American Express Lowers Bonus On Cash Magnet Card To $250 (From $300)

When American Express launched the Cash Magnet credit card in June it had the following sign up bonus:

• Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
• Plus, earn an additional $150 back after you spend an additional $6,500 in purchases within your first 12 months.

This was advertised as the launch offer. That bonus has now been lowered to a maximum of $250, broken down as follows:

• Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
• Plus, earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months.

Basically you now earn $100 instead of $150 on the additional $6,500 in purchases within the first 12 months. The card wasn’t particularly strong before, only useful for the sign up bonus due to the low earning rate of 1.5% cash back on all purchases. It’s even worse now with the lowered bonus. For a list of better earning cards, I’d recommend reading this post.