AMEX Everyday, Everyday Preferred, and Cash Magnet Cards Have Been Discontinued

It’s been a while since we’ve seen sign-up bonuses for the AMEX Everyday, Everyday Preferred, and Cash Magnet cards, and there haven’t been any changes either. But when I checked today, I couldn’t find these cards on the official website anymore. I looked up the news and found that people had already mentioned this a few months ago, so I’m guessing these cards have either been discontinued or are getting a revamp. Compared with other cards, they really have become somewhat less competitive.

Personally, I think AMEX’s mid-tier and entry-level cards are a bit redundant. They end up competing with each other internally. Citi and Chase are now both following a three-tier card strategy: more no-annual-fee cards, one mid-tier card, and one premium card. The no-annual-fee cards target everyday spending categories, the mid-tier cards target travel, and the premium cards offer better travel benefits. I hope AMEX wakes up soon and gets things back on track!

• As a no-annual-fee card that can transfer points, this card is indeed pretty good. But the big problem is that its earning power is really weak. If you want bonus earning, you also have to make 20 purchases every month, which is a bit of a hassle. Its features aren’t especially distinctive either, and the grocery cashback is capped.

• This card has a $99 annual fee, but all you really get in return is capped 3x at supermarkets. If you want extra rewards, you also have to make 30 purchases every month. This cashback structure really feels out of step with today’s market. These days, it’s all about statement credits plus high cashback—cards that look distinctive at a glance.

• This card really has no competitiveness at all, with only 1.5% cashback. Citi Double Cash is a direct 2% replacement.