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This should have been a 2% card..... [AMEX Cash Magnet]


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https://www.americanexpress.com/us/credit-cards/card/cash-magnet/?eep=25330&intlink=US-Acq-Shop-Consumer-VAC-CardMember-CardArt-CashMagnet

 

Perhaps with tougher underwriting. AMEX missed a big opportunity here, but at least the card design is kinda nice (but almost the same shade of blue as the Chase Freedom Unlimited). The sign-up bonus is slightly enticing.

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No kidding...$300 for a measly $7500 in annual spend, with $150 for a pittance in the first three months could make this a one-year and done card (well, ok, longer provided they stay with the no AF).

 

Make sure you read the fine print though...not a card for MS aficionados..."If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome bonus offer(s) in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome bonus offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amounts), we may not credit statement credit to, we may freeze statement credit credited to, or we may take away statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us."

Edited by centex
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I just logged into my Amex account and immediately got a pre approved pop up for it.

 

Looking over at MyFuqo, the approval SL seem to be anywhere from $2k to $25k.

Tack a $30K datapoint in...far more than I need on that card since most of my spend is actually on the Plat, but will look pretty on the reports LOL!

 

Do not believe there was a hard pull but don't have time to confirm right now. It pre-populated the necessary data after logging in but prompted for current income and assets.

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No kidding...$300 for a measly $7500 in annual spend, with $150 for a pittance in the first three months could make this a one-year and done card (well, ok, longer provided they stay with the no AF).

 

Make sure you read the fine print though...not a card for MS aficionados..."If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome bonus offer(s) in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome bonus offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amounts), we may not credit statement credit to, we may freeze statement credit credited to, or we may take away statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us."

That verbiage has worked it's way into most AMEX disclosures now.

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https://www.americanexpress.com/us/credit-cards/card/cash-magnet/?eep=25330&intlink=US-Acq-Shop-Consumer-VAC-CardMember-CardArt-CashMagnet

 

Perhaps with tougher underwriting. AMEX missed a big opportunity here, but at least the card design is kinda nice (but almost the same shade of blue as the Chase Freedom Unlimited). The sign-up bonus is slightly enticing.

Maybe you should send in a job application for Vice President of AMEX Consumer Card Services?

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I just logged into my Amex account and immediately got a pre approved pop up for it.

 

Looking over at MyFuqo, the approval SL seem to be anywhere from $2k to $25k.

Tack a $30K datapoint in...far more than I need on that card since most of my spend is actually on the Plat, but will look pretty on the reports LOL!

 

Do not believe there was a hard pull but don't have time to confirm right now. It pre-populated the necessary data after logging in but prompted for current income and assets.

 

 

Congrats.

 

I got approved for $8600.

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No kidding...$300 for a measly $7500 in annual spend, with $150 for a pittance in the first three months could make this a one-year and done card (well, ok, longer provided they stay with the no AF).

 

Make sure you read the fine print though...not a card for MS aficionados..."If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome bonus offer(s) in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome bonus offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amounts), we may not credit statement credit to, we may freeze statement credit credited to, or we may take away statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us."

That verbiage has worked it's way into most AMEX disclosures now.

 

I am aware of that...but some of our fans of MS may not be aware of that point...and so I was hoping to reduce the number of 'waaah...they closed my account for gaming the system' threads that will inevitably show up in a few months.

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No kidding...$300 for a measly $7500 in annual spend, with $150 for a pittance in the first three months could make this a one-year and done card (well, ok, longer provided they stay with the no AF).

 

Make sure you read the fine print though...not a card for MS aficionados..."If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome bonus offer(s) in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome bonus offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amounts), we may not credit statement credit to, we may freeze statement credit credited to, or we may take away statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us."

 

That verbiage has worked it's way into most AMEX disclosures now.

I am aware of that...but some of our fans of MS may not be aware of that point...and so I was hoping to reduce the number of 'waaah...they closed my account for gaming the system' threads that will inevitably show up in a few months.

That's not how it works with AMEX, at least for now.

 

The new policy is you apply for the card, a screen will pop up saying No Bonus For You, and then ask you if you want to continue with the application submission.

 

AMEX just takes your points, or doesn't give you bonus points on the spend if it's places known for MS activity. They generally don't shut you down. They still want your business.

 

IMO, much better than the 5/24 rule if a card product is really useful for you.

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https://www.americanexpress.com/us/credit-cards/card/cash-magnet/?eep=25330&intlink=US-Acq-Shop-Consumer-VAC-CardMember-CardArt-CashMagnet

 

Perhaps with tougher underwriting. AMEX missed a big opportunity here, but at least the card design is kinda nice (but almost the same shade of blue as the Chase Freedom Unlimited). The sign-up bonus is slightly enticing.

Maybe you should send in a job application for Vice President of AMEX Consumer Card Services?

Is that a question.

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No kidding...$300 for a measly $7500 in annual spend, with $150 for a pittance in the first three months could make this a one-year and done card (well, ok, longer provided they stay with the no AF).

 

Make sure you read the fine print though...not a card for MS aficionados..."If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome bonus offer(s) in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome bonus offer(s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amounts), we may not credit statement credit to, we may freeze statement credit credited to, or we may take away statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us."

 

That verbiage has worked it's way into most AMEX disclosures now.

I am aware of that...but some of our fans of MS may not be aware of that point...and so I was hoping to reduce the number of 'waaah...they closed my account for gaming the system' threads that will inevitably show up in a few months.
That's not how it works with AMEX, at least for now.

 

The new policy is you apply for the card, a screen will pop up saying No Bonus For You, and then ask you if you want to continue with the application submission.

 

AMEX just takes your points, or doesn't give you bonus points on the spend if it's places known for MS activity. They generally don't shut you down. They still want your business.

 

IMO, much better than the 5/24 rule if a card product is really useful for you.

+1

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https://www.americanexpress.com/us/credit-cards/card/cash-magnet/?eep=25330&intlink=US-Acq-Shop-Consumer-VAC-CardMember-CardArt-CashMagnet

 

Perhaps with tougher underwriting. AMEX missed a big opportunity here, but at least the card design is kinda nice (but almost the same shade of blue as the Chase Freedom Unlimited). The sign-up bonus is slightly enticing.

Maybe you should send in a job application for Vice President of AMEX Consumer Card Services?

Is that a question.

Why

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I applied for this lil guy today.. instant for 10,500. Dont know why.. just had a hunch and put my booger hook on the trigger.. worked out. Oldest card 14 mo, no baddies.. biggest limit is walmart store card for 10,000.. no loans.. no nothing reallh.. im laughing still.. experian only hit and was at 769. Hilarious!

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I just got approved for $2000 Delta Gold on Wednesday. Then I got approved for $6000 on the Magnet this morning.

 

I currently have Blue Cash, Everyday, SPG, and Hilton Honors. So that makes 6. I wonder if I was approved for a 6th card because the 5th one hasnt fully been processed. Interesting.

 

The $300 is great! After that, blah!

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I just got approved for $2000 Delta Gold on Wednesday. Then I got approved for $6000 on the Magnet this morning.

 

I currently have Blue Cash, Everyday, SPG, and Hilton Honors. So that makes 6. I wonder if I was approved for a 6th card because the 5th one hasnt fully been processed. Interesting.

 

The $300 is great! After that, blah!

 

 

Thought four revolvers was the max, but they are now often allowing five. Is it now five the max, but they are allowing six sometimes?

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I just got approved for $2000 Delta Gold on Wednesday. Then I got approved for $6000 on the Magnet this morning.

 

I currently have Blue Cash, Everyday, SPG, and Hilton Honors. So that makes 6. I wonder if I was approved for a 6th card because the 5th one hasnt fully been processed. Interesting.

 

The $300 is great! After that, blah!

 

 

Thought four revolvers was the max, but they are now often allowing five. Is it now five the max, but they are allowing six sometimes?

 

 

Yes, for 1 specific senario. If you held 5 AMEX revolvers and a Citi Hilton card at the time of the Citi -> AMEX conversion last year that Citi card would still be converted and you would end up with 6 revolvers.

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