American Express Cash Magnet® Card Review

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American Express Cash Magnet® Card American Express Cash Magnet® Card
Editor’s Score: (3.8/5)
Learn more externa link icon At our partner’s secure site. See Rates & Fees, Terms Apply.
American Express Cash Magnet® Card
Editor’s Score: (3.8/5)
  • Intro bonus:
    $150
  • Annual fee:
    $0
  • Regular APR:
    13.99%-23.99% Variable
  • Recommended credit score:
    670-850 (Good to Excellent)
Rewards rate:

Unlimited 1.5% Cash Back on your purchases.

NextAdvisor’s Take

Pros
  • 1.5% cash back on all purchases
  • No annual fee
  • Complimentary ShopRunner membership
Cons
  • No bonus categories
  • 2.7% fee on foreign transactions
  • No access to Amex Membership Rewards program
The Bottom Line
The American Express Cash Magnet card is a good no-frills, entry-level credit card that earns 1.5% cash back on every purchase. But while its simple earning structure can be a selling point, there are other cards on the market that can help you save even more on your everyday purchases.

Additional Card Details

  • No annual fee
  • 0% introductory APR on purchases for the first 15 months, and 13.99% to 23.99% variable APR after that (See Rates & Fees)
  • Access to Amex Offers program
  • ShopRunner membership, for free two-day shipping from eligible retailers
  • Purchase protection
  • Car rental loss and damage protection
  • Pay It, Plan It
  • 2.7% foreign transaction fee (See Rates & Fees)

Amex Cash Magnet Full Review

Card Type

The Amex Cash Magnet card is a cash-back card offering unlimited 1.5% on every purchase.

Annual Fee

There is a $0 annual fee for the Amex Cash Magnet card.

Welcome Offer

Earn a $150 statement credit after spending $1,000 in the first three months.

Rewards

Earn 1.5% cash back on all purchases. You can redeem your cash back for statement credits after you reach at least $25 in rewards value.

Fees 

This card offers 0% introductory APR on purchases for the first 15 months, and 13.99% to 23.99% variable APR after that (See Rates & Fees). There’s a 2.7% foreign transaction fee for purchases made internationally (See Rates & Fees). If you make a late payment or your payment is returned, you may incur a fee up to $40 and penalty APR up to 29.99%.

How to Use Amex Cash Magnet

Since the Amex Cash Magnet card earns 1.5% cash back on all purchases, it’s a good card to use for everything you buy, if it’s the only card you have. But since this card has a 2.7% foreign transaction fee, we don’t recommend using it for any purchases while abroad. There are other cards that do not charge foreign transaction fees and are a better choice for international travel.

It doesn’t have any bonus categories, so you won’t get any additional cash back for purchases you might make often, such as dining and travel. If you do have another card that earns either more cash back or travel rewards points on different bonus categories, we recommend using it for those purchases, and the Cash Magnet card on everything else.

To use your cash back, you’ll be awarded what Amex calls Reward Dollars, which you can put toward a statement credit, merchandise or even gift cards. You’ll need at least $25 worth of Reward Dollars for a redemption.

You can further maximize this card by taking advantage of its 0% interest introductory offer on purchases for the first 15 months (13.99% – 23.99% variable APR thereafter). If you have a large upcoming purchase and want the flexibility to pay it off without interest over time and earn a bit of cash back, this can be a solid option.

American Express Cash Magnet Compared to Other Cards

American Express Cash Magnet® Card

American Express Cash Magnet® Card

Editor’s Score: (3.8/5)
Chase Freedom Unlimited®

Chase Freedom Unlimited®

Editor’s Score: (4.7/5)
  • Intro bonus:
    Earn an Additional 1.5% Cash Back
  • Annual fee:
    $0
  • Regular APR:
    14.99% – 23.74% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Chase’s secure site
Citi® Double Cash Card

Citi® Double Cash Card

Editor’s Score: (4.4/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    13.99% – 23.99% (Variable)
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon At our partner’s secure site

Is Amex Cash Magnet Right for You?

This is a solid beginner credit card, and is worth your attention if you’re looking for a no-annual-fee cash back credit card. Since it earns 1.5% cash back on everything, it’s an easy way to save money on all of your purchases, without any special bonus categories that earn extra rewards. 

If you’re looking for a no annual fee card and a way to save a bit of money here and there, this card could be worth looking into. It’s also an entry-level card and is a decent pick if you have a good credit score of at least 670 and above. It could be worthwhile to get this card to familiarize yourself with the perks and responsibility of having a credit card, while building up your credit for a card with more bells and whistles that requires an excellent credit score.

It also offers solid retail perks, mentioned above, such as the complimentary ShopRunner membership and purchase protection.

Another valuable factor is the card’s welcome offer: A $150 statement credit after spending $1,000 in the first three months of account opening. This offer can change and vary based on other factors, so be sure to check and confirm what applies to you. While it’s far from the most valuable offer on the market either way, spending about $333 per month and getting a $150 statement credit is a solid deal.

Still, there are better cards on the market for pure cash back earnings. For example, the Chase Freedom Unlimited® card also does not have an annual fee, but its earning structure comes with bonus categories: 5% cash back when booking travel through the Chase portal, 3% on dining and at drugstores, and 1.5% on everything else. And as with any American Express card, it isn’t as universally accepted as a Visa or Mastercard.

Still, there are better cards on the market for pure cash back earnings. For example, the Chase Freedom Unlimited® card also does not have an annual fee, but its earning structure comes with bonus categories: 5% cash back when booking travel through the Chase portal, 3% on dining and at drugstores, and 1.5% on everything else. And as with any American Express card, it isn’t as universally accepted as a Visa or Mastercard.

All information about the American Express Cash Magnet Card and Citi Double Cash Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

For rates and fees of the American Express Cash Magnet Card, click here.

Frequently Asked Questions

What is the minimum credit score required for the Amex Cash Magnet?

You’ll need a good credit score or higher for this card — a score of 670 should work, but 700 or higher is ideal. Issuers have the final say on whom they issue credit to, based on several factors, so there’s no guarantee that a given score will get you a card. 

Do you earn Membership Rewards points with the Amex Cash Magnet?

No, with this card you do not earn American Express Membership Rewards points that you can use for travel. It earns 1.5% cash back on every purchase, in the form of Reward Dollars that can be used in a variety of ways, such as getting a statement credit.

Can you use Reward Dollars toward your minimum payment?

No, you cannot use Reward Dollars earned for your minimum payment. We also advise paying off any card’s statement balance in full every month, to avoid interest charges which might negate the value of your cash back.