American Express Cash Magnet Credit Card Review: 1.5% and No Annual Fee
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American Express Cash Magnet card review: No annual fee and 1.5% cash back, plus a long introductory 0% APR on purchases that can save you money
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- The information related to the American Express Cash Magnet® Card has been collected by Business Insider and has not been reviewed or provided by the issuer.
- Earn $200 back after you spend $2,000 in purchases on your card within the first 6 months of card membership
- Unlimited 1.5% Cash Back on your purchases.
- Low intro APR: 0% for 15 months on purchases from the date of account opening, then 14.74% - 24.74% Variable APR.
- Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
- Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
- Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
- No Annual Fee.
- Terms Apply.
Review: 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 review), the American Express Cash Magnet® Card is worth considering. The card earns 1.5% cash back on all purchases with no spending caps (cash back is received in the form of Reward Dollars), and it comes with a welcome bonus offer of $200 back after you spend $2,000 in purchases on your card within the first 6 months of card membership, in the form of a statement credit.
The Cash Magnet® Card also offers a 0% intro APR on purchases for 15 months from account opening, after which a 14.74% - 24.74% Variable APR applies (see review). 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 1.5% cash back in addition to regular earning on everything you buy up to $20,000 spent in the first year (worth up to $300 cash back), and has an introductory 0% APR on purchases for the first 15 months (then a 15.74% - 24.49% Variable). 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 14.74% - 24.74% Variable APR.
Bottom line: Consider the American Express Cash Magnet® Card if 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.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
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 | Annual fee $0 (See Rates) | Annual fee $95 (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* 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 offer $200 back after you spend $2,000 in purchases on your card within the first 6 months of card membership | Welcome bonus offer $200 statement credit after you spend $2,000 in purchases on your new card within the first 6 months | Welcome bonus offer $350 statement credit after you spend $3,000 in purchases on your new card within the first 6 months from account opening |
Foreign transaction fee Yes (see review) | Foreign transaction fee Yes (See Rates) | Foreign transaction fee Yes (See rates) |
Introductory APR 0% intro APR on purchases for 15 months from account opening, then a 14.74% - 24.74% Variable APR | Introductory APR 0% intro APR on purchases for 15 months from account opening, then a 15.49% - 25.49% Variable (See Rates) | Introductory APR 0% intro APR for 12 months on purchases from the date of account openingthen a 15.49% - 25.49% Variable (See rates) |
| Learn more | Learn more | Learn more |
* Cash back is received in the form of Reward Dollars.
American Express Cash Magnet vs other cash-back credit cards
| American Express Cash Magnet® Card | Citi® Double Cash Card | Chase Freedom Unlimited® |
Annual fee | Annual fee | Annual fee |
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 offer $200 back after you spend $2,000 in purchases on your card within the first 6 months of card membership | Welcome bonus offer | Welcome bonus offer 1.5% cash back in addition to regular earning on everything you buy up to $20,000 spent in the first year (worth up to $300 cash back) |
Foreign transaction fee | Foreign transaction fee | Foreign transaction fee |
Introductory APR 0% intro APR on purchases for 15 months from account opening, then a 14.74% - 24.74% Variable APR | Introductory APR 0% intro APR on balance transfers for the first 18 months, then 14.74% - 24.74% Variable | Introductory APR 0% intro APR on purchases for the first 15 months, then 15.74% - 24.49% Variable |
Learn more | Learn more | Learn more |
How to use Amex Cash Magnet rewards
American Express Cash Magnet® Card cardholders receive their welcome bonus offer 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® Card offers a 0% intro APR on purchases for 15 months from account opening, after which a you'll pay a 14.74% - 24.74% 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.
- The information related to the American Express Cash Magnet® Card has been collected by Business Insider and has not been reviewed or provided by the issuer.
- Earn $200 back after you spend $2,000 in purchases on your card within the first 6 months of card membership
- Unlimited 1.5% Cash Back on your purchases.
- Low intro APR: 0% for 15 months on purchases from the date of account opening, then 14.74% - 24.74% Variable APR.
- Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
- Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
- Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
- No Annual Fee.
- Terms Apply.
American 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 14.74% - 24.74% Variable APR if you carry a balance. And, like other cards, there are fees for cash advances, late payments, and returned payments.
Featured credit cards from our partnersDisclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.
For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.
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