American Express Cash Magnet Card review: Straightforward, but lackluster cash-back rewards
Updated 7:12 a.m. UTC Nov. 14, 2023
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With the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (terms apply), you earn an unlimited flat rate of 1.5% cash back on purchases, but why bother when there are plenty of other cards that earn a flat 2% cash back?
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
About the American Express Cash Magnet Card
Sometimes the best things in life are simple. If you want to earn cash back on your credit card purchases — but don’t want to stress about remembering which card to use for which type of purchase or what your current bonus categories are —then you’ll appreciate the simplicity of the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . This card provides a flat rate of 1.5% cash back on purchases, making it easy to know exactly how much cash back you stand to earn whenever you use it.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
The American Express Cash Magnet Card doesn’t have a lot of flashy perks, but the perks it does offer can really come in handy if you find yourself in a tight spot while traveling. Between secondary car rental loss and damage insurance¹ and access to a global assist hotline², if something goes wrong while traveling, you can likely find the support you need.
Although using this card is a simple, no-frills way to earn rewards on your spending, it’s hard to see the appeal when there are nearly a dozen similar cards on the market offering 2% cash back on all spending. Any of these would likely be a better choice for pure earning potential.
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Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 50+ cards analyzed.
- 8 data points considered.
- 5-step fact-checking process.
American Express Cash Magnet Card basics
- Annual fee: $0.
- Welcome bonus: Earn a $200 back after spending $2,000 on purchases in the first six months of card membership.
- Rewards: 1.5% cash back on purchases.
- APR: 0% intro APR on purchases and balance transfers for the first 15 months from the date of account opening, followed by a variable APR of 19.24% to 29.99%. Balance transfers must be requested within 60 days of account opening and a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies.
- Perks and benefits: Car rental loss and damage insurance, global assist hotline, ShopRunner membership.
- Pre-approval tool: Yes.
- Recommended credit score: Good to excellent.
American Express Cash Magnet Card other details
American Express Cash Magnet Card rewards
With the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , you earn 1.5% cash back on purchases with no limit to how much you can earn. If you have additional cardmembers on your account, whenever they make an eligible purchase, you’ll also earn cash back. Your cash-back rewards are distributed in the form of Rewards Dollars that you can redeem as a statement credit, with no minimum redemption amount. Terms apply.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
You can earn additional cash back when you first open an American Express Cash Magnet Card by meeting the requirements for the welcome bonus. You can earn $200 back after spending $2,000 on purchases in the first six months of card membership.
American Express Cash Magnet rewards potential
Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has an annual income of $84,352 and $25,087 in expenses they are likely to be able to charge to a credit card. If someone were to spend $25,087 using theAmerican Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , they would earn about $376.31 per year in cash back rewards thanks to the 1.5% cash-back rate.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
American Express Cash Magnet APR
After opening an American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , you’ll get a 0% intro APR on purchases and balance transfers for the first 15 months from the date of account opening, followed by a variable APR of 19.24% to 29.99%. Balance transfers must be requested within 60 days of account opening and a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies. Your specific APR will depend on factors unique to you, such as your credit score at the time of applying for the card.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
American Express Cash Magnet Card pros
- Earn rewards: You’ll get an unlimited 1.5% cash back on purchases.
- Auto rental insurance coverage: Secondary car rental loss and damage insurance (up to $50,000 for theft or damage to most rental vehicles) when you use the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. to pay for the rental vehicle and decline the rental company’s coverage at the counter. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply.¹
- Low intro APR offer: You can save money on interest with the card’s introductory offer.
- Access to Amex perks: As an American Express card, you’ll get perks including Global Assist Hotline referrals, American Express Experiences and complimentary ShopRunner membership.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
American Express Cash Magnet Card cons
- Lack of rewards flexibility: With the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , earnings can be redeemed for cash back in the form of statement credits. Some American Express cards earn Membership Rewards points, which can be used to book travel or transferred to airline and hotel partners.
- No bonus spending categories: This limits your opportunity to earn more lucrative rewards in areas where you spend the most. For example, some credit cards offer elevated rates for categories such as grocery stores, restaurants or gas stations.
- Other flat-rate cash-back cards earn more: There are multiple cards available that earn a flat rate of 2% on all your spending, making this card a lesser choice.
- There’s a foreign transaction fee: Whenever you make an international purchase, you will pay a fee of 2.7% of each transaction after conversion to US dollars..
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
How the American Express Cash Magnet Card compares to other rewards cards
American Express Cash Magnet Card vs. Chase Freedom Flex℠ * The information for the Chase Freedom Flex℠ has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Unlike the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , the no-annual-fee Chase Freedom Flex doesn’t offer a flat-rate back on all categories. Instead, this card earns 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on dining and drugstores and 1% cash back on all other purchases. This is a more complex rewards structure, but some may find it to be more lucrative.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
American Express Cash Magnet Card vs. Citi Double Cash® Card
The Citi Double Cash® Card is also a flat-rate cash back card like the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , but it earns up to an unlimited 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. This card also has a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first 4 months. After that, the fee will be 5% of each transfer (minimum $5).
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
American Express Cash Magnet Card vs. American Express® Gold Card
One area where the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. falls short is in regard to travel benefits. In exchange for an annual fee of $250, the American Express® Gold Card (terms apply, rates & fees) offers much more lucrative travel rewards and perks, earning 4 Membership Rewards points per $1 at restaurants, plus takeout and delivery in the U.S., 4 points per $1 at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point), 3 points per $1 on flights booked directly with airlines or through American Express travel and 1 point per $1 on other eligible purchases.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
The card also has no foreign transaction fees and comes with a $10 monthly dining statement credit up to a total of $120 annually when you use your card at participating vendors (enrollment required) and up to $120 in Uber Cash each year as well. The Gold card must be added in the Uber account to receive the Uber Cash benefit.
Should you get the American Express Cash Magnet Card?
Since the American Express Cash Magnet® Card
*
The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
doesn’t charge an annual fee, this card is an OK option for anyone looking to earn cash-back rewards. The card’s simple earning structure is also appealing as you can use the card for any purchase and earn the same rewards rate.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
However, you can get the same simplicity with a card that earns 2% cash back, making the American Express Cash Magnet Card fall flat by comparison. Or, you may find that a credit card that comes with more perks, such as flexible rewards, travel transfer partners and no foreign transaction fees offers more value for your needs.
American Express Cash Magnet Card summary
AMERICAN EXPRESS CASH MAGNET CARD DETAILS | |
---|---|
Annual fee
| $0
|
Welcome bonus
| $200 back after spending $2,000 on purchases in the first six months of card membership on the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. |
Rewards
| 1.5% cash back on purchases
|
APR
| 0% intro APR on purchases and balance transfers for the first 15 months from the date of account opening, followed by a variable APR of 19.24% to 29.99%. Balance transfers must be requested within 60 days of account opening and a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies
|
Perks/benefits
| Secondary car rental loss and damage insurance, global assist hotline, ShopRunner membership (with enrollment)
|
Pre-approval tool
| Yes
|
Methodology
Our credit card team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings.
Some of the factors evaluated in selecting the best rewards credit cards included:
- Rewards potential and redemption options.
- Welcome bonuses.
- Travel and shopping benefits.
- Intro APRs.
- Annual fees.
Frequently asked questions (FAQs)
When you earn cash-back rewards with the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , you don’t have to worry about hitting a minimum redemption amount. You can redeem the reward dollars you’ve earned for statement credits at any point.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
There is no annual fee for the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , but there is a balance transfer fee of: Either $5 or 3% of the amount of each transfer, whichever is greater.. There is also a cash advance fee of: Either $10 or 5% of the amount of each cash advance, whichever is greater..
If you make a purchase in another country, you will pay a 2.7% of each transaction after conversion to US dollars.. You also have to keep an eye out for penalty fees, including late payment and returned payment fees.
All information about American Express Cash Magnet® Card has been collected independently by Blueprint.
The Pay It Plan It feature makes it possible for you to choose how you pay off your balance. You can choose to make smaller payments throughout the month for purchases under $100 using the American Express app (Pay It®) or can choose to split up purchases of $100 or more into smaller monthly payments with a fixed monthly fee (Plan It®).
While you can use this feature if it makes it easier for you to budget your payments, note that you don’t have to—if you prefer to simply pay your card balance off in full on a monthly or even weekly basis, you can do that rather than opting for the Pay It Plan It route.
For rates and fees for the American Express® Gold Card please visit this page.
¹Car Rental Loss and Damage Insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
²Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Card Members are responsible for the costs charged by third-party service providers.
*The information for the American Express Cash Magnet® Card and Chase Freedom Flex℠ has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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