| Last updated on February 8th, 2024
Cash Magnet® Card
Cash Magnet® Card
Cash Magnet® Card
- 19.24% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
The Cash Magnet® Card offers an unlimited 1.5% cash back on all eligible purchases, without the need to memorize any categories or tiered rewards structures.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn $200 back after spending $2,000 within the first 6 months
- Unlimited 1.5% cash back on your purchase
- Introductory purchase APR of 0% for 15 months, then a variable APR
- Use Amex Offers to get rewarded at places you like to shop, dine, travel, and more
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 19.24% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Foreign Transaction Fee: 2.7% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You're looking for a cash back card that doesn’t have a confusing bonus system
- You want to earn an unlimited 1.5% cash back on all eligible purchases
- You will likely spend $2,000 or more within the first six months
- You do't want to pay an annual fee
In-Depth Review: Cash Magnet® Card from American Express
Cash back credit cards have become increasingly popular due to their simplicity and unlimited earning potential. Unlike other rewards programs that require monitoring of various categories, these cards offer cash back on every purchase. The American Express Cash Magnet® Card is among this market’s top contenders.
Credit Needed
To be eligible for the Cash Magnet® Card, you must meet certain requirements set by American Express. These requirements include being 18 years old, having a valid Social Security Number (SSN), and having a good credit history. When evaluating your application, American Express will also consider your income and debt obligations.
0% Introductory APR Offer
The Cash Magnet® Card offers a 0% introductory APR on purchases for the first 15 months. This means you can make new purchases and carry a balance without accruing any interest during the introductory period. This bonus can be particularly advantageous if you have a large purchase planned or want to take advantage of the flexibility of paying over time without incurring interest charges.
You’ll also enjoy $0 Plan It fees on plans created during the first 15 months from the account opening date. Amex’s Plan is a BNPL service that lets you finance a transaction of $100 or more for a fixed monthly fee and no interest charges.
How to Earn Cash Back
Welcome Offer
As a new cardmember, you can earn a welcome bonus of $200 after spending $2,000 on purchases within the first three months of card membership. This generous offer can quickly boost your rewards earnings and give you a head start on maximizing the benefits of the Cash Magnet® Card.
Earn Unlimited Cash Back
The cash back rewards program is one of the key features that sets the Cash Magnet® Card apart from its competitors. Cardholders earn unlimited 1.5% cashback on all purchases. Whether buying groceries, filling up your gas tank, or shopping online, every dollar you spend will earn you cashback rewards. This straightforward rewards structure allows you to earn on all your everyday expenses without any limitations or categories to keep track of.
How to Redeem Cash Back
Another great feature of the cash back card is that there is no minimum threshold for redeeming your rewards. You can start redeeming your cashback as soon as you have earned it, whether $10 or $100. This flexibility allows you to use your rewards whenever you want, whether for a special purchase or simply as a statement credit to offset your balance. The choice is yours, and the Cash Magnet® Card makes it easy to reap the benefits of your spending.
American Express Benefits
As a Cash Magnet® Cardmember, you can also take advantage of the wide range of benefits American Express offers. These benefits can enhance your overall experience and provide you with added value. Some of the benefits you can enjoy as a Cash Magnet® Cardmember include:
- Purchase protection: American Express offers purchase protection, which can provide coverage for eligible items that are damaged or stolen within a certain period of time after purchase.
- Extended warranty: American Express extends the warranty on eligible items purchased with the Cash Magnet® Card. This can provide you with peace of mind and additional protection for your purchases.
- Global Assist® Hotline: If you’re traveling more than 100 miles from home, you can access the Global Assist® Hotline for assistance with emergency medical and legal referrals and other travel-related services.
These are just a few examples of the benefits available to cardmembers. American Express is known for its exceptional customer service and commitment to providing cardmembers with valuable benefits and services.
Comparison
| BoA Unlimited Cash Rewards | Chase Freedom Unlimited® | Cash Magnet® Card | |
|---|---|---|---|
| Rewards | Earn an unlimited 1.5% cash back on every purchase | Earn 5% on travel through Ultimate Rewards, 3% back on drugstore purchases and dining at restaurants, and 1.5% back on all other purchases | Earn Unlimited 1.5% cash back on your purchase |
| 0% Intro APR | 15 billing cycles on purchases and balance transfers | 15 months on purchases and balance transfers | 15 months on purchases |
| Annual fee | None | None | None |
| Network | Visa | Visa | Amex |
Tips for Maximizing Rewards
To make the most of your Cash Magnet® Card, here are some tips to help you maximize your rewards and benefits:
- Use your card for everyday expenses: Since the Cash Magnet® Card offers unlimited 1.5% cashback on all purchases, using it for your everyday expenses is a great way to earn rewards on your regular spending.
- Pay your balance in full each month: To avoid paying interest charges, it’s important to pay your balance in full each month. By doing so, you can enjoy the rewards and benefits of the Cash Magnet® Card without incurring any additional costs.
- Keep an eye out for special promotions: American Express often runs special promotions and offers for cardmembers. Keep an eye out for these opportunities to earn additional rewards or enjoy exclusive benefits.
What We Like About the Card
Decent Rewards
The Cash Magnet® Card offers unlimited 1.5% cashback on all purchases, making it a great choice for those who want to earn rewards on their everyday spending. The $200 welcome bonus is another generous offer that can quickly boost your rewards.
0% introductory APR
The introductory offer of 0% APR can be advantageous if you have a large purchase planned or if you want to take advantage of the flexibility of paying over time without incurring interest charges. Adding in a promotional period on Plan It plans and the card can help you manage multiple significant purchases.
Things to Consider
No Bonus Categories
Unlike some other credit cards, the Cash Magnet® Card does not offer higher cashback rates in specific categories. If you spend heavily in certain areas, you may be able to earn higher rewards with a different card.
Foreign Transaction Fees
The Cash Magnet® Card charges a foreign transaction fee of 2.7% on purchases made outside of the United States. If you frequently travel internationally, this fee can add up and may not make the Cash Magnet® Card the best choice for your needs.
Additionally, while American Express is widely accepted, there are still some merchants who do not accept this card. Before applying for the card, it’s important to ensure that it will be widely accepted where you typically shop and dine.
American Express Ratings
How does American Express rate as a bank and issuer? Here is a selection of ratings for the bank from consumers and experts:
| BestCards | Better Business Bureau | TrustPilot |
|
3.5/5 |
2/5 |
1.5/5 |
Should You Apply for the American Express Cash Magnet® Card?
Overall, the Cash Magnet® Card is a solid choice for those who want a straightforward rewards program and attractive introductory benefits.
With its generous cashback rewards and range of American Express benefits, the card is an excellent card for those who want cash back. Still, it suffers when stacked up against cards like the Citi® Double Cash Card and the Chase Freedom Unlimited. Those cards offer better value for money – with 2% back in the case of the Citi card and additional cash back categories with the Chase option.
Still, with its generous cashback rewards and range of American Express benefits, the Cash Magnet® Card can be a valuable addition to your wallet. So, if you’re looking for a credit card that combines simplicity, rewards, and value, the Cash Magnet® Card from American Express is definitely worth considering.
Browse Other Card Offers:
Editorial Disclosure – The opinions expressed on BestCards.com's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, BestCards.com lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.