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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Cash Magnet® Card Review

LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
4.1
American Express Cash Magnet® Card
Welcome Bonus
$200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership.
Rewards Rate
Unlimited 1.5% Cash Back on your purchases
Cash Back Details
Reward Dollars can be easily redeemed for statement credits, gift cards, and merchandise
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

The information related to the American Express Cash Magnet® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.

The information related to the American Express Cash Magnet® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Our take: The American Express Cash Magnet® Card is a solid flat-rate cash back rewards card with a $0 annual fee, but other cards offer more perks and higher earning rewards rates.

Is the American Express Cash Magnet® Card a good card?

Citi is an advertising partner.

Do you like earning cash back on everything from groceries and gas to restaurants and rent? Do you like not having to choose categories to earn elevated rewards each quarter? The American Express Cash Magnet® Card might be for you.

This card offers a simple, unlimited flat-rate cash back rewards program, $0 annual fee and intro offers on both new purchases and balance transfers. There’s also the potential to get an instant credit card number, making it perfect for financing a large purchase in a pinch.

However, you’ll find many cash back cards with better rewards rates. You can also find cards with longer intro periods for balance transfers and purchases, if that’s your goal. Plus, American Express cards aren’t as widely accepted as Visa and MasterCard, especially overseas.

Quick facts

    • $200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership.
    • Unlimited 1.5% Cash Back on your purchases.
    • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 19.24% to 29.99%.
    • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
    • Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you’d like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
    • Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
    • No Annual Fee.
    • Terms Apply.
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 660 720 850
    Good/Excellent
  • Purchase APR of 0% introductory APR for the first 15 months from the date of account opening (Followed by a 19.24% to 29.99% variable APR)
  • Instant card number
  • 0% introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening. (followed by a 19.24% to 29.99% variable APR)
  • Pay It® feature allows you to make small payments via the mobile app
  • Plan It to create payment plans for eligible purchases
  • Car rental loss and damage insurance
  • Global Assist® Hotline
  • Purchase protection
  • Lowest hotel rates guarantee on rooms booked through Amextravel.com
  • Complimentary Shoprunner membership (sign up required)

Intro Purchase APR

0% introductory APR for the first 15 months from the date of account opening

Regular Purchase APR

19.24% to 29.99% variable

Intro BT APR

0% introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening.

Regular BT APR

19.24% to 29.99% variable

Annual Fee

$0

Cash Advance Fee

Either $10 or 5% of the amount of each cash advance, whichever is greater.

Foreign Transaction Fee

2.7% of each transaction after conversion to US dollars.

Balance Transfer Fee

Either $5 or 3% of the amount of each transfer, whichever is greater

Pros and cons

  • $0 annual fee
  • Easy-to-earn welcome offer
  • Long intro APR on purchases and balance transfers
  • Simple rewards structure
  • Flexible repayment options
  • Instant card numbers
  • So-so cash back rate
  • Limited redemption options for rewards
  • Foreign transaction fees
  • Good/Excellent credit required

What we like about the American Express Cash Magnet® Card

  • Easy to earn welcome offer

    There’s a welcome offer of $200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership. redeemable for statement credits. You’ll need to spend just over $330 a month on your card to earn it.

    This might seem like a high spending requirement, but a LendingTree study did find that Americans spend an average of $260 a week on groceries. So if you switch to this card for grocery spending, you could earn the welcome offer in just a few months.

  • Long intro APR on purchases and balance transfers

    If you have a large expense coming up, like a medical bill or new furniture, the American Express Cash Magnet® Card offers a 0% introductory APR for the first 15 months from the date of account opening on purchases, after which an APR of 19.24% to 29.99% variable applies. It’s a longer time frame than most intro offers, which are usually 12 months.

    This means you can make your purchase now and pay for it over the next year without paying interest during the intro offer period — that’s a good deal considering you also earn cash back on purchases.

    The same intro APR applies for balance transfers: 0% introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening. Then an APR of 19.24% to 29.99% variable. This is a great way to gain traction on paying off high interest debt; however, you’ll need to transfer your balance within 60 days of account opening, but initiate the transfer as soon as you can to reduce the amount of interest you pay.

    Tip: Divide the cost by the number of months in the promotion so you know how much you’ll need to pay each month and avoid paying interest.

  • Flat-rate cash back rewards

    The flat-rate cash back rewards program is great if you value simplicity: With the American Express Cash Magnet® Card, you earn an Unlimited 1.5% Cash Back on your purchases. There are no quarterly bonus categories to remember or sign-up for, nor are there different rates of cash back for various categories — and you can easily redeem your rewards as a statement credit.

  • Optional repayment program

    Need more time to pay for large purchases? With the American Express Cash Magnet® Card you can use Plan It to be put on a monthly payment plan. You’ll get a $0 fee for purchases placed on the plan during the first 15 months after account opening. After that, you’ll get a fee up to 1.33%, depending on the purchase, the plan duration, the APR that would otherwise apply and other factors.

  • Instant card numbers

    If American Express is able to instantly authenticate you, you may get an instant card number. This allows you to immediately make purchases while you wait for your physical card to come in the mail. You may be limited to a portion of your credit line until your card arrives, but this can be helpful if you have a car repair and no emergency fund to fall back on.

What to look out for with the American Express Cash Magnet® Card

  • So-so cash back rate

    The card’s cash back rate isn’t bad for those who like simplicity. Still, you can find cash back credit cards with higher cash back rates on purchases — that includes other flat-rate cards like  the Wells Fargo Active Cash® Card and the Citi Double Cash® Card.

  • Limited rewards options

    Unless there’s a promotion, the cash back rewards that you earn with the American Express Cash Magnet® Card are only available as a statement credit, which does keep things simple. However, if you prefer gift cards, travel or online shopping, check out these rewards credit cards.

  • Foreign transaction fee

    When your travels take you outside of the United States, leave this card at home — the foreign transaction fee is 2.7% of each transaction after conversion to US dollars..

  • Reserved for applicants with exceptional credit scores

    To be approved for the American Express Cash Magnet® Card you’ll need a credit score that’s considered Good/Excellent. So if your credit isn’t in great shape, spend some time improving your credit score before applying.

Alternative cards to the American Express Cash Magnet® Card

Alternative cards

American Express Cash Magnet® Card vs. Citi Double Cash® Card

The Citi Double Cash® Card is a better $0-annual-fee option for cash back rewards and balance transfers.

You can earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. And while you’ll need to pay at least the minimum due to earn your rewards, it’s always best if you can pay off your credit card each month. Rewards can be redeemed in a variety of ways, including statement credits, transfers to hotel and airline partners, gift cards and more.

While there isn’t an intro offer for new purchases, you can still get an intro APR of 0% for 18 months on Balance Transfers. After that, an 19.24% - 29.24% (Variable) APR applies. This offer is a few months longer than that offered by American Express Cash Magnet® Card, which is helpful if you’re trying to pay off credit card debt.

American Express Cash Magnet® Card vs. Chase Freedom Unlimited® card

The Chase Freedom Unlimited® card is similar to the American Express Cash Magnet® Card, in that it offers a flat rate on most purchases for a $0 annual fee. However, it has the edge over the American Express Cash Magnet® Card, as it gives you a higher rate on certain purchases, including restaurants and drugstores.

Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.

If you spend a combined $300 a month at restaurants and drugstores, you’ll earn an extra $4.50 a month with the Chase Freedom Unlimited®. Over a year, that’s $54 — which may not be life-changing, but could cover for your next drive-thru meal.

The Chase Freedom Unlimited® card is good if you need to do a balance transfer because it offers a 0% Intro APR on Balance Transfers for 15 months. After the intro period ends, the regular APR will be 20.49% – 29.24% Variable. There’s a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. Then, either $5 or 5% of the amount of each transfer, whichever is greater.

Is it right for you?

The American Express Cash Magnet® Card is a solid, no-frills rewards card, a good option if you want to get into the American Express ecosystem. It could also work if you want to carry just one card and log in to your account once a month to redeem your cash back. However, if you want to earn the most rewards possible, it may not be the best American Express credit card for you. You’ll need to consider whether the rewards fit your spending habits, or if a bonus category card (like the Blue Cash Preferred® Card from American Express is a better fit.

And if you don’t mind a bit more effort, you could earn better rewards with a card that offers elevated earnings in rotating or select categories. In addition, the best credit cards tend to offer better redemption options, including bonus points for redemptions through their travel portals.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.The information related to Chase Freedom Unlimited® has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.

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