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American Express Cash Magnet Card review

Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Aug. 31, 2022 Edited by Credit Cards Editor Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate, focusing on product news, guides and reviews. His areas of expertise include credit card strategy, rewards Reviewed by Editorial Director Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor. Aug. 31, 2022

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Snapshot

2.8 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon

American Express Cash Magnet® Card

Rewards rate Unlimited 1.5% Cash Back on your purchases. Annual fee Intro offer Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Regular APR Recommended Credit Score A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

American Express Cash Magnet® Card* Overview

The American Express Cash Magnet® Card* is a flat-rate . You'll earn cash back on every purchase at a flat rate of 1.5 percent back, no matter what you buy. The card also carries a nice welcome bonus and . Approval odds for the Amex Cash Magnet are better when you have since this is an unsecured card that doesn't require a security deposit.

What are the advantages and disadvantages

Pros

No annual fee Automatic cash back on all purchases Straightforward cash back plan with no activation required

Cons

Cash back rate is lower in some categories compared to other cards Welcome offer is lower compared to other cash back cards The card charges foreign transaction fees

A deeper look at the current card offer

Quick highlights

Rewards rate: Earn unlimited 1.5 percent cash back on all purchases. Welcome offer: Annual fee: $0 Purchase intro APR: 0 percent for the first 15 months Balance transfer intro APR: N/A Regular APR: 17.74 percent to 28.74 percent (variable) Terms apply

Current welcome bonus

The current welcome bonus for the Amex Cash Magnet Card is a $150 cash back after you spend $1,000 in purchases on the card within the first three months of having the card. That equals just about $333 per month in purchases, which is a reasonable target for most cardholders to spend. However, the payday for the spending requirement isn't the most competitive when compared with similar cash back cards' . The offers a $200 cash bonus after only spending $500 in the first three months.

Cash back

The Amex Cash Magnet Card has a straightforward cash back rewards program, allowing you to earn cash back at the same , no matter where, when or what you buy. This makes it an ideal choice for cardholders looking for a no-hassle way to earn cash back, without having to track spending or enroll in bonus categories.

Earning cash back

Like other American Express cash back cards, the Amex Cash Magnet actually earns "Blue Cash Reward Dollars," which are equivalent to cash back when used toward rewards. To earn cash back, simply make purchases on your Amex Cash Magnet card. You'll get an unlimited 1.5 percent back on every purchase. Unfortunately, there aren't many other ways to accumulate extra cash back except adding family members as or via the Amex Offers program.

Redeeming cash back

The Amex Cash Magnet does not earn . Instead, you can redeem your rewards as cash back in the form of a statement credit, merchandise or gift cards. Your cash back never expires and there's no limit to how much you can earn. The downside is that you'll need to wait until you've earned at least $25 in cash back before you can redeem your rewards. Meanwhile, some cards can redeem cash back starting at any amount and can deposit it directly to your bank account.

How much are rewards worth

Blue Cash Reward Dollars have a 1:1 redemption rate, so one dollar of your rewards would be worth one dollar of cash back.

Key cardholder perks

The main benefit of the Amex Cash Magnet Card is the cash back rewards you can earn on every purchase without paying an annual fee. The card also comes with some travel, entertainment and Amex-specific benefits that other cash back cards may not have. For example, all personal U.S. American Express cards offer a complimentary membership (enrollment required).

Intro APR on purchases

The Amex Cash Magnet Card offers a 0 percent intro purchase APR period for the first 15 months of having the card. After that, the APR is a 17.74 percent to 28.74 percent variable APR based on creditworthiness.

Pay It Plan It®

The ® feature enables cardholders to select qualifying purchases to pay off over a fixed time period for a set monthly fee, which could be useful if you want to finance a large purchase while minimizing extra charges.

Amex Offers

American Express also gets you access to , a program that features deals on select purchases, including extra discounts or rewards on popular retailer purchases and/or travel and dining purchases. Amex Offers won't make you bundles of cash back, but you can expect to occasionally see offers like 10 percent back on GrubHub purchases (usually with a rewards spending cap, like up to $75).

Travel benefits

The Amex Cash Magnet Card provides . When you use your card to pay for the entire rental and reject the collision damage waiver with the rental car company, you can be covered for theft or damage to a rental vehicle in a covered location. The card also provides access to the Global Assist Hotline, which provides 24/7 access to financial, medical, legal and emergency assistance services, like missing luggage assistance and passport replacement.

American Express Experiences

Thanks to American Express' partnership with Ticketmaster and other programs, cardmembers can use the program to obtain access to exclusive ticket presales and cardholder-only events, like Broadway shows, concerts, sporting events and family events.

Rates and fees

The Amex Cash Magnet Card has no annual fee. There's a relatively standard 0 percent intro APR period on purchases for the first 15 months, after which the card's ongoing APR of 17.74 percent to 28.74 percent variable applies, based on your creditworthiness. After the intro APR period ends, the lower end of its ongoing APR is slightly under the . The APR for cash advances is 28.99 percent variable and the penalty APR is 29.99 percent variable. The cash advance fee is either 5 percent of the cash advance amount or $10, whatever's higher. There's also a foreign transaction fee of 2.7 percent of each transaction, making this a less-than-ideal option if you need a card to use while traveling abroad. Penalty fees are up to $40 for late payments and returned payments.

How the American Express Cash Magnet Card compares to other cash back cards

As far as flat-rate cash back cards go, the American Express Cash Magnet Card is a relatively standard option. The 1.5 percent cash back rate is par for the course and it doesn't carry any features outside Pay It Plan that distinguish it from more rewarding options like the . The Freedom Unlimited offers 5 percent cash back on Chase travel purchased through Ultimate Rewards®, 3 percent cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5 percent cash back on all other purchases. Plus, the it earns are much more valuable and versatile in the long run than Amex's Blue Cash Reward Dollars. If you're looking for a cash back card and your spending is a bit more specialized, you might want to consider some other options with specific bonus categories. The is like an Amex Cash Magnet , with a higher cash back earning potential for cardholders who spend heavily at U.S. supermarkets. You earn 6 percent cash back at U.S. supermarkets on up to $6,000 in transactions each year. After that, you'll earn 1 percent. You also earn 6 percent back on select U.S. streaming services, 3 percent back at U.S. gas stations, 3 percent back on transit and 1 percent cash back on all other purchases.

American Express Cash Magnet® Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. Annual fee Intro offer Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Rewards rate Unlimited 1.5% Cash Back on your purchases. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Chase Freedom Unlimited®

on Chase's secure site Annual fee Intro offer Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! Rewards rate Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service 1.5% on all other purchases Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Blue Cash Preferred® Card from American Express

on American Express's secure site Annual fee Intro offer Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months. Rewards rate 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more. 3% Cash Back at U.S. gas stations 1% Cash Back on other purchases Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Best cards to pair with the American Express Cash Magnet Card

Since the Amex Cash Magnet is a flat-rate cash back card, the best cards to pair with it should probably offer or benefits for purchases that fall within specific bonus categories that you favor. The Blue Cash Preferred card is an excellent option to maximize your rewards if you'd like to stick with American Express cards. But if you'd like a lower-cost card, the Preferred card's sibling, the , is another solid pick.

Bankrate s Take Is the American Express Cash Magnet Card worth it

You can earn easy cash back by using your Amex Cash Magnet Card without having to worry about an annual fee, but you may want to consider your spending habits before getting this card. If you spend significantly in categories that could be rewarded at a higher rate with a different card, it may be worth getting a cash back card with rotating categories or one that requires an annual fee but rewards you more for specific purchases. Unless you plan on choosing an , the Chase Freedom Unlimited may be a more rewarding option - especially if you consider its more flexible rewards and benefits. But if you don't want to pay an annual fee or worry about activating categories, the Amex Cash Magnet Card is a good option. For rates and fees of the Blue Cash Preferred® Card from American Express, please click . *The information about the American Express Cash Magnet® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

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Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers. Edited by Credit Cards Editor Reviewed by Editorial Director

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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.