Amex Blue Cash Preferred Upgrade Offer, $150 Bonus and Waived Fee

American Express has sent out an interesting upgrade offer to some Cash Magnet cardholders. If targeted you can get a $150 bonus to upgrade to a American Express Blue Cash Preferred card that comes with a $95 fee. However, that fee is also waived the first year. The offer was sent out by email, but you can also find it in your accounts online usually.

Update: More people targeted for this Amex Blue Cash Preferred upgrade offer.

Offer

To qualify for the $150 statement credit, you must make eligible purchases with your Blue Cash Preferred Credit Card from American Express that total $1,000 or more (the “Threshold Amount”) within your first 3 months of Card Membership starting from the date your account is approved. Eligible purchases can be made by the Basic Card Member and any Additional Card Members on a single Card Account. The statement credit will be applied 8–12 weeks after the Threshold Amount is met.

With this special welcome offer, the Blue Cash Preferred Card from American Express will have a $0 introductory annual fee for the first year of Card Membership. After the first year, the annual fee for the Basic Card will be $95. There is no annual fee for Additional Cards.

Amex Blue Cash Preferred

• 6% Cash Back at U.S. supermarkets (on up to $6,000 in purchases then 1%)
• 6% Cash Back on select U.S. streaming subscriptions
• 3% Cash Back at U.S. gas stations
• 3% Cash Back on transit, including parking, tolls, trains and rideshares
• 1% Cash Back on other purchases
• $95 annual fee

Amex Cash Magnet

• 1.5% cash back on all purchases
• No annual fee

Guru’s Wrap-up

This is a good upgrade offer. You get $150 for spending $1,000 and the $95 annual fee is waived the first year. The Amex Blue Cash Preferred card has the best earning rate for U.S. supermarkets, 6% on up to $6,000 in purchases (then 1%). There’s no hard pull when upgrading and you can also receive the upgrade bonus even if you’ve had the card previously.

You should be aware of the terms that usually come with these offers:

If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome 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 Amount), we may not credit the statement credit to, we may freeze the statement credit credited to, or we may take away the statement credit from your account. We may also cancel this Card account and other Card accounts you may have with us.