AmEx Cash Magnet Credit Card Overview
[Updated in September 2024] Today, Amex has removed EveryDay, EveryDay Preferred and this card from sale. We don’t know whether they will be discontinued or put back on sale after a revamp.
[Updated 2020.12] It seems that there are only $100 or $200 rewards available now.
Application Link
feature
- $200 sign-up bonus: Get $200 after spending $1,000 or more within 3 months.The highest sign-up bonus recently is $300.
- Get 1.5% cashback on all purchases.
- It is very easy to apply, and you can apply once you have a credit history for 3 months (please make sure you can check your credit history first).
- No annual fee!
- This card can be used AmEx OfferThere are often some good merchant discounts, such as Walmart $15 return $5, such as Amazon $75 return $25.
shortcoming
- Foreign Transaction Fee (FTF) does exist, so don’t use it outside the United States.
- This card is an American Express card, not a Visa or MasterCard, so some small Chinese supermarkets may not accept it.
Recommended application time
- You can only get the sign-up bonus once in a lifetime, so be sure to wait until the highest offer in history appears before applying!
- 【New】【Same series restrictions】AmEx has begun to gradually limit the sign-up bonuses of the same series of cards: high annual fee cards will affect low annual fee cards. Specifically, having opened a Cash Magnet will affect the sign-up bonus of BCE, so if you want to get both, it is recommended to open BCE first.
- When you apply for a card, AmEx may pop up a window to inform you that you cannot get the sign-up bonus for this card because you have a bad relationship with AmEx. In this case, just use your existing AmEx card more often and try not to close it. It may be possible to wait for a while. For details, see "AmEx pop-up analysis》.
- AmEx is not sensitive to the number of Hard Pulls.
- You can try to apply if you have a credit history of more than three months.
AmEx can only approve 1 credit card at most in 1 day. Charge Cards are not subject to this restriction. It is fine to apply for one credit card and multiple charge cards on the same day.Cards approved on the same day will have the Hard Pull combined.- A maximum of 2 credit cards can be approved within 90 days. Charge Cards are not subject to this rule..
- You can hold up to 5 AmEx credit cards at the same time, but charge cards are not subject to this rule.
Summarize
This card has a 1.5% cashback, nothing special. The official promotion says it competes with other 1.5x cards, e.g. CFU. It is obviously not as good as CFU when viewed alone. The latter has an annual fee card CSR plus 1.5x value of about 2.25%. If you want to study the use of points, then this card is obviously not for you. You should considerED andEDPIf you just want to cash back without thinking, this card is not particularly outstanding. Citi Double Cash It's 2% cashback. In short, there's nothing special about this card. People who value their card slots should stay away from it.
After applying
- AmEx application status check Click here.
- AmEx reconsideration backdoor number: 877-399-3083. American Express actually protects its real backdoor very well. Generally speaking, when you call it, the customer service there will help you submit various requests. Unlike Chase, you cannot directly contact the person with decision-making power.
Sign-up bonus trend chart
Note: This card had a sign-up bonus of $150+$150 for a while, but the spending requirement after $150 is very high, so we don’t count it as a sign-up bonus, but as a spending bonus.