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.
The Offer
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.
Final Thoughts
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.
Subscribe to Creditalacarte
