Earn $150 Back and Get 1.5% Back on All Spend With the Amex Cash Magnet Card

Jan 17, 2019

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If you’re looking to earn cash back on your spending without paying an annual fee, the recently launched American Express Cash Magnet® Card offers 1.5% cash back on all purchases, and it’s currently offering new card holders $150 after they spend $1,000 in the first three months.

The value proposition of the Cash Magnet card is pretty straightforward: Earn cash back with no annual fee (See Rates & Fees). If you need to carry a balance, note that the card has a APR of 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 13.99% to 23.99%. (See Rates & Fees)

The Cash Magnet card also comes with other benefits, including car rental insurance, ShopRunner membership and purchase protection, as well as access to the Amex Offers program. The card features Amex’s “Pay It Plan It” program, which is a way to pay off individual items that cost more than $100 over a period of three to 24 months with a fixed monthly fee. Finally, the card charges a 2.7% foreign-transaction fee, (See Rates & Fees) so it’s not a good choice when you’re traveling overseas.

With 1.5% back on spending, the Cash Magnet is an obvious competitor to the Chase Freedom Unlimited, which offers an identical earning structure and also doesn’t charge an annual fee. However, with the Chase card, you have the option to redeem your rewards as transferrable points provided you have an Ultimate Rewards card to transfer the cash back to, whereas with the Cash Cash Magnet card, you’ll be locked in to redeeming your cash back as statement credits or toward gift cards and merchandise.

Bottom Line

The Cash Magnet card earns 1.5% back on all purchases, which is respectable though not the highest you can get with a cash-back card. The Citi® Double Cash Card takes the cake there, with 1% cash back when you buy and 1% back when you pay your bill, and the Chase Freedom Unlimited also has a slight advantage for rewards-minded users, since they can actually redeem their cash back with travel partners once they transfer rewards over to an Ultimate Rewards card. But the welcome bonus isn’t bad for a cash-back card with no annual fee, so if you’re looking to put some money in your purse or wallet, the Amex Cash Cash Magnet‘s not a bad way to go.

Featured photo by dolgachov/Getty Images.

For rates and fees of the Amex Magnet card, please click here.

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points

TPG'S BONUS VALUATION*: $1,650

CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

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More Things to Know
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Regular APR
15.99%-22.99% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

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