American Express Cash Magnet® Card
vs. Chase Freedom Flex®

Updated: June 25, 2024

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Both the American Express Cash Magnet® Card and the Chase Freedom Flex® Card offer enticing cash back rewards and no annual fees, appealing to those seeking value and simplicity. The Amex Cash Magnet edges ahead due to its slightly higher cash back score and the flexibility of its 0% introductory APR for 15 months.

However, the Freedom Flex is a strong contender with its cash bonus for new cardholders, making it a worthy option for those who can maximize its rotating rewards categories.

Neither card is co-branded, ensuring broad appeal for a range of consumers.

Credit Card logo for American Express Cash Magnet® Card
American Express Cash Magnet® Card
Credit Card logo for Chase Freedom Flex®
Chase Freedom Flex®
MoneyGeek Rating
3.8/ of 5
MoneyGeek Rating
3.8/ of 5

  • Regular APR
    19.24%–29.99% variable
    20.49–29.24% variable
    0% APR Offer
    0% introductory APR for the first 15 months from the date of account opening
    0% intro APR for 15 months
    Intro Offer
    $150 statement credit
    Earn a $200 bonus
    Rewards Summary
    Unlimited 1.5% cash back on your purchases
    Earn 1– 5% cash back
    Balance Transfer Offer
    0%, introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening.
    0% intro APR for 15 months
    Balance Transfer Fee
    Either $5 or 3% of the amount of each transfer, whichever is greater
    3% of the amount of each transfer (minimum $5)
    Annual Fee
    $0
    $0
    Recommended Credit
    670–850 (Good to Excellent)
    670–850 (Good to Excellent)
    Penalty APR
    29.99%
    Up to 29.99% (variable)
    Not sure?

Which Card Is Better for You?

You might prefer the Amex Cash Magnet if you value simplicity in your rewards program. With a flat cash back rate on all purchases and no annual fee, it's a straightforward card that offers consistent value without the need to track rotating categories or spending limits.

You might prefer the Freedom Flex if you spend regularly in the card's higher earning categories and can take advantage of the rotating cash back offers. With no annual fee and the ability to earn higher rewards on travel, dining and drugstore purchases, it's a card that rewards strategic spending.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards and other features will help you determine which card aligns with your financial landscape. Gauge how each card's specifics fit your spending habits, like the Amex Cash Magnet's unlimited 1.5% cash back or the Freedom Flex's rotating 5% categories.

    discount icon

    Regular APR: Amex Cash Magnet

    The Amex Cash Magnet is better for those seeking potentially lower APRs, with a range starting at 19.24%, compared to the Freedom Flex's starting APR of 20.49% variable.

    annualFee icon

    Annual Fee: Tie

    Both the Amex Cash Magnet and the Freedom Flex have no annual fee, making them equally appealing to those looking to avoid extra costs.

    lowInterestAPR icon

    Introductory 0% APRs: Tie

    Both the Amex Cash Magnet and Freedom Flex offer a 0% introductory APR on purchases and balance transfers for 15 months, making them equally appealing for those looking to make a large purchase or transfer balances. Each card imposes a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.

    coins icon

    Rewards: Freedom Flex

    The Freedom Flex is better for rewards, offering 5% cash back on rotating categories and travel purchased through Chase, plus 3% on dining and drugstores. The Amex Cash Magnet provides unlimited 1.5% cash back on all purchases. Both cards offer flexible redemption options and rewards that don't expire.

    rewards icon

    Welcome Offers: Freedom Flex

    The Freedom Flex offers a better welcome bonus: a $200 bonus for a lower spend requirement in the first three months compared to the Amex Cash Magnet's $150 statement credit.

    creditApproved icon

    Recommended Credit Score: Tie

    Both the Amex Cash Magnet and the Freedom Flex require a credit score range of 670 to 850, indicating they are accessible to individuals with good to excellent credit. There is no difference between the two cards in terms of the credit score needed for approval, making this feature a tie.

    autopay icon

    Penalties and Fees: Amex Cash Magnet

    When comparing penalties and fees, the Amex Cash Magnet Card is slightly better due to its lower foreign transaction fee of 2.7% than Freedom Flex's 3%. Both cards have similar late fees and penalty APRs, making the Amex Cash Magnet Card a marginally better choice for those concerned with foreign transaction costs.

    points icon

    Issuer Satisfaction: Amex Cash Magnet

    The Amex Cash Magnet leads in issuer satisfaction, with a rating of 5.0 for American Express compared to Chase's 4.1.

    airplane icon

    Other Features & Perks: Tie

    Both the Amex Cash Magnet and Freedom Flex offer unique perks. Amex Cash Magnet provides the Plan It feature, Global Assist Hotline, car rental loss and damage insurance and exclusive Amex Offers. Freedom Flex offers cell phone protection and Zero Liability Protection. Each card's perks cater to different spending habits and lifestyle preferences.

Rewards Comparison

The Freedom Flex stands out with its rotating categories offering 5% cash back, which can be highly rewarding for those who maximize these categories. The rotating categories need to be activated quarterly. Past categories have included gas stations, grocery stores and online shopping. These categories cap at $1,500 in combined purchases each quarter. Freedom Flex also offers 3% on dining and drugstore purchases and 1% on all other purchases.

The Amex Cash Magnet provides a flat 1.5% cash back on all purchases, making it a straightforward choice for those who prefer simplicity over managing rotating categories.

The table below outlines the bonus categories to help you compare each card's rewards program at a glance.

Category
Amex Cash Magnet
Freedom Flex

Rotating Categories

1.5%

5% for the first $1,500 quarterly/1% thereafter

Travel

1.5%

5% if purchased through Chase Travel/1% all other

Dining

1.5%

3%

Drugstores

1.5%

3%

All Other Purchases

1.5%

1%

Redeeming Rewards

The Amex Cash Magnet allows you to redeem rewards as statement credits, merchandise or gift cards. Your cash back rewards never expire.

The Freedom Flex offers diverse redemption options, including cash, gift cards and travel. Points also do not expire as long as your account is active.

Methodology

MoneyGeek evaluates credit cards like the Amex Cash Magnet and Freedom Flex for various use cases, with each card receiving scores for different scenarios. This comparison focuses on their highest-scoring use case: cash back. The evaluation considers factors such as the effective reward rate and the return on investment for offers, which significantly contribute to the overall score. For a detailed understanding of our ranking process, you can explore our ranking methodology.

FAQ: Amex Cash Magnet vs. Freedom Flex

What are the sign-up bonuses for each card?
How do the APRs compare between the two cards?
Which card offers better cash back rewards?
Are there any annual fees for either card?
What credit score is required for each card?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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