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
- $150 statement credit welcome offer
- Unlimited 1.5% cash back on all purchases
- 0% intro APR on purchases
- No annual fee
- Terms apply
- 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 Type||Cash Back|
|Card Issuer||American Express|
|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% for 15 months on purchases|
|Foreign Transaction Fee||2.7%|
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 after 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.
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.
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 13.99% to 23.99% (variable), based on your creditworthiness.
What credit score is needed for the American Express Cash Magnet Card?
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 generous cashback rewards on eligible purchases. Cardholders can earn up to 5% cash back. It also comes with a similar sign-up bonus, though you don't have to spend as much to receive it. Earn a $200 cash back bonus after spending $500 in the first 3 months.
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 up to $6,000 a year, 2% cash back at U.S. gas stations and select U.S. department stores, 1% cash back on other purchases.
No Fuss, Unlimited Cash Back
Earn a $150 statement credit after you spend $1,000 in the first 3 months