If you have ever been interested in the Cash Magnet from American Express, and have a lot of miscellaneous expenses, this may be the time to grab the card.
Cardholders can earn an extra 3.5% cashback (ontop of the 1.5% it already earns) for the first 6 months, up to a total of $350. After that point, it’ll revert back to the typical 1.5% cashback.
In order to maximize this offer, and earn the complete $350, you’ll have to spend a total of $10,000. Theoretically speaking, that would make it an all time high sign up bonus. However, the highest offer before this paid out $300, but only required $2,500 in spend within the first 3 months.
That’s why this offer is a little tough to recommend. It does earn 5%, but after the sign up bonus period, it’s a hard card to really get value from. The fact that it only earns 1.5% cashback (not MRs) makes it not too great.
What do you think about this card? Is this offer worth taking? Let us know down in the comment section below.