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 0% intro APR on purchases and balance transfers for 15 months, after which it’ll be a variable rate from 14.49% to 25.49%. (See Rates & Fees)

The Cash Magnet card also comes with other benefits, including car rental insurance, travel accident 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 without interest but 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.

2018 TPG Award Winner: Mid-Tier Card of the Year
Chase Sapphire Preferred® Card

WELCOME OFFER: 60,000 Points

TPG'S BONUS VALUATION*: $1,200

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 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 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, 60,000 points are worth $750 toward travel
Intro APR on Purchases
N/A
Regular APR
17.49% - 24.49% 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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