Rewards Plan
Welcome Bonus
Our Rating
0% Intro
APR
- Welcome Bonus
- 0% Intro APR
- Limited Redemption Options
- Foreign Transaction Fee
Rewards Plan
Welcome Bonus
Our Rating
PROS
- Welcome Bonus
- 0% Intro APR
CONS
- Limited Redemption Options
- Foreign Transaction Fee
APR
18.74% - 29.74% Variable
Annual Fee
$0
0% Intro
15 months on purchases
Credit Requirements
Good - Excellent
The American Express Cash Magnet® Card is a straightforward rewards credit card that appeals to those seeking simplicity with a flat cash back rate on all purchases as well as enticing 0% intro APR.
The Amex Cash Magnet offers you 1.5% flat-rate cash back on all eligible purchases you make with the card. There is also a welcome bonus of $150 statement credit for spending $1,000 in the first 3 months of account opening. The card has some basic additional benefits, such as access to American Express Experiences, car rental insurance, and a global assist hotline for travelers.
Compared to other credit cards, the American Express Cash Magnet Card does not offer any significantly special reward you can’t find elsewhere, but its good intro APR, modest fees and clear-cut rewards system make it beneficial to anyone looking to earn rewards without having to track spending categories.
Can I Get Car Rental Insurance With the American Express Cash Magnet?
The American Express Cash Magnet card does come with car rental coverage.
When you use your card to reserve and pay for the rental and decline the rental company collision damage waiver, you will have Damage to and Theft of insurance for rental vehicles in covered territories. This provides secondary coverage, but you’ll still need liability coverage.
What is the Initial Credit Limit?
American Express does not disclose official minimum initial credit limit guidelines, but customers suggest it can be as low as $1,000 up to $10,000 or more.
Your credit limit will be determined according to several factors, including your credit score, income, and other criteria.
How Do I Redeem Cash Back?
You can redeem your cash back any time, providing you have at least $25. All you need to do is log into your account and click Use Reward Dollars.
You can select the amount you would like to redeem, which will be applied to your account as a statement credit. The credit will usually appear on your account within three business days.
What Purchases Don't Earn Cashback?
Although you can earn unlimited cash back with this card, some purchases will not earn you cash back. These include reloading pre-paid cards and purchasing traveler’s checks, cash advances, interest charges, or other cash equivalents.
How to Maximize Rewards?
Since you can earn unlimited cash back on your purchases with no categories, there are no strategic spending tactics to maximize your rewards.
However, it is possible to earn the possible rewards by using your card for all your everyday purchases. If you don’t have sufficient available credit, it could be a good idea to make a mid-statement payment to your account, allowing you to continue using your card.
Editorial Note: Terms apply to American Express benefits and offers. Enrollments may be required for select benefits. Visit americanexpress.com to learn more
Table of Contents
Pros & Cons
Let’s take a closer look at the pros and cons of the Amex Cash Magnet Card:
Pros | Cons |
|---|---|
Welcome Bonus | Average Cashback Ratio |
Flat Cash Back Rate | Foreign Transaction Fee |
0% Intro APR | Limited Redemption Options
|
American Express Experiences | |
Car Rental Loss and Damage Insurance |
- Welcome Bonus
You earn up to $150 statement credit for spending $1,000 in the first 3 months of account opening This can easily be clinched by charging basic monthly expenses to the card.
- Flat Cash Back Rate
The card offers a straightforward unlimited 1.5 percent cash back on all purchases, eliminating the need to navigate or activate bonus spending categories.
- Car Rental Loss and Damage Insurance
When paying for the entire car rental with the card and declining the rental company's collision damage waiver, users receive secondary coverage against damage or theft of the rental vehicle.
- 0% Intro APR
Earn 15 months on purchases made with your credit card from the opening date (then APR of 18.74% – 29.74% Variable will apply).
This is three months longer than the average intro period on other credit cards. This is beneficial if you have to make costly purchases which may cause you to carry debt.
- Access to American Express Experiences
Cardholders gain access to exclusive ticket pre-sales and cardmember-only events through the American Express Experiences program.
- Average Cashback Ratio
1.5% cash back is nice, but there are cards that offer higher flat rate cashback and much higher cashback on specific categories.
- Foreign Transaction Fee
The card imposes a foreign transaction fee of 2.7% (see rates and fees), making it less favorable for international travelers.
- Limited Redemption Options
Rewards earned with the American Express Cash Magnet Card can only be redeemed as statement credits, merchandise, or gift cards.
This may not be ideal for those who prefer more flexible rewards they can use for other purposes. Additionally, your rewards aren’t transferable, and you can’t redeem them until you’ve accumulated at least $25.
Application Process
- 1.
Applying for the American Express Cash Magnet Card is simple and straightforward.
If you don’t have a US credit history, you should have a good credit history in at least one of these countries: Canada, Australia, the UK, Mexico, or India.
To get started, visit the American Express homepage, go to the “Personal Cards” section, and select “Cash Magnet® Card” from the list of cash back cards. Then, click “Apply Now” to begin your application.
- 2.
The application is a 3-stage process:
- Provide Info (about yourself)
- Submit Application
- Get Decision
Everything takes only a few minutes.
First, provide information about yourself:
Fill in your full name (as it will appear on the card), email address, date of birth, phone number and home address. Provide your social security number, total annual income and income source.
NB: You may choose to enter your non-taxable annual income if it applies to you. This includes child support, social security, disability, etc. Leave this field blank if you’re under 21.
- 3.
In the next stage, you will be presented with the Terms & Conditions. You may print or save it before agreeing. Once you have agreed, click on submit and you’re done.
- 4.
Wait a few seconds for the result of your application on the next page. If you don’t get a decision immediately, wait up to 14 days to receive a response from American Express on your application status. Do not resend it.
How It Compared To Cashback Cards With 0% Intro APR?
The American Express Cash Magnet® Card offers a competitive option for those seeking a balance between cash rewards and a temporary break from interest charges.
Cards like the Wells Fargo Active Cash® Card and Citi Double Cash® Card offers 2% flat rate cash back rate, outperforming the Cash Magnet in terms of cash rewards. These alternatives also feature no annual fees and similar introductory APR period.
Chase Freedom Unlimited, for instance, offers a 0% intro APR for 15 months on purchases and balance transfers, similar to the Cash Magnet, but stands out with its higher cash back rate of 5% cash back on travel booked through Chase Ultimate Rewards, 3% on dining (including takeout and eligible delivery), 3% on drugstore purchases, and 1.5% on all other purchases. This potentially provides more substantial rewards for those who frequently spend in these categories.
Another worth mentioning card is the Capital One SavorOne, which offers 0% intro APR for 15 months and offers a higher cash back rate of unlimited 3% cash back on dining, entertainment, popular streaming services, and grocery store purchases (excluding superstores like Walmart® and Target®). You’ll also earn 1% on all other purchases. Plus, you get 10% cash back on purchases through Uber and Uber Eats, 8% on Capital One Entertainment purchases, and 5% on hotels and rental cars booked through Capital One Travel, making it appealing for individuals who prioritize these expenses.
Lastly in the category is the Bank Of America Customized Cash Rewards with its 0% intro APR for 15 billing cycles, allows users to earn cash back in categories of their choice, including a 3% cash back option on a category like gas or online shopping.
FAQ
American Express has a 24/7 customer support phone line, so you can access help or have queries answered at any time of the day or night. While you may have to wait on hold during peak periods, it does mean that you don’t have to worry about getting through before the end of the business day.
One of the nice things about the American Express Cash Magnet card is that there are no confusing reward categories or conversions. Rather than using points or miles, you’ll earn a percentage of cash back, which is reflected in dollars. These reward dollars are redeemed in a 1:1 ratio for statement credit
American Express National Bank is part of the Amex group, but the accounts are not connected to any American Express credit cards. Each account has its own login via the appropriate website, so they are not integrated.
The American Express Cash Magnet is ideal if you’re looking for a credit card with a simple reward structure. You’ll earn flat cash back without having to worry about spending categories or caps.
Additionally, since it is a cashback percentage, there are no complicated redemption conversions or ratios. You can simply request a statement credit using your reward dollars at any time, providing you have at least $25.
Compare The Alternatives
Several other credit cards provide similar rewards to the Amex Cash Magnet. Before applying, you may want to take a look to make the smartest decision:
|  |
| |
|---|---|---|---|
American Express EveryDay® Card | Chase Freedom Flex℠ Card | Citi® Double Cash Card | |
Annual Fee | $0
. See Fees & Rates
| $0
| $0
|
Rewards |
1X – 2X
2X points at U.S. supermarkets (up to $6,000 per year, then 1X), 2X points on prepaid rental cars booked through American Express Travel and 1X points on all other purchases
|
1-5%
|
1% – 2%
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
|
Welcome bonus |
10,000 points
10,000 points after you spend $2,000 in purchases on your new card within the first 6 months
|
$200
|
$200
$200 cash back after spending $1,500 on purchases in the first 6 months
|
Foreign Transaction Fee | 2.7%
| 3%
| 3%
|
Purchase APR | 17.74% – 28.74% Variable
| 19.99% – 28.74% variable
| 18.74% – 28.74% (Variable)
|
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All information about American Express Cash Magnet Card has been collected independently by The Smart Investor. American Express Cash Magnet Card Card is no longer available through The Smart Investor.
