are on the Amex BBL, you can't get the cardz bonuzez anymore.
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Old Jun 14, 18, 11:59 am
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Originally Posted by mikesyr18 View Post
It is when you consider the spending level required.
Over 12 months. Not to mention that MS is still a possibility.
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Old Jun 14, 18, 12:13 pm
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Originally Posted by tmiw View Post
Over 12 months. Not to mention that MS is still a possibility.
A $500 bonus for 3k in spend (Venture) is much better... So is 50,000 UR for 4k in spend.

I would say it's one of the weakest bonuses in the entire card universe.
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Old Jun 14, 18, 12:19 pm
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Originally Posted by tmiw View Post
2% is the minimum for a cash back card these days,
For a customer that wants an Amex and cash back, there is no 2% option. For a $0 AF card, it seems pretty standard. The card isn't for me, but depending on your grocery store bill and how much of a gas guzzler someone drives, 1.5% on everything is probably a better deal than the Blue Cash Everyday (3% groceries, 2% fuel, 1% elsewhere). My friend w/ the Blue Cash might change products.

Originally Posted by mikesyr18 View Post
A $500 bonus for 3k in spend (Venture) is much better... So is 50,000 UR for 4k in spend.

I would say it's one of the weakest bonuses in the entire card universe.
Amex is no longer in the business of giving out 'strong' signing bonuses. Plenty of threads about it, and posts from the bloggers who are upset they can't get a free flight to Jakarta in a Singapore suite for a $1000 min spend anymore*. I'd rather them keep the churners and burners away, rather than reduce the MR program transfer partners.

*yes, hyperbole
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Old Jun 14, 18, 12:29 pm
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Too late to the game and nothing stands out from the rest. I think every major lender has a 1.5% card now, at least some offer you to have no foreign transaction fees (Quicksilver) or direct deposit your rewards (Double Cash) or consolidate your rewards with a different program (Chase UR). On top of that, I can hardly use Amex any where I shop, though some don't have that issue, I suppose.
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Old Jun 14, 18, 12:56 pm
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Originally Posted by Gig103 View Post
For a customer that wants an Amex and cash back, there is no 2% option. For a $0 AF card, it seems pretty standard...
I'll stop you there because an AMEX card shouldn't be considered at that point.

AMEX should be offering higher rewards than other issuers, not equal or lower.... The card doesn't even waive FTF's.
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Old Jun 14, 18, 3:36 pm
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AMEX called me a few hours after I applied and informed me of a 5-card limit, so I had to close an account to get this new card. Closed the AMEX Everyday, since I rarely use it.
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Old Jun 14, 18, 3:59 pm
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Originally Posted by gm9928 View Post
AMEX called me a few hours after I applied and informed me of a 5-card limit, so I had to close an account to get this new card. Closed the AMEX Everyday, since I rarely use it.
See, and I hope this opinion is worthy to contribute to the conversation - I think I'd rather have Membership Rewards over 1.5% cash back. But I'm going to make an assumption that if you're at 5 cards, others would still give you an MR option. I keep my everyday just as a $0 AF way to making sure my points don't expire.
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Old Jun 14, 18, 4:57 pm
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Originally Posted by gm9928 View Post
.... a 5-card limit....]
Read more here:

Amex USA 4 or 5 "Credit" Card Limit.
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Old Jun 15, 18, 7:45 am
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Originally Posted by Gig103 View Post
See, and I hope this opinion is worthy to contribute to the conversation - I think I'd rather have Membership Rewards over 1.5% cash back. But I'm going to make an assumption that if you're at 5 cards, others would still give you an MR option. I keep my everyday just as a $0 AF way to making sure my points don't expire.
Agreed. The Everyday Preferred is a points earning machine, but the Everyday is also a pretty good card, especially because it has no AF.

In fact, I'll go as far as saying the ED cards are the best for those who value everyday spend, but don't travel enough to justify a Platinum.

I think they're AMEX's best cards.
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Old Jun 15, 18, 11:50 am
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Originally Posted by mikesyr18 View Post
Agreed. The Everyday Preferred is a points earning machine, but the Everyday is also a pretty good card, especially because it has no AF.

In fact, I'll go as far as saying the ED cards are the best for those who value everyday spend, but don't travel enough to justify a Platinum.

I think they're AMEX's best cards.
I've considered upgrading my ED to the EDP despite having a Platinum, because of the 1.5x points with 30 transactions a month. another 30% bonus over the Everyday is a lot of points for $95.
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Old Jun 15, 18, 11:54 am
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Originally Posted by Gig103 View Post
.... another 30% bonus over the Everyday is a lot of points for $95.
1.5 is only 25% more than 1.2, but it doesn't much matter unless you have already maxed out the 2 points per dollar on Blue Business Plus.
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