American Express Cash Magnet® Card
vs. Wells Fargo Active Cash® Card

Updated: June 5, 2024

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Both the American Express Cash Magnet Card and the Wells Fargo Active Cash Card offer enticing cash back rewards and no annual fees. However, the Wells Fargo Active Cash edges ahead with its unlimited 2% cash rewards on purchases, compared to the Cash Magnet's 1.5%. While the Amex Cash Magnet does offer a 0% intro APR for 15 months, which is a strong feature, the higher cash back rate of the Well's Fargo Active Cash card may provide more long-term value. Nevertheless, the Amex Cash Magnet's introductory APR offer and the flexibility of its rewards redemption can still make it a strong contender for those who value those features.

Credit Card logo for American Express Cash Magnet® Card
American Express Cash Magnet® Card
Credit Card logo for Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card
MoneyGeek Rating
3.8/ of 5
MoneyGeek Rating
3.8/ of 5

  • Regular APR
    19.24%–29.99% variable
    20.24%, 25.24%, or 29.99% variable
    0% APR Offer
    0% introductory APR for the first 15 months
    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 2% cash rewards on purchases
    Balance Transfer Offer
    0% introductory APR for the first 15 months
    0% for 15 months on balance transfers
    Balance Transfer Fee
    Either $5 or 3% of the amount of each transfer, whichever is greater
    3% of the amount of each balance transfer
    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 value the flexibility of a flat cash back rate on all purchases without categories to track. Its 1.5% unlimited cash back and the variety of American Express exclusive benefits, such as the Global Assist® Hotline and car rental loss and damage insurance, are beneficial if you travel frequently and prefer the American Express network.

You might prefer the Wells Fargo Active Cash if you're looking for a higher cash back rate on every purchase. With an unlimited 2% cash rewards on purchases and additional perks like cell phone protection, this card offers a straightforward rewards program. Plus, the Visa network's wide acceptance could make this card a more convenient option for everyday use.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards, introductory offers and other features will illuminate which card aligns with your financial landscape. For instance, if you prioritize a higher cash back rate, Wells Fargo Active Cash offers 2% compared to Cash Magnet's 1.5%. Use this section to match card benefits with your spending habits and financial goals.

    discount icon

    Regular APR: Amex Cash Magnet

    The Amex Cash Magnet offers a slightly lower starting APR starting at 19.24%, compared to the Wells Fargo Active Cash's lower limit of 20.24%.

    annualFee icon

    Annual Fee: Tie

    Both the Amex Cash Magnet and the Wells Fargo Active Cash have no annual fee, making them equally attractive for users looking to avoid extra costs.

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    Introductory 0% APRs: Tie

    The Amex Cash Magnet and Wells Fargo Active Cash offer a 0% introductory APR on purchases and balance transfers for 15 months, making them equally attractive for those looking to make a large purchase or transfer a balance. The balance transfer fee for both cards is effectively the same, at 3% of the transfer amount (minimum $5).

    coins icon

    Rewards: Wells Fargo Active Cash

    The Wells Fargo Active Cash offers better rewards, providing unlimited 2% cash rewards on purchases. Unlike the Amex Cash Magnet, which offers 1.5% cash back, Wells Fargo's rewards do not expire as long as the account remains open, and there are more options for redemption, including direct deposit and Wells Fargo ATM withdrawals.

    rewards icon

    Welcome Offers: Wells Fargo Active Cash

    Wells Fargo Active Cash offers a better welcome bonus: a $200 cash rewards bonus after spending $500 in the first three months, compared to the Amex Cash Magnet's $150 statement credit for spending $1,000 in the same period.

    creditApproved icon

    Recommended Credit Score: Tie

    Both cards require a credit score range of 670 to 850, indicating they are equally accessible to individuals with good to excellent credit.

    autopay icon

    Penalties and Fees: Wells Fargo Active Cash

    The Wells Fargo Active Cash is better for penalties and fees. It lacks a penalty APR and has similar late and cash advance fees to the Amex Cash Magnet. Both cards charge up to $40 for late payments, but the Amex Cash Magnet has a 29.99% penalty APR and a slightly lower foreign transaction fee at 2.7%, compared to the Wells Fargo Active Cash's 3%.

    points icon

    Issuer Satisfaction: Amex Cash Magnet

    American Express, the issuer of the Amex Cash Magnet, leads with a rating of 5.0, compared to Wells Fargo, the issuer of the Wells Fargo Active Cash, which has a rating of 4.0.

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    Other Features & Perks: Tie

    Both cards offer unique perks that cater to different needs. The Amex Cash Magnet provides Plan It for flexible payments, travel assistance via the Global Assist Hotline, car rental insurance and exclusive Amex Offers. The Wells Fargo Active Cash offers benefits like Visa Signature Concierge and up to $600 in cell phone protection. Depending on your priorities, either card could enhance your spending experience.

Rewards Comparison

The Wells Fargo Active Cash edges out the Cash Magnet with its 2% cash rewards on all purchases, compared to the Cash Magnet's 1.5%. This approach to earning makes the Wells Fargo Active Cash the better option for those who prefer a higher rewards rate across the board without category restrictions.

While the Amex Cash Magnet may not match the Well's Fargo Active Cash's rewards rate, its simplicity in offering unlimited 1.5% cash back on all purchases is still appealing for those who value American Express benefits and may prefer its customer service or other cardholder perks.

Please refer to the following table for a visual comparison of the bonus categories for each card.

Category
Amex Cash Magnet
Wells Fargo Active Cash

All Other Purchases

1.5%

2%

Redeeming Rewards

The Amex Cash Magnet offers the flexibility to use cash back as statement credits, merchandise or gift cards, with the assurance that your rewards won't expire. On the other hand, the Wells Fargo Active Cash extends redemption to checks, direct deposits and even ATM withdrawals, in addition to the standard options, also without an expiration date as long as your account is active. Both cards provide straightforward redemption processes, but the Wells Fargo Active Cash offers a slightly broader range of options.

Methodology

MoneyGeek evaluates credit cards like the Amex Cash Magnet and Wells Fargo Active Cash based on their performance in various use cases, such as cash back and balance transfers. For this comparison, each card's highest scoring use case is 'cash back'. The evaluation process considers factors such as the value of rewards and the benefits of introductory offers.

The largest factors in the cash back score are the effective reward rate, which carries the most weight, and the return on investment for offers. For a detailed understanding of our ranking process, you can review our ranking methodology.

FAQ: Amex Cash Magnet vs. Wells Fargo Active Cash

What are the cash back rates for the Amex Cash Magnet and the Wells Fargo Active Cash?
Do either of the cards have an annual fee?
What are the introductory offers for these cards?
Can I benefit from a 0% APR period with either card?
Are there any unique perks associated with these cards?

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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