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American Express Cash Magnet® Card review
A no-annual-fee credit card with unlimited 1.5% cash back on all purchases.
finder.com’s rating: 4.3 / 5
★★★★★
- Get this card if you want a rewards card but you don’t want to keep track of rewards categories.
- Pick something else if you want higher cash back on specific categories.
- Apply with a good to an excellent credit score of 680 or higher.
All information about this card has been collected independently by Finder.
1.5% cash back on all purchases (redeem as statement credit)
Rewards
$0
Annual fee
0% intro for the first 15 months (then 13.99% to 23.99% variable)
Purchase APR
680
Minimum Credit Score
Details
| Annual fee | $0 |
|---|---|
| Welcome offer | $150 statement credit after spending $1,000 in the first 3 months |
| Rewards | 1.5% cash back on all purchases (redeem as statement credit) |
| Purchase APR | 0% intro for the first 15 months (then 13.99% to 23.99% variable) |
| Balance transfer APR | N/A |
| Minimum Credit Score | 680 |
| Issuer | American Express |
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is an investments writer who has written over 600 articles to help readers find and compare the best financial options. 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.
Expert review
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 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.
How to apply for the American Express Cash Magnet® Card?
- Go to the provider's site and select Apply now.
- Complete the form with the requested information.
- Review your application and submit it.
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.
American Express Cash Magnet® Card benefits
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.
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.
No annual fee.
You get all these perks with a card with no annual fee.
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.
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.
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.
Compare Amex Cash Magnet to similar credit cards
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
★★★★★
Terms apply, see rates & fees| Find out more |
|---|
|
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 (redeem as statement credit) |
|
Welcome offer $150 statement credit after spending $1,000 in the first 3 months |
Chase Freedom Unlimited®
★★★★★
Terms apply, see rates & fees| Go 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 0% intro for the first 15 months (then 14.99% to 23.74% variable) |
|
Rewards 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases, 5% on travel purchased through Chase Ultimate Rewards®, Unlimited 1.5% cash back on all other purchases |
|
Welcome offer Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back |
Capital One Quicksilver Cash Rewards Credit Card
★★★★★
| Go to site |
|---|
|
Minimum credit score 670 |
|
Annual fee $0 |
|
Purchase APR 0% intro for the first 15 months (then 14.99% to 24.99% variable) |
|
Balance transfer APR 0% intro for the first 15 months (then 14.99% to 24.99% variable) |
|
Rewards Earn unlimited 1.5% cash back on every purchase, every day |
|
Welcome offer One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening |
Compare even more credit cards
Compare American Express Cash Magnet® Card with other cards
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, apply with an excellent score. American Express usually pulls your credit report from Experian.
American Express Cash Magnet® Card reviews and complaints
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.
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 $40 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. Enroll and 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.
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 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.
Frequently asked questions
How we determined the value of Amex Membership Rewards points
To determine the average value of an Amex Membership Rewards point, we looked at the equivalent dollar value a redemption option would cost in the Amex Membership Rewards program. We calculated this average across all redemption options available through Amex to reach the approximate value you can expect when redeeming these points on average. In this case, the average value of a single Membership Rewards point came out to 2 cents per point.
Remember that your points could be worth more or less depending on what you redeem them on, so this value should be used as a general guide.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
Images: AmericanExpress.com
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