AmEx Cash Magnet Credit Card Review (New Card: $150+$150 bonus)

AmEx Cash Magnet Credit Card Review

Application Link

Benefits

  1. Earn $150 statement credit after spending $1,000 in first 3 months. Earn another $150 after spending an additional $6500 in the first 12 months.
  2. Earn 1.5% cash back on every purchase.
  3. Easy to get approved, you can try to apply for this credit card when you only have a credit history for 3 months (make sure you can see your credit report before applying), there have been several successful data points around.
  4. No annual fee.
  5. With this card, you can get access to Amex Offers, which usually offers very good discounts at some stores, such as: spend $15 or more and get $5 back at Walmart; spend $75 or more and get $25 back on Amazon.com.

Disadvantages

  1. It has foreign transaction fee, so it's not a good choice outside the US.
  2. This credit card is on the American Express Network, not Visa or MasterCard, so some small stores may not accept it.

Introduction to MR Points

Recommended Application Time

  1. You can get the sign-up bonus once in a lifetime, so be sure to apply when the historical highest offer appears.
  2. AmEx doesn’t care about the number of hard pulls.
  3. You can try to apply for it when you have a credit history of 3 months.
  4. You must wait at least 90 days between the application for ED and EDP, otherwise the application will be cancelled.
  5. Only one AmEx credit card can be approved in a day. This rule does not apply to charge cards, you can be approved for one credit card and multiple charge cards in the day. Multiple cards approved in the same day will only have one Hard Pull.
  6. Only 2 AmEx credit cards can be approved within 90 days, but again, this rule does not apply to charge cards.
  7. You can keep at most 5 AmEx credit cards, not including charge cards.

Summary

The card is said to compete with Chase Freedom Unlimited, but CFU does have advantage if you hold any Chase premium card that can boost the points you earned on CFU card. If you want point transfer availability, Everyday and Everyday Preferred are the better options. Even among no AF cards, there are options that offer better cash back rate, such as Citi Double Cash (2% everything). So in summary, I personally don’t recommend this card.

After Applying

  • Click here to check AmEx application status.
  • AmEx reconsideration backdoor number: 877-399-3083. The “real” backdoor number of Amex is well protected. Different from Chase, the representatives from this AmEx reconsideration backdoor number only have the right to help you submit requests.

Historical Offers Chart

Application Link


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