- Annual percentage rate (APR): 13.99% to 23.99%.
- Purchase intro APR: 0% for 15 months.
- Rewards: 1.5% unlimited cash back.
- Annual fee: $0.
- Late fee: Up to $40.
- Credit score: Good to Excellent (700-850).
- Introductory offer: 10% cash back at supermarkets.
- Compare rewards cards here.
Table of Contents
Benefits
- Cash-back rewards: The main benefit to the American Express Cash Magnet Card is the cash-back rewards. Cardholders earn 1.5% cash back on all purchases, with no upper limit.
- Intro APR: The card has an intro APR of 0% for the first 15 months, making it a great option if you have a big purchase in mind or need to transfer a balance from another card.
- No annual fee: Unlike many other rewards credit cards, the American Express Cash Magnet Card has no annual fee, making it a great option for those who don’t want any extra fees or expenses associated with their card.
Drawbacks
- Limited redemption options: Compared to what they get with some other credit cards, American Express Cash Magnet cardholders don’t have as many options when it comes to redeeming their rewards: cash back can only be redeemed as a statement credit.
- Average rewards rates: While 1.5% cash back isn’t a bad deal, it’s not as competitive as some other cards, and there are no options for bonus categories with higher cash-back rates.
What Can You Expect From the American Express Cash Magnet Card?
American Express Cash Magnet is a simple, no-fuss card with a decent cash-back rate and no annual fee. It comes with some great introductory perks and an attractive, easy-to-understand rewards structure.
Rewards Redemption
Cardholders earn 1.5% cash back on all purchases with no upper limit. You can redeem your rewards in the form of a statement credit, which you can use to pay down your card balance or finance purchases. You also have the option of adding additional cards for friends and family to your account, meaning you can reap additional rewards for their purchases.
Travel Benefits
The American Express Cash Magnet Card comes with a variety of travel benefits. If you rent a car while traveling, you’re eligible for car rental and damage insurance, which protects you in case the car you rent is stolen or damaged. If you travel more than 100 miles from home, you can also access the American Express global hotline. This enables you to get expert, 24/7 help when it comes to medical issues, legal questions, passports, lost luggage, and more.
Fraud Protection
You can rest easy using your card knowing that American Express has your back when it comes to fraud. You won’t be held liable for any fraudulent purchases that are made using your card, which may save you a headache and a lot of money if your card ever falls into the wrong hands. If you think there may be a fraudulent charge on your account, you can call the number on the back of your card to quickly and easily resolve the issue.
Who Should Get the American Express Cash Magnet Card?
If you’re in the market for a simple, no-frills rewards credit card with a decent cash-back rate and easy redemption, then the American Express Cash Magnet Card is for you. With a rate of 1.5% cash back on all purchases, this card makes it easy to earn when you spend.
Since there’s no upper limit when it comes to cash-back rewards, you can reap the benefits no matter what your budget looks like. There’s no annual fee on this card, making it a good option for cost-conscious consumers who want to avoid extra fees and charges.
While the American Express Cash Magnet Card has some pretty compelling benefits, it might not be the best option if you’re looking to truly maximize your rewards earnings. Other cards offer bonuses for specific categories, such as groceries, dining, or travel, and may have redemption methods that allow you to access exclusive deals, maximize your rewards, and save even more money in the long run.
The card also does have a late fee of up to $40, so it’s not a good option for consumers who think they might fall behind on payments every once in a while.
When it comes to rewards cards, it’s hard to beat the American Express Cash Magnet Card for ease and simplicity. It’s a good choice for consumers who are new to rewards credit cards and want a streamlined, easy-to-understand card to earn cash-back with.
Compare other rewards credit cards and learn more here.
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