American Express Cash Magnet Card Review: Useful Perks From a No-Fuss Card [2019]

A straightforward cashback card with valuable benefits.
5 minute read | 8/8/19Aug. 8, 2019

American Express’ lineup of credit cards is among the most highly regarded in the market for their showy benefits and competitive rewards programs. But not everything that Amex releases is designed to be flashy.

The American Express Cash Magnet Card is a simple, middle-of-the-road, cashback credit card — but still offers benefits true to Amex’s signature touch. Keep reading this American Express Cash Magnet Card review to find out if this card is right for you.

No Fuss, Unlimited Cash Back

American Express Cash Magnet Card

American Express Cash Magnet Card

American Express Cash Magnet Card

Benefits

  • $150 statement credit welcome offer
  • Unlimited 1.5% cash back on all purchases
  • 0% Intro APR on purchases and balance transfers for 15 months
  • No annual fee
  • Terms apply

Drawbacks

  • Has foreign transaction fee
  • American Express isn't as widely accepted as Visa or Mastercard


Who should get this card?

If you don’t want to juggle multiple earning categories and rewards limits, you might find the American Express Cash Magnet Card to be an easy companion. Its flat-rate structure makes earning rewards painless, and cardholders also benefit from the card’s added travel and purchase perks.

Also, the introductory interest rate and welcome bonus make this an appealing card for anyone planning for an upcoming large purchase. To qualify for this credit card, however, you’ll need to have good to excellent credit. If your credit score isn’t strong, you might want to look at other cashback options.

Card basics

Annual Fee $0
Welcome Bonus Earn a $150 statement credit after you spend $1,000 in the first 3 months
Recommended Credit Score Excellent, Good
Intro APR 0%
Foreign Transaction Fee 2.7% of each transaction after conversion to U.S. dollars

Top card benefits

  • Generous welcome offer: Earn a $150 statement credit after you spend $1,000 in the first 3 months after opening an account. You’ll receive the cash back as Reward Dollars, which can be redeemed directly as statement credit.
  • Introductory 0% APR: When you open a new American Express Cash Magnet Card, you’ll receive an introductory 0% APR on purchases for 15 months and also 0% balance transfers for 15 months on balance transfers requested within 60 days of account opening.
  • Car rental loss and damage protection: Opt out of the collision damage waiver when using your Amex Cash Magnet Card to get secondary coverage protection if your rental is damaged or stolen.
  • Travel accident insurance: Your card protects you and your family in the event of death or dismemberment while traveling aboard a common carrier, like a plane, ship, train, or bus. To be eligible for this coverage, the entire fare must be paid on your American Express Cash Magnet Card.
  • Extended warranty protection: Eligible purchases with original warranties of five years or less may receive an extended two-year warranty period by using the card. There is a $10,000 coverage limit per occurrence and a $50,000 limit per calendar year for each account.
  • Return protection: Eligible items purchased using your American Express Cash Magnet Card get return protection for 90 days after the purchase date. The coverage is available for purchases up to $300 per item with a maximum $1,000 limit per calendar year for each account. Charges for shipping and handling aren’t covered by this benefit.

Earning & redeeming

Maximizing your cashback earning opportunities and redeeming them is straightforward with the American Express Cash Magnet Card.

Best ways to earn

With this card, you’ll earn up to 1.5% cash back on all of your purchases. To make this program even simpler, there are no maximum thresholds to keep track of, since you and other authorized users on the account can earn an unlimited amount of cash back.

Taking advantage of the welcome bonus can accelerate your cashback earnings. If your regular card spend in three months is $1,000 or more or you have a major purchase planned, you’ll earn a $150 cashback welcome bonus that will earn you Reward Dollars faster.

Maximizing your redemption

Reward Dollars are limited to statement credit redemption, but they can’t be applied to your minimum payment. Each billing period, your Reward Dollars are calculated based on the amount you’ve spent on eligible purchases. To redeem your cash back for statement credit, you must have at least 25 Reward Dollars.

You’ll need to hold onto Reward Dollars until you’ve earned enough to redeem them as a statement credit. On occasion, Amex may offer opportunities to redeem Reward Dollars for gift cards or merchandise.

Common questions

Is Amex Cash Magnet a credit card?

Yes, you’d use the American Express Cash Magnet Card like any other credit card with merchants who accept American Express. You can choose to pay each statement in full to avoid credit card interest fees or carry a balance into the next month, but it’s not a charge card.

Although you’ll enjoy an introductory 0% APR for the first 15 months after opening a new account, any balances carried over to the next month after that time frame will incur interest charges. Your interest rate will be a 15.24% to 26.24% Variable, based on your creditworthiness.

What credit score is needed for the American Express Cash Magnet Card?

The card requires good to excellent credit in order to qualify. According to credit bureau Experian, a “good” FICO score is 670 to 739. A strong credit score and a healthy credit history can help you qualify for the card and potentially earn a lower interest rate.

Does everyone qualify for the Amex Cash Magnet Card welcome bonus?

Certain restrictions for the welcome bonus apply. If you currently carry the American Express Cash Magnet Card or had one in the past, you’re ineligible for the bonus.

Additionally, Amex takes into consideration other factors, such as how many Amex cards you’ve opened and closed, to determine whether you’re eligible.

How do I redeem rewards from the American Express Cash Magnet Card?

When you make eligible purchases for cash back, you’ll earn Reward Dollars on your American Express Cash Magnet Card account. You can apply rewards as a statement credit; however, you can only do so once you’ve reached a minimum $25 in cash back. At times, you may also get the chance to use cash back toward gift cards or merchandise.

Other cards to consider

If you’re an Amex enthusiast, the American Express Cash Magnet Card can be an easy, no-annual fee cashback card to carry in your wallet. There are other credit card options within this tier, however, that might be more useful to you.

The Chase Freedom Unlimited card offers similar flat, unlimited cashback rewards on eligible purchases, like the Amex Cash Magnet Card does, but with a bigger sign-up bonus. Earn 3% cash back on all purchases in the first year (up to $20,000). 

Still prefer to stick with American Express? The Blue Cash Everyday Card from American Express is a viable option if you’re willing to track bonus cashback categories. It offers a tiered cashback program. 3% cash back at U.S. supermarkets on up to $6,000 a year, 2% cash back at U.S. gas stations & select U.S. department stores, 1% cash back on other purchases.

No Fuss, Unlimited Cash Back

American Express Cash Magnet Card

American Express Cash Magnet Card

American Express Cash Magnet Card

Special Offer

Earn a $150 statement credit after you spend $1,000 in the first 3 months

See how these cards compare:

Chase Freedom Unlimited
Chase Freedom Unlimited
  • Earn 3% cash back on all purchases (up to $20,000) in the first year
  • 0% Intro APR period on purchases and balance transfers for 15 months
  • No minimum to redeem cash back rewards
  • No annual fee
Blue Cash Everyday Card from American Express
Blue Cash Everyday Card from American Express
  • $150 cash back welcome bonus
  • 3% cash back at U.S. supermarkets
  • 0% Intro APR offer
  • No annual fee

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