American Express Cash Magnet® Card Review

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ByGrace Pilling
Edited byLukas Velunta
ByGrace Pilling
Edited byLukas Velunta

Updated: June 13, 2024

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American Express Cash Magnet® Card
Credit Card logo for American Express Cash Magnet® Card
MoneyGeek Rating
3.9/ of 5

Rewards RateUnlimited 1.5% Cash Back on your purchases
APR19.24%–29.99%
Annual Fee$0
Recommended Credit670–850 (Good to Excellent)

The American Express Cash Magnet® Card perfectly balances value and functionality. Ideal for cost-conscious spenders, it offers no annual fees and a generous welcome bonus, making it financially appealing from the start. Its unlimited cash back, redeemable as statement credits, provides continuous rewards on purchases. While its higher APR post-introductory period and less widespread acceptance compared to Visa or Mastercard are points to consider, the card's added benefits, including travel assistance and exclusive shopping rewards, significantly boost its overall appeal, particularly for those who frequently travel or indulge in retail therapy.

American Express Cash Magnet® CardOverview

When selecting a credit card, thoroughly assess its features because each aspect can significantly impact your financial management and the benefits you receive.

  • Rewards rate: Earn unlimited 1.5% cash back on all your purchases
  • Welcome offer: Earn $200 statement credit if you spend $2,000 in first 6 months
  • Regular APR: 18.99%–29.99% variable APR
  • Annual fee: $0
  • Intro APR offer: 0% Intro APR on purchases for 15 months from the date of account opening then 18.99%–29.99% variable APR after that

Important Card Details

In evaluating the American Express Cash Magnet® Card, consider its features that cater to diverse financial needs and spending habits. From its straightforward reward system to its varied additional benefits, this card presents opportunities and considerations for prospective cardholders.

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    Cash Back Reward

    When using the American Express Cash Magnet® Card, you're rewarded with an unlimited 1.5% cash back on every purchase. But what does this mean for you? Imagine making a $100 purchase and getting $1.50 back, each time, without any limitations on how much you can earn. Over time, these rewards can add up, providing you a significant return on your daily spending. And the best part? These aren't points or miles; you get your rewards as straightforward "Reward Dollars" that can be easily converted into statement credits.

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    Fees

    The word "fee" can often be a red flag for many cardholders, but the American Express Cash Magnet® Card is quite consumer-friendly in this aspect. With no annual fee, cardholders can potentially save a significant amount each year compared with cards that charge an annual fee. But after enjoying a 0% Intro APR for 15 months on purchases, a variable APR, ranging from 18.99% to 29.99%, kicks in. Also, while Plan It® offers flexibility in payment plans, it comes with its own fixed fee.

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    Welcome Bonus

    The allure of a welcome bonus can't be ignored. With the American Express Cash Magnet® Card, new members can earn a $200 statement credit after spending just $2,000 within the first six months. That's a 10% return on your spending, making it an enticing offer for those who are considering a new card.

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    0% Intro APR

    The American Express Cash Magnet® Card offers a 0% APR on purchases for the first 15 months, then 18.99% to 29.99% after that. This is like an interest-free period, allowing you to make purchases without added interest costs. It's especially handy for big-ticket items or spreading out costs. However, after 15 months, regular interest rates apply, so it's wise to pay off larger balances before this period ends.

How the American Express Cash Magnet® Card Compares

In this comparison, we'll meticulously examine the features, benefits and potential drawbacks of the American Express Cash Magnet® Card and another popular card to help you determine which card aligns best with your financial needs and spending habits.

Key Takeaways

creditCard icon

American Express Cash Magnet® Card

  • Rewards rate: Earn unlimited 1.5% cash back on all your purchases
  • Welcome offer: Earn $200 statement credit if you spend $2,000 in first 6 months
  • Regular APR: 18.99%–29.99% variable APR
  • Annual fee: $0
  • Intro APR offer: 0% Intro APR on purchases for 15 months from the date of account opening then 18.99%–29.99% variable APR after that
  • Best for: Those seeking a simple cash back structure with no annual fee and for individuals planning sizable purchases who can benefit from the introductory APR period and welcome bonus.
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Citi® Double Cash Card

  • Rewards rate: Earn 2% cash back on every purchase: 1% when you buy and 1% as you pay. Limited-time offer: 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel portal (for a limited time, through 12/31/24).
  • Welcome offer: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back).
  • Regular APR: 19.24% – 29.24% (variable)
  • Annual fee: $0
  • Intro APR offer: None
  • Best for: Regular spenders seeking a straightforward rewards program and no annual fee, with added benefits on travel bookings through Citi Travel.

About Grace Pilling


Grace Pilling headshot

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.


*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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