Update 6/24/20: The offer is back and available until July 23rd.
Original Post: 3/20/20: With the updated Green card, I would say that the Cash Magnet from American Express is probably their least useful card that they offer. If you happen to have this card, and don’t find much use for it, American Express is offering you an alternative that you find more useful.
This offer is targeted, as its sent out via email, but may also be available if you login to your account via Amex Offers. If you happen to have the Cash Magnet card, you may see an offer to upgrade to the Blue Cash Preferred card. The upgrade offer will give you $150 after spending $1,000 within the first 3 months. The $95 annual fee may or may not be waived.
If the Cash Magnet earned 1.5x Membership Reward points instead of 1.5% in cash back, similar to the way the Chase Freedom Unlimited works, I think this would be a pretty decent card. At least for those out there that don’t want to get the Blue Business Preferred. Regardless though, in its current state with plenty of 2% cashback cards out there, I don’t think the Cash Magnet makes that much sense.
At least there is a case to be made for the Blue Cash Preferred. That card earns 6% on groceries and streaming services and 3% back on gas. Not a bad card for expenses that you may make anyway. Of course, make sure that you can justify that $95 annual fee before you go for this offer.
Do you currently have the Cash Magnet? What is your use case for the card? Let us know if you would use upgrade offer in the comment section below.