Cash Magnet® Card review

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Advertiser Disclosure

Interest Rate: Purchases
14.74% ‐ 25.74% (Variable) (0% for the first 15 months)
Balance Transfer
14.74% ‐ 25.74% (Variable) (0% for the first 15 months)
Rewards
1.5% cashback
Signup Bonus
$175 after spending $1,000


7.8/10
Informr score
The Cash Magnet® Card currently has an Informr score of 7.8 out of 10. This score is based on our evaluation of 15 sources including reviews from users and the web's most trusted critics.

Am I eligible?


Cash Magnet® Card is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be a permanent or temporary resident of USA

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Credit Cards Explained

Overall, the American Express Cash Magnet Card isn’t a bad card. It offers a higher welcome bonus than other no annual fee cash back credit cards and it offers 1.5% cash back on every purchase. Its biggest downside is that it doesn’t offer the ability to transfer cash back to the American Express Me...

- Sean Bryant, Credit Cards Explained
Compare Cards

With an incredible rewards program, lengthy intro APRs and no annual fee, the American Express Cash Magnet® Card has something for every consumer to love. The welcome offer on this card is among the highest we've ever seen for a no annual fee cash back card. Plus the new Plan It℠ feature is an excel...

- Compare Cards
The Points Guy

If you’re an Amex fan and are looking for a cash-back card to pair with one of your other points earning Amex cards, then the Cash Magnet might be the card for you. It’s not for those looking to boost their Membership Rewards points balance, but instead, offers a decent amount of cash back on everyd...

- Liz Hund, The Points Guy
The Wirecutter

The American Express Cash Magnet Card is tough to dislike: It offers 1.5% cash back on all purchases and a 0% intro APR on purchases and balance transfers for 15 months. The problem? It has no outstanding qualities, and you may be able to get a better cash-back card.

- Sally French, The Wirecutter
Cardcruncher

If you're specifically looking for an American Express card and don't want to deal with bonus categories or an annual fee, this card may be your card. Otherwise, it's worth considering cash-back cards with better earning rates, or Amex cards with no annual fees.

- Cardcruncher

Details


Interest Rates
Regular APR Interest Rate 14.74% ‐ 25.74% (Variable) (0% for the first 15 months)

This APR will vary with the market based on the Prime Rate.

Balance Transfer Interest Rate 14.74% ‐ 25.74% (Variable) (0% for the first 15 months)

- Intro rate applies on balances transferred within the first 60 days of account opening.

- This APR will vary with the market based on the Prime Rate.

Cash Advance Interest Rate 26.99% (Variable)

This APR will vary with the market based on the Prime Rate.

Rates & Fees
Annual Fee $0.00
Balance Transfer Fee 3%

Minimum of $5

Cash Advance Fee 3%

Minimum of $5

Foreign Transaction Fee 2.7%

Of each transaction in U.S. dollars.

Over Limit Fee $0.00
Late Payment Fee $38.00

Maximum

Promotions
Sign up bonus $175 after spending $1,000

On purchases within the first 3 months.

Rewards
All Purchases 1.5% cash back
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance Yes
Car Rental Insurance Yes
Car Rental Discount No
Extended Warranty Yes
Purchase Protection Yes
Zero Liability No
No Foreign Transaction Fees No
Emergency Assistance Yes
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments No
Additional Benefits

- Roadside Assistance

- Return Protection

Eligibility
Minimum Security Deposit $0
Minimum Age 18
Minimum Personal Income
Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
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Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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Critic Reviews


Credit Cards Explained

No annual fee, attractive welcome bonus

from Credit Cards Explained

Overall, the American Express Cash Magnet Card isn’t a bad card. It offers a higher welcome bonus than other no annual fee cash back credit cards and it offers 1.5% cash back on every purchase. Its biggest downside is that it doesn’t offer the ability to transfer cash back to the American Express Membership Rewards program.

Read full review

Overall, the American Express Cash Magnet Card isn’t a bad card. It offers a higher welcome bonus than other no annual fee cash back credit cards and it offers 1.5% cash back on every purchase. Its biggest downside is that it doesn’t offer the ability to transfer cash back to the American Express Membership Rewards program.

Read full review

Less

Compare Cards

An incredible rewards program

Compare Cards

With an incredible rewards program, lengthy intro APRs and no annual fee, the American Express Cash Magnet® Card has something for every consumer to love. The welcome offer on this card is among the highest we've ever seen for a no annual fee cash back card. Plus the new Plan It℠ feature is a...More

With an incredible rewards program, lengthy intro APRs and no annual fee, the American Express Cash Magnet® Card has something for every consumer to love. The welcome offer on this card is among the highest we've ever seen for a no annual fee cash back card. Plus the new Plan It℠ feature is an excellent way to easily finance large purchases.

Read full review

Less

The Points Guy

Generous perks, no-annual-fee cash-back card

from The Points Guy

If you’re an Amex fan and are looking for a cash-back card to pair with one of your other points earning Amex cards, then the Cash Magnet might be the card for you. It’s not for those looking to boost their Membership Rewards points balance, but instead, offers a decent amount of cash back on...More

If you’re an Amex fan and are looking for a cash-back card to pair with one of your other points earning Amex cards, then the Cash Magnet might be the card for you. It’s not for those looking to boost their Membership Rewards points balance, but instead, offers a decent amount of cash back on everyday purchases that you may not be able to earn bonus points on with other cards anyway. Generally speaking, these earnings are a bit disappointing when comparing it to direct competitors.

Read full review

Less

The Wirecutter

A good, but not great, cash-back rate

from The Wirecutter

The American Express Cash Magnet Card is tough to dislike: It offers 1.5% cash back on all purchases and a 0% intro APR on purchases and balance transfers for 15 months. The problem? It has no outstanding qualities, and you may be able to get a better cash-back card.

Read full review

The American Express Cash Magnet Card is tough to dislike: It offers 1.5% cash back on all purchases and a 0% intro APR on purchases and balance transfers for 15 months. The problem? It has no outstanding qualities, and you may be able to get a better cash-back card.

Read full review

Less

Cardcruncher

Offers 1.5% cash back on every purchase

If you're specifically looking for an American Express card and don't want to deal with bonus categories or an annual fee, this card may be your card. Otherwise, it's worth considering cash-back cards with better earning rates, or Amex cards with no annual fees.

Read full review

If you're specifically looking for an American Express card and don't want to deal with bonus categories or an annual fee, this card may be your card. Otherwise, it's worth considering cash-back cards with better earning rates, or Amex cards with no annual fees.

Read full review

Less

CreditCards.com

Simple rewards scheme

from CreditCards.com

The 1.5 rewards rate on the American Express Cash Magnet card is nothing special, but the introductory offer is a nice bit of extra pocket change.

Read full review

The 1.5 rewards rate on the American Express Cash Magnet card is nothing special, but the introductory offer is a nice bit of extra pocket change.

Read full review

Less

Dough Roller

One of the most user-friendly offers

from Dough Roller

If you’re looking for a card that combines good first year bonus rewards, easy-to-qualify-for ongoing rewards, and a 0% introductory APR–along with no annual fee–the American Express Cash Magnet Card is one of the better choices.

Read full review

If you’re looking for a card that combines good first year bonus rewards, easy-to-qualify-for ongoing rewards, and a 0% introductory APR–along with no annual fee–the American Express Cash Magnet Card is one of the better choices.

Read full review

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Business Insider

Offers solid rewards to cardholders

from Business Insider

The Cash Magnet Card from American Express is about as straightforward a rewards card as they come. With the ability to earn 1.5% cash back on all purchases and a decent introductory bonus, it’s a good option for users who want a simple cash back card. Cardholders get a nice suite of perks, in...More

The Cash Magnet Card from American Express is about as straightforward a rewards card as they come. With the ability to earn 1.5% cash back on all purchases and a decent introductory bonus, it’s a good option for users who want a simple cash back card. Cardholders get a nice suite of perks, including travel and shopping protections and the Amex Offers benefit. For a card without an annual fee, that’s a fairly robust offering.

Read full review

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MyBankTracker

A great cash back card to have with you at all times

from MyBankTracker

Compared to other credit cards with similar benefits, the American Express Cash Magnet card has some good features and some not-so-good features. The card offers a wealth of cardmember perks from a cash back bonus to shopping incentives. This is impressive considering that there’s no annual fee...More

Compared to other credit cards with similar benefits, the American Express Cash Magnet card has some good features and some not-so-good features. The card offers a wealth of cardmember perks from a cash back bonus to shopping incentives. This is impressive considering that there’s no annual fee. This makes the card a strong contender even if you’re unable to take full advantage of the card’s benefits. The cash back percentage is also attractive.

Read full review

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CreditDonkey

Great all-around cashback card

from CreditDonkey

We're glad that AMEX has introduced an all-around cashback card to their lineup. The Cash Magnet is good for those who want a simple cashback card without needing to keep track of categories. 1.5% cash back is above average, though there are other no-annual-fee cashback cards with better reward rates.

Read full review

We're glad that AMEX has introduced an all-around cashback card to their lineup. The Cash Magnet is good for those who want a simple cashback card without needing to keep track of categories. 1.5% cash back is above average, though there are other no-annual-fee cashback cards with better reward rates.

Read full review

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User Reviews


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