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finder.com’s rating: 4.3 / 5
★★★★★
$150
Welcome offer
Up to 1.5%
Cash back
$0
Annual fee
0%
Intro purchase APR
for the first 15 months (then 13.99% to 23.99% variable)
Review by
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
The American Express Cash Magnet® Card is a simple credit card with a $0 annual fee and an unlimited 1.5% back in reward dollars on all purchases. Once you meet certain spend requirements, you earn a $150 cash bonus.
Also, you get a long 0% intro APR period on purchases for more than a year when you open your account. This can be incredibly helpful if you’re looking to make a large purchase early on and pay it off without paying interest.
Considering the card has no annual fee, it could be an ideal option for anyone who doesn’t spend much on any particular category of purchases. The only downside is that you’ll pay foreign transaction fees when using the card abroad or online with foreign merchants.
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.
Get $150 as statement credit after you spend $1,000 on eligible purchases in the first 3 months after opening your account.
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.
Get one of the longest 0% intro APR periods on purchases. You won’t pay interest for the first 15 months after your account opening. After that, a variable APR of 13.99% to 23.99% applies.
You get all these perks with a card with no annual fee.
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.
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.
You won’t be held liable for fraudulent charges made on your card.
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.
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.
We’ve broken down the Amex Cash Magnet vs. two similar cards to give you a better idea of how these rewards cards differ.
American Express Cash Magnet® Card
★★★★★
Rates & feesGo to site |
---|
Minimum credit score 680 |
Annual fee $0 |
Purchase APR 0% intro for the first 15 months (then 13.99% to 23.99% variable) |
Balance transfer APR N/A |
Rewards 1.5% cash back on all purchases |
Welcome offer $150 after spending $1,000 in the first 3 months |
Chase Freedom Unlimited®
★★★★★
Rates & feesGo to site |
---|
Minimum credit score 670 |
Annual fee $0 |
Purchase APR 0% intro for the first 15 months (then 14.99% to 23.74% variable) |
Balance transfer APR 14.99% to 23.74% variable |
Rewards 5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases |
Welcome offer $200 after spending $500 in the first 3 months |
Citi® Double Cash Card
★★★★★
Go to site |
---|
Minimum credit score 670 |
Annual fee $0 |
Purchase APR 13.99% to 23.99% variable |
Balance transfer APR 0% intro for the first 18 months (then 13.99% to 23.99% variable) |
Rewards Up to 2% cash back on purchases (1% when you buy plus 1% as you pay) |
Welcome offer N/A |
Compare even more credit cards
To apply, you must be:
You can apply with a 680 credit score, but to get a high credit limit and a lower APR on purchases, apply with an excellent score. American Express usually pulls your credit report from Experian.
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 purchases.
The Better Business Bureau rated American Express with an A+ and has accredited the company since 1948. As of this writing, 179 customers rated American Express 1.18 out of 5 stars. Most of their complaints revolve around poor customer service and issues with products and services.
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.
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 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.
Images: AmericanExpress.com
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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