By Stacey Siejka
Last week, American Express unveiled a new credit card: Cash Magnet. The new card features an attractive sign-on bonus of up to $300 cash back. New cardmembers will receive $150 cash back after spending $1,000 or more in purchases within the first 3 months and an additional $150 cash back after spending an additional $6,500 in purchases within the first year.
The Cash Magnet Card offers unlimited 1.5% cash back on all purchases with no annual fee, making it a direct competitor with the Chase Freedom Unlimited Card, Capital One Quicksilver Card, Wells Fargo Cash Wise Card, and others. Over the weekend, a Competiscan panelist applied and was approved for the Cash Magnet Card and we wanted to share the first communications observed.
Sent: Sunday, June 17, 2018
Your American Express Application was Approved! Welcome to American Express Cash Magnet Card Membership! We’re excited that you have chosen American Express again. Your new Card will arrive before you know it
Sent: Tuesday, June 19, 2018
Cash Advance Enrollment Update. We’re writing to provide you information on the Cash Advance feature on your Card, which allows you to withdraw cash at over one million Automated Teller Machines (ATMs) worldwide that display the American Express logo
Sent: Thursday, June 21, 2018
Your American Express Card Has Shipped. Your American Express Cash Magnet Card has shipped! You should get your new Card in 7-10 business days
Competiscan is closely monitoring the rollout of this product to ensure all related marketing is available to our valued clients ASAP.
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