American Express Cash Magnet^® Card Review [2024]: Useful Perks From a No-Fuss Card

American Express’ lineup of credit cards is among the most highly regarded in the market for their showy benefits and competitive rewards programs. But not everything that Amex releases is designed to be flashy.

The American Express Cash Magnet^® Card is a simple, middle-of-the-road, cashback credit card — but still offers benefits true to Amex’s signature touch. Keep reading this American Express Cash Magnet Card review to find out if this card is right for you.

No Fuss, Unlimited Cash Back

American Express Cash Magnet^® Card

4.1

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

American Express Cash Magnet^® Card

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See rates and fees | Terms Apply

Current Offer

Earn $200 cash back (in the form of a statement credit) after you spend $2,000 in the first 6 months

Annual Fee

$0

Rewards Rate

1.5% unlimited cash back on all eligible purchases in the form of Reward Dollars, which can be redeemed as a statement credit

Benefits and Drawbacks

Benefits

• Earn $200 cash back (in the form of a statement credit) after you spend $2,000 in the first 6 months
• Unlimited 1.5% cash back on all eligible purchases
• No annual fee
• Terms apply

Drawbacks

• Has foreign transaction fee
• American Express isn't as widely accepted as Visa or Mastercard

Card Details

• Earn $200 cash back (in the form of a statement credit) after you spend $2,000 in the first 6 months
• 1.5% unlimited cash back on all eligible purchases in the form of Reward Dollars, which can be redeemed as a statement credit
• Intro purchase 0% APR offer: 0% for 15 months then 18.74% to 29.74% (variable)
• Intro balance transfer 0% APR offer: 0% for 15 months on balances transferred within 60 days from account opening then 18.74% to 29.74% (variable)
• Terms apply

Who should get this card?

If you don’t want to juggle multiple earning categories and rewards limits, you might find the American Express Cash Magnet Card to be an easy companion. Its flat-rate structure makes earning rewards painless, and cardholders also benefit from the card’s added travel and purchase perks.

Also, the introductory interest rate and welcome bonus make this an appealing card for anyone planning for an upcoming large purchase. To qualify for this credit card, however, you’ll need to have good to excellent credit. If your credit score isn’t strong, you might want to look at other cashback options.

Card basics

Top card benefits

• Generous welcome offer: Earn $200 cash back (in the form of a statement credit) after you spend $2,000 in the first 6 months after opening an account.
• Introductory 0% APR: When you open a new American Express Cash Magnet Card, you’ll receive an introductory 0% APR on purchases and balance transfers for 15 months after account opening, then 18.74% to 29.74% (variable) APR. Do note that the 0% introductory APR applies for 15 months on balances transferred within 60 days from account opening.
• Car rental loss and damage protection: Opt out of the collision damage waiver when using your Amex Cash Magnet Card to get secondary coverage protection if your rental is damaged or stolen.
• Travel accident insurance: Your card protects you and your family in the event of death or dismemberment while traveling aboard a common carrier, like a plane, ship, train, or bus. To be eligible for this coverage, the entire fare must be paid on your American Express Cash Magnet Card.

Earning & redeeming

Maximizing your cashback earning opportunities and redeeming them is straightforward with the American Express Cash Magnet Card.

Best ways to earn

With this card, you’ll earn 1.5% unlimited cash back on all eligible purchases in the form of Reward Dollars, which can be redeemed as a statement credit. To make this program even simpler, there are no maximum thresholds to keep track of, since you and other authorized users on the account can earn an unlimited amount of cash back.

Taking advantage of the welcome bonus can accelerate your cashback earnings even more. Earn $200 cash back (in the form of a statement credit) after you spend $2,000 in the first 6 months.

Maximizing your redemption

Reward Dollars can be used for statement credit redemption, but they can’t be applied to your minimum payment. Each billing period, your Reward Dollars are calculated based on the amount you’ve spent on eligible purchases. To redeem your cash back for statement credit, you must have at least 25 Reward Dollars.

You’ll need to hold onto Reward Dollars until you’ve earned enough to redeem them as a statement credit. On occasion, Amex may offer opportunities to redeem Reward Dollars for gift cards or merchandise.

Common questions

Other cards to consider

If you’re an Amex enthusiast, the American Express Cash Magnet Card can be an easy, no-annual fee cashback card to carry in your wallet. There are other credit card options within this tier, however, that might be more useful to you.

The Chase Freedom Unlimited^® offers generous cashback rewards on eligible purchases. Cardholders can earn 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases. It comes with a valuable sign-up bonus, with no minimum spend to receive it: Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year). 

Still prefer to stick with American Express? The Blue Cash Everyday^® Card from American Express is a viable option if you’re willing to track bonus cashback categories. It has a $0 annual fee and a tiered cashback program, offering 3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year on purchases in each category, then 1%); and 1% cash back on other eligible purchases.

No Fuss, Unlimited Cash Back

American Express Cash Magnet^® Card

4.1

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

American Express Cash Magnet^® Card

4.1

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Why We Like It

Earn $200 cash back (in the form of a statement credit) after you spend $2,000 in the first 6 months

See rates and fees | Terms Apply

See how these cards compare:

Chase Freedom Unlimited®

• High base rewards rate of 1.5%
• $0 annual fee
• Valuable welcome bonus for new cardholders
• Intro APR offers for purchases and balance transfers

Blue Cash Everyday® Card from American Express

• $0 annual fee, but still pays healthy bonus rewards
• Makes gas purchases more affordable
• Great welcome offer that you can earn with everyday spending
• See rates and fees | Terms Apply