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- American Express Cash Magnet® Card
Great choice for simple cash back on all purchases
- 1.5% Cash BackRewards Rate
- 18.99% – 29.99% VariableAPR
- $0Annual Fee
- Good–ExcellentRecommended Credit
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The American Express Cash Magnet® Card is a straightforward credit card offering a flat rate of rewards on all spending. This card's main draw lies in its unlimited 1.5% cash back on eligible purchases, making it an excellent choice for those who prefer a consistent and hassle-free approach to earning rewards. Whether you're shopping for groceries, dining out, or making everyday purchases, the card ensures that you are constantly earning cash back with every swipe. This simplicity, coupled with a lack of spending caps or thresholds, allows cardholders to easily accumulate cash back rewards on their everyday spending, helping to offset expenses.
American Express Cash Magnet® Card Overview
The American Express Cash Magnet® Card brings simplicity and valuable rewards to everyday spending. Here's what you should know about its key features and benefits.
- Rewards rate: Unlimited 1.5% cash back
- Welcome offer: Earn a $200 statement credit after spending $2,000 in purchases within the first 6 months
- Regular APR: 18.99% – 29.99% (variable)
- Annual fee: $0
- Intro APR offer: 0% introductory APR on purchases for 15 months (then 118.99% – 29.99% variable APR)
Important Card Details
Understanding a credit card's main features is crucial in order to select a card that aligns with your financial needs and goals and maximize the card's benefits and rewards. Here’s what you should know about this card.
Simple Flat Rate Rewards
The value of a flat-rate cash back structure, like the 1.5% offered on all purchases with this card, is in its simplicity and consistency. With a flat rate, cardholders can earn a fixed percentage of cash back on all purchases, eliminating the need to keep track of rotating categories or spending thresholds, making it easier to calculate and maximize their cash back earnings.
Decent Intro APR Period
The 15-month introductory APR on purchases (followed by 18.99% to 29.99% variable APR) offers valuable financial flexibility, allowing you to make larger purchases and carry a balance without accruing interest for a limited time. This can be particularly useful for managing temporarily high expenses or unexpected costs.
Low Welcome Offer
While it may have a relatively low welcome offer compared to some other cards, the American Express Cash Magnet® Card's ongoing rewards structure, simplicity, and lack of an annual fee can still make it a compelling choice for those seeking consistent cash back rewards on their everyday spending.
No Annual Fee
The absence of an annual fee adds significant value by eliminating an extra cost that some credit cards often impose. Without an annual fee, you can fully enjoy the benefits and rewards of the card without the burden of paying an additional fee, making it easier to maximize your cash back rewards.
Regular APR
This card's regular APR is 18.99% to 29.99%, which is higher than the average APR for consumer cards. If you're confident you'll be paying your balance off on time and in full each month this won't matter too much. Keep this in mind, though, if you know you're likely to carry a balance on this card as it'll cost you more in interest than some other cards.
Foreign Transaction Fees
This card's foreign transaction fee of 2.7% probably isn't a dealbreaker. However, it makes this card a less than ideal choice if you want to use it while abroad or if you do a lot of online shopping with overseas merchants.
How the American Express Cash Magnet® Card Compares To Other Cards
It's important to examine the American Express Cash Magnet® Card alongside other credit cards, evaluating respective features, rewards programs, fees, and benefits to help you determine which card aligns best with your financial goals and preferences.
How This Card Compares
American Express Cash Magnet® Card
- Rewards rate: Unlimited 1.5% cash back
- Welcome offer: Earn a $200 statement credit after spending $2,000 in purchases within the first 6 months
- Regular APR: 18.99% – 29.99% (variable)
- Annual fee: $0
- Intro APR offer: 0% introductory APR on purchases for 15 months (then 18.99% – 29.99% variable APR)
- Best For: Simple cash back on everyday purchases
Citi® Double Cash Card
- Rewards rate: 1% when you make a purchase, and another 1% when you pay it off
- Welcome offer: None
- Regular APR: 18.99% to 28.99% (variable)
- Annual fee: $0
- Intro APR offer: 0% introductory APR on balance transfers for 18 months (then 18.99% to 28.99% variable APR)
- Best For: Generous cash back and payment incentive
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