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The American Express Cash Magnet® Card is a simple $0 annual fee flat-rate cashback rewards card with good benefits and a welcome offer that’s relatively easy to earn.
If you’re looking to save on interest charges to finance a large purchase or expense, the American Express Cash Magnet® Card has an attractive 0% intro APR period that lasts for more than a year.
However, know that there are other cashback cards that offer higher rewards earning rates, which can put more cash back in your pocket.
Intro Purchase APR
0% introductory APR for the first 15 months from the date of account opening.
Regular Purchase APR
16.24% to 27.24% 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
16.24% to 27.24% 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
N/A
Easy to earn welcome offer
New cardholders can earn a $200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership.
Generous intro APR offer on purchases
If you’re looking to save on interest charges while paying off a large purchase over time, the American Express Cash Magnet® Card offers an introductory APR of 0% introductory APR for the first 15 months from the date of account opening. (after which an APR of 16.24% to 27.24% variable will apply).
Simple flat-rate cashback rewards program
While there are cashback cards that earn higher rates on purchases, they may require you to opt into rotating categories throughout the year and set a limit on the amount you can earn at the higher rewards rate. That’s not the case here, as you earn an unlimited 1.5% cash back on your purchases.
No annual fee
This card comes with a $0 annual fee.
Optional repayment program
With the American Express Cash Magnet® Card, you can choose the Plan It plan. Pay 0% interest on each purchase moved into a plan during the first 15 months after account opening. After that, your plan fee will be up to 1.33% of each purchase moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase and other factors.
Low cashback rate
While cashback earnings are unlimited, there are other cashback cards that offer a more generous cashback rates on purchases for no annual fee.
Foreign transaction fee
There is a fee of 2.7% of each transaction after conversion to US dollars. If traveling abroad, it’s best to use a another card that doesn’t assess you a fee for purchases.
Reserved for applicants with stellar credit scores
Excellent/Good credit required. If your credit score isn’t in solid shape, the odds of being approved for this card are low.
Limited rewards redemption
You can’t spend your rewards on travel, gift cards or merchandise, unless American Express runs a promotion for card members allowing additional redemption options. You also can’t spend them at the American Express Membership Rewards® website. Your rewards only come back as a statement credit.
New cardholders can earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. that’s 6.5% on travel purchased through chase ultimate rewards®, 4.5% on dining and drugstores, and 3% on all other purchases. 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
The Chase Freedom Unlimited® has boasts a generous intro APR offer of 0% Intro APR on Purchases for 15 months, after which an APR of 17.24% - 25.99% variable will apply.
There is also a 0% Intro APR on Balance Transfers for 15 months. After the intro period ends, the regular APR will be 17.24% - 25.99% variable . The balance transfer fee is 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.
The Chase Freedom Unlimited® does have a slightly higher foreign transaction fee of 3% of each transaction in U.S. dollars, so again, it’s best to bring a card on your travels that doesn’t assess this fee.
Plus, new purchases are covered against damage or theft for 120 days, up to $500 per claim and $50,000 per account. And receive an additional year of protection beyond the original manufacturer’s warranties of three years or less.
Chase Freedom Unlimited® rewards can be redeemed for cash, gift cards, travel or products and services. You can also use your points to pay for all or part of purchases at participating Chase Pay merchants.
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| American Express Cash Magnet® Card | Chase Freedom Unlimited® | Citi® Double Cash Card – 18 month BT offer | Capital One Quicksilver Cash Rewards Credit Card |
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Read Review |
Apply Now on Chase's secure site
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Apply Now on Citibank's secure site
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Apply Now on Capital One's secure site
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| Welcome Offer | |||
| $200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership. | Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases. | For a limited time, earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening. | One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening |
| Rewards Rate | |||
| Unlimited 1.5% Cash Back on your purchases | 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 | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) |
| Annual Fee | |||
| $0 | $0 | $0 | $0 |
| Intro Purchase APR | |||
| 0% introductory APR for the first 15 months from the date of account opening. | 0% Intro APR on Purchases for 15 months | N/A | 0% intro on purchases for 15 months |
| Regular APR | |||
| 16.24% to 27.24% variable | 17.24% - 25.99% Variable | 16.99% - 26.99% (Variable) | 17.99% - 27.99% (Variable) |
| Recommended Credit | |||
| Excellent/Good | Excellent/Good | Excellent/Good | Excellent/Good |
| Card Details | |||
| American Express Cash Magnet® Card | Chase Freedom Unlimited® | Citi® Double Cash Card | Capital One Quicksilver Cash Rewards Credit Card |
The American Express Cash Magnet® Card and the Chase Freedom Unlimited® both come with a $0 annual fee, as well as generous interest-free intro purchase offers.
However, the Chase Freedom Unlimited® has a more enhanced rewards-earning scheme that can help save you more — plus, the Chase Freedom Unlimited®’s spending requirement is much less to earn a higher sign-up bonus.
However, if you also have the Blue Cash Preferred® Card from American Express, which offers a higher cash back rewards rate in different categories, it may sense to pair that with the American Express Cash Magnet® Card to use for all other purchases.
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.