American Express Cash Magnet^® Card Review [2024]: Useful Perks From a No-Fuss Card

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.

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

Top card benefits

• 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 1.5% unlimited cash back on all eligible purchases in the form of Reward Dollars, which can be redeemed as a statement credit. 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.

Maximizing your redemption

Reward Dollars can be used for 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

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^® offers generous cashback rewards on eligible purchases. Cardholders can earn 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases. It comes with a valuable sign-up bonus, with no minimum spend to receive it: Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year). 

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 has a $0 annual fee and a tiered cashback program, offering 3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year on purchases in each category, then 1%); and 1% cash back on other eligible purchases.