Cash Magnet® Card
Unlimited 1.5% Cash Back Earning on Purchases
- Earn $150 back after spending $1,000 within the first 3 months
- Unlimited 1.5% cash back on your purchase
- Introductory purchase APR of 0% for 15 months
- Complimentary ShopRunner membership
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.24% variable based on the Prime Rate
- Foreign Transaction Fee: 2.7% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
At a Glance
The Cash Magnet® Card offers an unlimited 1.5% cash back on all eligible purchases, without the need to memorize any categories or tiered rewards structures.
Ideal for Those Who:
- 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 $1,000 or more within the first three months
- Don’t want to pay an annual fee
Cash Magnet® Card Review
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 $150 cash back bonus (in the form of a statement credit) after spending $1,000 or more within the first three months of card membership. Also, cardholders get an additional $100 statement credit after making an additional $6,500 in purchases within their first 12 months.
How to Redeem Rewards
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.
Amex Plan It®
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.
How Does the Cash Magnet Compare to the Freedom Unlimited?
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. Other options, such as the Chase Freedom Unlimited, for instance, offer greater value overseas. This is due to the global acceptance of the Visa payment network, which AMEX trails significantly abroad.
Should You Apply for the Cash Magnet® Card?
Fortunately, no annual fee, 0% introductory APR for the first 15 months on purchases, and American Express’s excellent customer service and a suite of payment and travel protections make this a very competitive card in cash back rewards niche.
Overall, the Cash Magnet® Card more than lives up to the hype as an excellent, everyday cash back credit card. It has limitations outside the United States, but at home, it provides the reliability you need- and the rewards you crave.