American Express Cash Magnet® Card review | finder.com

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

American Express Cash Magnet® Card review

Last updated:  
Please note: All information about American Express Cash Magnet® Card has been collected independently by Finder and this card is no longer available through this site.

A simple cashback card with no rotating categories, no cap on cash back and no annual fee.

  • Get this card if you want to earn 1.5% cash back on all purchases and you don’t want to pay an annual fee.
  • Pick something else if you want higher cash back on specific categories or if you want travel rewards.
  • Apply with a good to excellent credit score of 680 or higher.

$150

Welcome offer

Up to 1.5%

Cash back

$0

Annual fee

0%

Intro Purchase APR

for the first 15 months (then 14.74% to 25.74% variable)

Details

Product NameAmerican Express Cash Magnet® Card
Card typeAmerican Express
Annual fee$0
Purchase APR0% intro for the first 15 months (then 14.74% to 25.74% variable)
Balance transfer APR0% intro for the first 15 months (then 14.74% to 25.74% variable)
Balance transfer fee$5 or 3% of the transaction, whichever is greater
Balance transfer fee descriptionEither $5 or 3% of the amount of each transfer, whichever is greater.
Cash advance rate26.99% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Penalty APR29.99% variable
Foreign transaction fee2.7% of the transaction value
Interest free periodUp to 25 days
Late payment feeUp to $39
Returned payment feeUp to $39
Rates & feesrates & fees

The basics

The American Express Cash Magnet® Card is a simple cashback credit card that offers unlimited 1.5% in reward dollars on all purchases. While a card like the Chase Freedom® may offer a larger reward return of 5%, its rewards are applied to different categories each quarter and with a cap of $1,500. With the American Express Cash Magnet® Card you don’t have to worry about that — whatever you buy, you earn the same 1.5% back.

Another perk is the 0% intro APR period you get for purchases and balance transfers for the first 15 months. After, it reverts to a variable APR of 14.74% to 25.74% (see rates & fees). This can certainly help you out if you want to make a large purchase or if you want to transfer your balance from a non-Amex account.

Our pick for another 1.5% cashback card

Capital One® Quicksilver® Cash Rewards Credit Card

  • Earn $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn 1.5% cash back on all purchases
  • 0% intro APR on purchases and balance transfers for 15 months; 16.24%-26.24% variable APR after that. Pay just 3% fee on balances transferred within the first 15 months
  • No annual fee
  • No foreign transaction fees
Read less
Read more
Promoted

The perks

  • Welcome offer.

    Get $150 as statement credit after you spend $1,000 on eligible purchases in the first 3 months after opening your account.

  • Cash back.

    For every purchase you make, get unlimited 1.5% in reward dollars — which you can redeem for statement credits, gift cards and merchandise once you reach at least 25 reward dollars.

  • Intro APR on purchases and balance transfers.

    Get one of the longest 0% intro APR periods on purchases and balance transfers. You won’t pay interest for the first 15 months after your account opening. After that, a variable APR of 14.74% to 25.74% applies. Just be sure to make your balance transfer within 60 days from when you opened your account.

  • No annual fee.

    You get all these perks with a card with no annual fee.

How much cashback rewards can I earn with the American Express Cash Magnet® Card?

One of the American Express Cash Magnet® Card‘s biggest strengths is its simple rewards. Here’s how much cash back you might earn based on different levels of spending:

  • $500 per month x 1.5% = $90 cash back a year
  • $1,000 per month x 1.5% = $180 cash back a year
  • $1,500 per month x 1.5% = $270 cash back a year

You’ll also like …

  • Plan ItSM

    When you make purchases larger than $100, you can choose to pay in several monthly increments with a fee, instead of paying interest. You can make up to 10 active payment plans, but American Express decides the exact number. This feature is only available on the Amex mobile app.

  • Travel insurance.

    When you travel, you’re covered by accidental death and dismemberment insurance, and your rented car is insured against theft and damage.

  • Roadside and global assistance.

    If you blow out a tire, your car battery dies or if you need a tow, call roadside assistance and they’ll send help. When traveling 100 or more miles from home, get access to 24/7 legal, medical or any other emergency service you may need. But, you’ll be on the hook for any third-party service costs.

  • Purchase protection.

    Don’t stress if you bought an item and want to return it but the merchant won’t take it back. For purchases made within 90 days and worth up to $300, Return Protection may give you a refund. Also, get protection for accidental damage or theft on eligible items up to $1,000 per item and up to $50,000 per year.

  • Fraud protection.

    You won’t be held liable for fraudulent charges made on your card.

Top American Express credit cards with no annual fee

What to watch out for

  • Foreign transaction fees.

    You may want to avoid using this card while you’re outside the country. Every time you make a transaction when traveling abroad, you’ll pay a 2.7% fee.

  • Welcome offer eligibility.

    When you apply for the card, you’ll get a pop-up message informing you whether you’re eligible to get the welcome offer before Amex makes a hard pull on your credit. Some of the factors considered by the issuer are whether you canceled or downgraded from another card in the last 12 months, or whether you applied for multiple cards to get the welcome offer.

  • Balance transfer limits.

    To get the 0% intro APR for balance transfers, you’ll have to make a balance transfer request within 60 days from when you opened your account. Also for every balance transfer you make, you’ll pay a transfer fee of $5 or 3% of the transaction, whichever is greater. Balance transfers less than $100 won’t be processed, but you can transfer up to $7,500 or 75% of your credit limit, whichever is lower. You can’t make a transfer from another American Express account.

Best American Express Cashback Cards — September 2019

Compare similar cashback credit cards

Name Product Filter values Rewards Purchase APR Annual fee
1.5% cash back on all purchases
0% intro for the first 15 months (then 16.24%, 22.24% or 26.24% variable)
$0
Earn unlimited 1.5% cash back on every purchase, every day.
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
0% intro for the first 12 months (then 14.99% to 24.99% variable)
$0
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.
5% on up to $2,000 each activated quarter on two categories combined (1% after), 2% on one everyday category and 1% on all other purchases
15.74% to 25.24% variable
$0
When you spend $500 on your card within the first 90 days, you’ll receive a $150 cash back bonus. Rates & Fees
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases
0% intro for the first 12 months (then 14.74% to 25.74% variable)
$95
Earn $250 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & fees
3% on dining, 2% at grocery stores and 1% on all other eligible purchases
14.99%, 19.99% or 24.99% variable
$0
Earn $200 cash back when you spend $500 within 90 days after account opening.

Compare up to 4 providers

American Express Cash Magnet® Card vs Chase Freedom Unlimited®

What should I know before I apply?

Eligibility requirements

To apply, you must be:

  • At least 18 years old.
  • A US citizen or permanent resident of the US.

Required information and documents

  • Name and address.
  • Email and phone number.
  • Social Security number and date of birth.
  • Annual income and income sources.

What credit score do I need?

You can apply with a 680 credit score, but to get a high credit limit and a lower APR on purchases and balance transfers, apply with an excellent score. American Express usually pulls your credit report from Experian.

What do customers say about the American Express Cash Magnet® Card?

Consumers generally like the card for what it offers, but claim that if the 1.5% cash back was bumped to 2% they’d be more inclined to get it. Many mention that compared to other cards, they weren’t impressed with the cash value amounts, especially compared to cards that offer the same perks and are accepted in more places, like Visa and Mastercard. However, customers love the long intro APR period for balance transfers and purchases.

The Better Business Bureau rated American Express with an A+. As of this writing, 172 customers rated American Express 3.78 out of 5 stars. Most of their complaints revolve around poor customer service and issues with products and services.

How to apply for the American Express Cash Magnet® Card?

  1. Go to the provider site and click Apply now.
  2. Complete the form with the requested information.
  3. Review your application and submit it.

Cash Magnet Card Application

How long will it take to get my American Express Cash Magnet® Card?

American Express can approve your application within a few minutes with its automated system. If additional information is required it could take a few business days up to a few weeks for a decision. Once you’re approved, you’ll get your card in 7 to 10 business days.

I got the card. Now what?

  • Set up autopay. Sign up at the American Express site or download the Amex mobile app and set up automatic payments. This will help you pay on time and avoid unnecessary fees.
  • Create a Plan It transaction. In your Amex mobile app you can create long term payments for eligible purchases of more than $100. With this perk, you’ll pay a fixed fee instead of interest, potentially saving you money.
  • Avoid late payments. You may be charged $39 fee for late payments. For one or more late or returned payments, you’ll end up with a 29.99% penalty APR for at least six months.
  • Enroll in ShopRunner. Get free two-day shipping at more than 100 online retailers. And if you’re not happy with any of your items, you can return them for free.
  • Customer service. For any questions, call American Express customer service at 800-528-4800. You can also chat with customer service online through the American Express site.

How do I redeem rewards from the American Express Cash Magnet® Card?

Just log in to your American Express online account. Then click Use reward dollars. Once your rewards dollars balance hits $25, you can redeem for statement credit.

From time to time, American Express will give you the opportunity to redeem for rewards such as merchandise and gift cards.

American Express Cash Magnet® Card vs Blue Cash Everyday® Card from American Express

Bottom line

For those who want a simple, no-annual-fee card, the American Express Cash Magnet® Card could be a good choice. You could earn unlimited 1.5% cash back on all purchases and you get one of the longest intro APR periods for balance transfers and purchases.

If you want to earn higher cash back on everyday spending categories, the Blue Cash Preferred® Card from American Express may be more useful.

Apply for this card or compare other credit cards to find the best one to suit your needs.
Top 1.5% cashback credit cards

Frequently asked questions

Disclaimer

Please note: All information about American Express Cash Magnet® Card has been collected independently by Finder and this card is no longer available through this site.

Rates and fees

Images: AmericanExpress.com

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site