American Express Cash Magnet® CardSummary List PlacementTable of Contents: Masthead StickyReview: Is the American Express Cash Magnet credit card right for you?
If you're looking for an uncomplicated credit card that earns a flat rate of rewards without having to pay an annual fee (See Rates), the American Express Cash Magnet® Card is worth considering. The card earns 1.5% cash back on all purchases with no spending caps, and it comes with a welcome bonus of $150 back after you spend $1,000 in purchases on your new Card in your first 3 months, in the form of a statement credit.
The Cash Magnet® Card also offers a 0% introductory APR on purchases for the first 15 months, after which a 13.99%-23.99% Variable APR applies (See Rates). This could be helpful if you have large purchases coming up you want to pay for over several months without accruing big interest charges.
Before you decide on the Cash Magnet® Card, there are other no-annual-fee cash-back credit cards to consider that have the same (or better) rate of return, and some also offer an introductory 0% APR on purchases or balance transfers.
For example, the Chase Freedom Unlimited® comes with a welcome bonus of $200 after spending $500 in the first three months from account opening, and has an introductory 0% APR on purchases for the first 15 months (then a 14.99%–23.74% variable APR). It earns 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining and drugstore purchases, and 1.5% cash back on everything else.
There's also the Citi® Double Cash Card, which doesn't currently have a welcome bonus, but earns 2% cash back (1% when you buy, and 1% when you pay) on all purchases, plus offers an 18-month introductory 0% APR on balance transfers, then a 13.99% - 23.99% (Variable) APR.
Bottom line: Consider theAmerican Express Cash Magnet® Cardif you want to earn flat-rate rewards instead of points for travel, and if you want to save money on interest for a limited time. Just keep in mind that there are other no-annual-fee credit cards with higher welcome bonuses and earning that could be a better fit for your situation.
American Express Cash Magnet vs other Amex cash-back credit cards
| American Express Cash Magnet® Card | Blue Cash Everyday® Card from American Express | Blue Cash Preferred® Card from American Express |
Annual fee $0 | Annual fee $0(See Rates) | Annual fee $95 (waived the first year if you apply by 12/10/2020)(For a limited time the Blue Cash Preferred® Card offers a $0 introductory annual fee and $95 after that. Offer expires 12/10/2020. See rates.)(See rates) |
Rewards rate 1.5% cash back on all purchases | Rewards rate 3% back on the first $6,000 spent each calendar year at U.S. supermarkets, then 1% back 2% back at U.S. gas stations 2% back at select U.S. department stores 1% back on all other purchases | Rewards rate 6% back on the first $6,000 spent each calendar year, then 1% back 3% back at U.S. gas stations 3% back on transit 1% back on all other purchases |
Welcome bonus $150 back after you spend $1,000 in purchases on your new Card in your first 3 months | Welcome bonus $150 statement credit after you spend $1,000 in the first 3 months from account opening | Welcome bonus $300 statement credit after you spend $3,000 in purchases in the first 6 months from account opening |
Foreign transaction fee Yes (See Rates) | Foreign transaction fee Yes (See Rates) | Foreign transaction fee Yes (See rates) |
Introductory APR 0% intro APR for 15 months from account opening, then a 13.99%-23.99% Variable APR | Introductory APR 0% intro APR for 15 months from account opening, then a 13.99% to 23.99% variable APR(See Rates) | Introductory APR 0% intro APR on purchases for 12 months from account opening then a 13.99% to 23.99% variable APR(See Rates) |
| American Express Cash Magnet® Card | Blue Cash Everyday® Card from American Express | Blue Cash Preferred® Card from American Express |
American Express Cash Magnet vs other cash-back credit cards
| American Express Cash Magnet® Card | Citi® Double Cash Card | Chase Freedom Unlimited® |
Annual fee $0 | Annual fee $0 | Annual fee $0 |
Rewards rate 1.5% cash back on all purchases | Rewards rate 1% cash back when you buy, plus 1% cash back when you pay your bill | Rewards rate 5% cash back on travel purchased through Chase Ultimate Rewards 3% cash back on dining and drugstore purchases 1.5% cash back on everything else |
Welcome bonus $150 back after you spend $1,000 in purchases on your new Card in your first 3 months | Welcome bonus N/A | Welcome bonus $200 after spending $500 in the first three months from account opening 5% cash back on up to $12,000 spent at grocery stores* in the first account year |
Foreign transaction fee Yes | Foreign transaction fee Yes | Foreign transaction fee Yes |
Introductory APR 0% intro APR for 15 months from account opening, then a 13.99%-23.99% Variable APR | Introductory APR 0% intro APR on balance transfers for the first 18 months, then 13.99% - 23.99% (Variable) | Introductory APR 0% intro APR on purchases for the first 15 months, then 14.99%–23.74% variable APR |
American Express Cash Magnet® Card | Citi® Double Cash Card | Chase Freedom Unlimited® |
*not including Target or Walmart purchases
How to use Amex Cash Magnet rewards
American Express Cash Magnet® Card cardholders receive their welcome bonus in the form of a statement credit after they've met the minimum spending requirement. However, cash back from the card is issued in the form of reward dollars, which you can redeem for a statement credit whenever your reward dollar balance is $25 or more. Amex may give you options to use reward dollars for gift cards or merchandise from time to time.
It's important to note that you can't use reward dollars to pay the minimum payment due on your card, or cash them out for a check or bank deposit. Other cash-back cards like the Citi® Double Cash Card also have a minimum redemption amount, but allow you to use your rewards in more ways. And some, like the Capital One® SavorOne® Cash Rewards Credit Card, don't have a minimum redemption amount at all.
Amex Cash Magnet benefits and features
The Cash Magnet® Card doesn't have many cardholder benefits, but that isn't unusual for a cash-back credit card without an annual fee. Here are the main cardholder features you should know about.
0% Introductory APR on purchases
The Cash Magnet® Card0% introductory APR applies to purchases for the first 15 months, after which a you'll pay a 13.99%-23.99% Variable APR. Using an introductory APR offer can save you a lot of money on interest if you have a big purchase you'd like to pay for over time, but be sure you have a plan and means to pay off your debt before the introductory period expires.
Pay It Plan It
The Amex Pay It Plan It program lets you quickly pay off small amounts you charge to your card or plan repayment for big purchases, all while earning rewards. Instead of paying traditional interest payments, you'll pay a fixed monthly fee on purchases you finance with this program.
Global Assist Hotline
Call into this cardmember hotline if you need help with translation services, missing luggage, emergency legal and medical referrals, lost passport assistance, and more. The Global Assist Hotline will help arrange these services, but you're responsible for any costs incurred.
Car rental loss and damage insurance
When you charge the entire car rental cost to your Cash Magnet® Card and decline the rental company's collision damage waiver, you'll receive secondary auto rental coverage. This can kick in to pay for damage or theft to a rental vehicle in covered countries and territories after you have exhausted coverage from other auto insurance policies you have.
American Express Experiences
American Express Experiences offers presale tickets to concerts and events when you have the Cash Magnet® Card. Cardmember-only events may be available, as well as access to Broadway shows, concerts, sporting events, and more.
American Express Cash Magnet® CardAmerican Express Cash Magnet fees and costs
The American Express Cash Magnet® Card doesn't charge an annual fee, but you will pay foreign transaction fees, so you shouldn't use it for expenses outside the US.
Once the 0% introductory APR period on purchases ends, you'll be subject to a 13.99%-23.99% Variable APR if you carry a balance. And, like other cards, there are fees for cash advances, late payments, and returned payments.
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