American Express Cash Magnet® Card Review
Updated: September 27, 2024
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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.
When selecting a credit card, thoroughly assess its features because each aspect can significantly impact your financial management and the benefits you receive.
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.
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.
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.
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.
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.
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.
American Express Cash Magnet® Card
Citi® Double Cash Card
All Cash Magnet Card Card Comparisons
Eligibility and benefit levels vary by card. Terms, conditions, and limitations apply. For more details, please visit americanexpress.com/benefitsguide. Underwritten by Amex Assurance Company.
For rates and fees of the American Express Cash Magnet® Card, please click here.
About Grace Pilling
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.
