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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Reviews
American Express Cash Magnet Card review: Not quite the cash-back king
Chris was a reporter at The Points Guy, where he covered the intersection of credit card rewards and travel. At TPG, he wrote a broad array of stories ranging from in-depth features and reports to trending travel news as it related to loyalty, card benefits and consumer behavior.
When Ryan worked as a TPG credit cards writer, he oversaw refreshes of card reviews and card offer stories. He enjoyed racking up cash back and helping readers maximize their points and miles for their next big trip.
also contributed to this story
February 24, 2025 • 7 min read
ROB LEWINE/GETTY IMAGES
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: This card is no longer available to new applicants.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
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Quick summary
This card offered a straightforward cash-back rate on all purchases, appealing to those who prefer simplicity over tracking bonus categories.
It is no longer accepting new applications, limiting options for prospective cardholders.
Benefits included various purchase protections, car rental coverage and access to select travel and shopping features.
While easy to use, the card's earning potential is outperformed by several other cash-back products.
What to consider
Redemption options are limited to statement credits and select online merchants, with no ability to transfer to travel partners.
The product is currently unavailable for new applicants, so only existing cardholders can use its features.
Eligibility for certain benefits and installment payment plans depends on individual credit history and enrollment.
What you'll miss from the article
A detailed comparison of how this card stacks up against other leading cash-back options, including those with bonus categories or higher earning rates.
Generated by AI with support from our editorial team.
If simplicity is your thing, the American Express Cash Magnet® card is one of the easiest cards to wrap your head around, with its flat 1.5% cash back earning rate on everything purchased. There are no bonus categories to remember or points to figure out how to redeem. However, there are better options for maximizing your spending which is good to know since the Amex Cash Magnet is no longer accepting applications. Card Rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
It's great when credit card rewards are easy to earn — simply tap or swipe to pay and watch your reward currency balance grow. That's the case for many cash-back cards, including the Amex Cash Magnet.
If you want a one-card wallet where you don't have to think too hard about the card you're using, the Cash Magnet can make a lot of sense. However, this isn't the most lucrative cash-back card, so it might pay to look at other options.
This no-annual-fee product is currently not accepting applications. If you're curious how this card stacks up against other American Express offerings, let's dive in and take a closer look.
The information for the Amex Cash Magnet Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Amex Cash Magnet pros and cons
Pros
Cons
Flat cash back rate on all purchases
No annual fee
Various insurance and protections
Outclassed by other no-annual-fee cash-back cards
Limited redemption options
Amex Cash Magnet welcome offer
When applications were open for the Amex Cash Magnet card, applicants had the ability to earn a $200 statement credit after spending $2,000 within the first six months of card membership.
THE POINTS GUY
This welcome offer is in line with what we typically see on many no-annual-fee cash-back cards.
Amex Cash Magnet benefits
This card also comes with a variety of benefits as part of the American Express card network. For no annual fee, cardmembers are eligible for a solid number of benefits, including:
Car rental loss and damage insurance: You'll receive secondary coverage for a rental car when you decline the collision damage waiver at the counter and pay for the entire rental with your card*
Purchase Protection: You'll be reimbursed for up to $1,000 per covered incident and up to $50,000 per year for theft, loss or accidental damage to eligible items that occurred within 90 days of purchase when you pay for the item with your card**
Additionally, as an Amex cardmember, you're eligible for the Plan It® program, which allows you to pay off purchases of $100 or more in monthly installments. To use this feature, you must first be deemed eligible per your credit history. You'll manage your plan via the American Express app if you qualify.
Enrollment is required for select benefits; terms apply.
*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc. **Eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. ***Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Cardmembers are responsible for the costs charged by third-party service providers.
The Cash Magnet's most notable feature is its unlimited cash-back earning ability. With this card, you'll receive 1.5% cash back on every purchase — there are no bonus categories to keep track of or spending caps to remember.
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On the downside, bonus categories offered on other cards can allow you to earn much more cash back than earning the same percentage across every purchase.
Redeeming cash back with the Amex Cash Magnet
Amex Cash Magnet cardmembers are rewarded with cash back in the form of "Reward Dollars" that can be used toward statement credits and at Amazon.com checkout.
Note that you cannot earn or redeem Amex Membership Rewards points with this card — a downside if you're looking to redeem your rewards for travel like TPG credit cards editor Emily Thompson prefers.
Which cards compete with the Amex Cash Magnet?
While there is something to be said for simplicity, there are better cash back options out there.
If you want a better earning rate: The (see rates and fees) takes center stage with 2% cash back on all purchases (1% when you make purchases, 1% when as you pay them off). Cardholders can also convert the cash back they earn to ThankYou Points via another qualifying Citi card. To learn more, read our full review of the Double Cash.
If you want bonus categories: The (see rates and fees) offers the same 1.5% cash back on purchases, plus 5% back on travel booked through Chase Travel℠ and 3% on dining and drugstores. Cardholders can also convert their cash back to Chase Ultimate Rewards points with the right card pairing. To learn more, read our full review of the Freedom Unlimited.
If you're willing to pay an annual fee: Consider the . This card has a $0 introductory annual fee for the first year, then $95 each year thereafter (see rates and fees). With this card, you'll earn 6% cash back at U.S. supermarkets (on up to the first $6,000 in spending each year, then 1%) and select U.S. streaming subscriptions, 3% cash back at U.S. gas stations and transit and 1% cash back on all other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout. To learn more, read our full review of the Amex Blue Cash Preferred.
The Amex Cash Magnet offers one way to earn cash back on purchases you'd be making anyway. However, there are many better options for a cash-back card, so be sure to review all of your options before deciding on one.
Bottom line
While the Amex Cash Magnet's simplicity is nice for some, its earning rate is disappointing compared to direct competitors. You can get some value from this card — especially if you're a high spender, but if your goal is to maximize a no-annual-fee cash-back card, you can do better than the Amex Cash Magnet.
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
