American Express Cash Magnet® Card
vs. Capital One Quicksilver Cash Rewards Credit Card

Updated: June 24, 2024

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Both the American Express Cash Magnet® Card and the Capital One Quicksilver Cash Rewards Credit Card offer enticing cash back rewards and no annual fee, making them top contenders for anyone seeking a straightforward rewards card. The Quicksilver edges ahead with a lower spend requirement for its welcome bonus, making it more appealing for many users.

The Amex Cash Magnet's 0% introductory APR for 15 months on purchases is a compelling feature for those planning significant spending soon.

Ultimately, the best card for you depends on your preference for introductory spending bonuses vs. longer-term APR benefits.

Credit Card logo for American Express Cash Magnet® Card
American Express Cash Magnet® Card
Credit Card logo for Capital One Quicksilver Cash Rewards Credit Card
Capital One Quicksilver Cash Rewards Credit Card
MoneyGeek Rating
3.8/ of 5
MoneyGeek Rating
3.8/ of 5

  • Regular APR
    19.24%–29.99% variable
    19.99% - 29.99% variable
    0% APR Offer
    0% introductory APR for the first 15 months from the date of account opening
    0% for 15 months on purchases
    Intro Offer
    $150 statement credit
    Earn $200 Cash Back
    Rewards Summary
    Unlimited 1.5% cash back on your purchases
    Earn unlimited 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% for 15 months on balance transfers
    Balance Transfer Fee
    Either $5 or 3% of the amount of each transfer, whichever is greater
    3% for the first 15 months
    Annual Fee
    $0
    $0
    Recommended Credit
    670–850 (Good to Excellent)
    670-850 (Good to Excellent)
    Penalty APR
    29.99%
    None
    Not sure?

Which Card Is Better for You?

You might prefer the Amex Cash Magnet if you're looking for a straightforward cash back card with a consistent rewards rate on all purchases. With its unlimited 1.5% cash back and a potential $200 statement credit after meeting the spending requirement, it's a solid choice for those who prefer American Express and can utilize its additional travel and shopping benefits.

You might prefer the Quicksilver if you want a card that offers a quick win, with its lower spending requirement for the welcome bonus and diverse earning potential. The additional 5% cash back on travel booked through Capital One Travel and the unlimited 1.5% cash back on all other purchases make it a versatile card for everyday spending and travel.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards, introductory offers and additional features will help determine which card aligns with your financial landscape. Pinpoint the differences, such as balance transfer fees or exclusive travel rewards, to discern which card complements your spending habits and rewards preferences.

    discount icon

    Regular APR: Amex Cash Magnet

    The Amex Cash Magnet offers a slightly better regular APR, starting at 19.24%, compared to Quicksilver's starting APR of 19.99%. The lower APR could lead to lower interest costs for cardholders.

    annualFee icon

    Annual Fee: Tie

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

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    Introductory 0% APRs: Tie

    Both the Amex Cash Magnet and Quicksilver cards offer a 0% introductory APR on purchases and balance transfers for the first 15 months, making them equally attractive for those looking to make a large purchase or transfer balances. The balance transfer fee for both cards is the same — a 3% fee —making this feature a tie between the two.

    coins icon

    Rewards: Quicksilver

    The Quicksilver is better for rewards, offering unlimited 1.5% cash back on every purchase and an additional 5% back on hotels and rental cars booked through Capital One Travel. Both cards' rewards do not expire, but Quicksilver's broader redemption options and bonus categories provide greater flexibility and value.

    rewards icon

    Welcome Offers: Quicksilver

    Quicksilver is better for welcome offers, offering a higher cash bonus of $200 with a lower spending requirement of $500 within three months. In contrast, Amex Cash Magnet offers a $150 statement credit for spending $1,000 in the same period.

    creditApproved icon

    Recommended Credit Score: Tie

    Both the Amex Cash Magnet and Quicksilver cards require a credit score range of 670 to 850 (good to excellent), making them equally accessible to individuals within this credit score range.

    autopay icon

    Penalties and Fees: Quicksilver

    The Quicksilver card is better for penalties and fees, offering no penalty APR and no foreign transaction fees, compared to the Amex Cash Magnet's 29.99% penalty APR and 2.7% foreign transaction fee.

    points icon

    Issuer Satisfaction: Amex Cash Magnet

    The Amex Cash Magnet card leads in issuer satisfaction, with a rating of 5.0 for American Express, compared to Capital One's rating of 4.2.

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    Other Features & Perks: Tie

    Both cards offer unique perks. Amex Cash Magnet includes benefits like the Plan It feature, Global Assist Hotline, car rental loss and damage insurance and Amex Offers. Quicksilver counters with up to six months of complimentary Uber One membership. Each card's perks cater to different preferences, making this a tie.

Rewards Comparison

The Quicksilver card offers a slightly higher expected reward value than the Amex Cash Magnet. Both cards provide a straightforward 1.5% cash back on all purchases, but Quicksilver takes the lead with its additional 5% cash back on hotels and rental cars booked through Capital One Travel. This extra category makes Quicksilver the more rewarding option for those who travel and book through Capital One's platform.

While the Amex Cash Magnet doesn't offer higher rates in specific categories, its flat-rate cash back is consistent across all spending. If you prefer simplicity and don't often book travel through Capital One, the Amex Cash Magnet offers a solid rewards program.

Below is a table of bonus categories to help you compare the rewards programs of both cards at a glance.

Category
Amex Cash Magnet
Quicksilver

Hotels

1.5%

5% if booked through Capital One Travel

Rental Cars

1.5%

5% if booked through Capital One Travel

All Other Purchases

Unlimited 1.5%

Unlimited 1.5%

Redeeming Rewards

Both the Amex Cash Magnet and Quicksilver offer cash back with flexible redemption options. The Amex Cash Magnet allows you to apply your cash back as a statement credit or redeem it for merchandise or gift cards. There is no expiration on your earnings.

The Quicksilver provides a similar range of redemption choices, including statement credits and checks, with the added convenience of automatic redemption settings and no expiration as long as the account remains open.

Methodology

MoneyGeek evaluates credit cards like the Amex Cash Magnet and Quicksilver for various use cases, with each card receiving scores for different scenarios. In this comparison, we focus on the use case where each card scores the highest, which is cash back for both. The most significant factors in determining these scores are the effective reward rate and the return on investment for offers. For a deeper understanding of our ranking process, you can explore our ranking methodology.

FAQ: Amex Cash Magnet vs. Quicksilver

What are the cash back rewards for each card?
Do either of the cards charge an annual fee?
Which card offers a better introductory APR on purchases?
Are there foreign transaction fees for either card?
What are the welcome offers 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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