Update 6/24/20: Deal is available again and valid until 7/23/20. Hat tip to reader raekwon
Contents
The Offer
No direct link, offer sent out via e-mail. Subject line is ‘<name>, switch to the Cash Magnet® Card at no cost!’
- American Express is offering some Cash Magnet cardholders a bonus of $150 when they upgrade to the Blue Cash Preferred card and spend $1,000 within the first three months
Our Verdict
Interesting because they have offered an upgrade bonus TO the cash magnet card before. If you have any questions about American Express upgrade offers, I’d recommend reading this linked post. Usually upgrade bonuses are only worth doing if you’ve already gotten the sign up bonus on the card you’re upgrading to before (due to the once per lifetime rule).
Hat tip to reader raekwon
View Comments (13)
I have an upgrade offer. I have already spend more than $6000 on groceries with the magnet card this year. If I upgrade to Preferred, do I still get 6% back on up to $6000 in grocery spend?
OK, I'm about to switch, but the small print reads, in part: "Purchases to meet the spend requirement do NOT include ... purchases of gift cards."
Now I'm sure in the past with Amex upgrades/bonus offers, I bought gift cards at the supermarket, which would code simply as supermarket purchases. Anyone have a problem with this Amex limitation?
Be careful and ask if you're getting a new account number. If you do, it goes as a new account on your credit report affecting 5/24 etc. Happened to me once when I did a blue cash to blue cash preferred upgrade.
Said in the terms upon upgrading that the card number was staying that same.
I kept the same card # when I switched from BC to BCP last year.
Ahh, the glorious Cash Magnet... good for the signup bonus, then stuck in a sock drawer until Amex closes it for lack of activity. Nice try with this one, boys.
It really is a sweet card with the SUB and the 15 mo. no-interest. Just wish I wasn't on Amex's Rat List.
I just got the same emailed upgrade offer for my Blue Cash Everyday card.
Same here. I think this is my fourth BCE -> BCP bonus upgrade in five years.
Upgrading with a bonus requires you to keep the card for at least 12 months -- no downgrades or cancellation. Otherwise there may be penalties (claw backs, ban on future offers, etc).
How long should you wait before downgrading it?
I've stretched it as short as 3 weeks, got my annual fee substantially reimbursed
(BC to BCP and then BC again )
I usually wait upon renewal.