At a Glance
The American Express Cash Magnet® Card grants an unlimited 1.5% cash back on all eligible purchases without the need to memorize any categories or tiered rewards structures. You can also earn up to $175 back in the form of a statement credit after spending $1,500 or more within the first 3 months of account opening.
If your spending habits are difficult to fit into just a few categories, the Cash Magnet™ Card is a reliable cash back card option. Not only does the card boast unlimited 1.5% cash back across the board on all eligible purchases, but it’s supported by a $175 cash back bonus (in the form of a statement credit) after spending $1,500 or more within the first 3 months of card membership.
The cash back that members earn with the Cash Magnet® Card is in the form of Reward Dollars, which are redeemable for statement credits, gift cards, and merchandise from hundreds of leading retailers.
Those who occasionally forget to make payments on their credit cards will also be appreciative of the Cash Magnet™ card’s Plan It® feature, which allows them to set up a monthly payment plan for qualifying purchases of $100 or more with a fixed monthly fee and no interest charges. Even better, Plan It® plans set up within the first 15 months of card membership do not feature plan fees.
While the no-fuss rewards available with the Cash Magnet® Card are reliable, they do not blow other comparable cash back credit cards out of the water. Additionally, American Express, while accepted at more than 1.6 million vendors across the U.S., does not have the universal reach and acceptance found in a Visa or Mastercard. As such, those who travel often – especially abroad should carefully consider where and when they will likely be using their credit cards.
Fortunately, no annual fee, 0% introductory APR for the first 15 months on purchases and balance transfers, and American Express’ excellent customer service and a suite of payment and travel protections make this a very competitive card in cash back rewards niche. There is no annual fee for additional cards, either.
Apply for This Card if You:
- Are looking for a cash back card that doesn’t have a confusing bonus system
- Want to earn an unlimited 1.5% cash back on all eligible purchases
- Will likely spend $1,500 or more within the first 3 months of your Card Membership to earn $170 cash back
- Want a card that has no annual fees and a generous introductory purchase and balance transfer APR offer
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