Surprisingly, up until recently, American Express did not have a catch all card. At least, they have a business card that offers 2x Membership Reward points on every transaction, but nothing for the consumer cards, and nothing for cashback. That all changed with the release of the Cash Magnet card. It could be yours with an increased sign up bonus!
American Express is offering the Cash Magnet Sign Up Bonus as a tiered one:
- $150 after spending $1,000 within the first 6 months
- 10% cashback on grocery store purchases up to $150 worth for the first 6 months
Even before American Express’ new restriction of only being able to hold 4 credit cards, I couldn’t have recommended this card at all; and now it’s only worse value. That being said, if you do choose to go for it, this is a pretty decent offer. Not only do you get 6 months to complete the offer itself, but it’s also a low spending requirement. Having 6 months to get the grocery spending is great, and with the normal sign up bonus, would come out to a total of $300.
Luckily, if you do apply for this card, it seems that American Express will let you convert it to other cashback cards, namely the Blue Cash Preferred. That would be a much better grocery card anyway, assuming you can get enough value to make up for the $95 annual fee.
What do you think about this offer? Is this enough to get you to sign up? If not, which card from American Express would you recommend instead? Let us know down in the comment section below.