Amex Blue Cash Preferred Card vs. Amex Cash Magnet Card [Detailed Comparison]

Wouldn’t it be great if every daily purchase you made earned cash-back that could accumulate for use at a later date or to offset your monthly expenses? Having an everyday spending card is a solution that automatically ensures every purchase is earning rewards.

While American Express issues several everyday spending cards, today we’re focusing on 2 popular options — the Blue Cash Preferred^® Card from American Express and the American Express Cash Magnet^® card.

Both cards earn cash-back on every purchase and have benefits that provide protection and save you money. Determining which card is better for your situation takes just a few minutes of reading.

Join us as we compare these 2 possible choices for everyday earning cards — the Amex Blue Cash Preferred card and the Amex Cash Magnet card.

Amex Blue Cash Preferred Card vs. Amex Cash Magnet Card — Overview

Before we dive into the details of the Amex Blue Cash Preferred card and the Amex Cash Magnet card, let’s have a quick look at a summary comparison of our 2 featured cards.

Here are the key features and benefits you’ll find on the cards.

	Blue Cash Preferred® Card from American Express	American Express Cash Magnet® Card
Annual Fee	$0 intro annual fee for the first year, then $95 (rates and fees)	$0
Welcome Offer	Earn a $250 statement credit after spending $3,000 in purchases in the first 6 months.	Earn $200 Back after spending $2,000 within the first 6 months. You will receive the $200 back in the form of a statement credit.
Earning	6% cash-back at U.S. supermarkets, up to $6,000 in purchases each year, then 1% 6% cash-back on select U.S. streaming services 3% cash-back at U.S. gas stations and on transit 1% cash-back on all other purchases	1.5% cash-back on every purchase
Statement Credits (Enrollment Required)	Up to $120 each year (up to $10 per month) for qualifying Equinox+ purchases Up to $7 per month on a Disney Bundle of $12.99 or more, up to $84 each year	N/A
Top Travel and Shopping Protections/Benefits	Secondary car rental insurance with access to Premium Protection Purchase protection Amex Offers (enrollment required)
Additional Features/Benefits	Extended warranty, return protection No charge to add authorized users (rates and fees)	No charge to add authorized users

The Value of a Welcome Bonus Offer

Once you’re approved for either the Amex Blue Cash Preferred card or the Amex Cash Magnet card, you’ll have the opportunity to earn additional cash-back by meeting minimum spending requirements to qualify for a welcome bonus.

Welcome offers can vary, so we’ve provided the most current ones (with some additional information) in the following card snapshots.

Amex Blue Cash Preferred Card

Amex Cash Magnet Card

Bottom Line:

The Amex Blue Cash Preferred card and the Amex Cash Magnet card each come with a welcome offer to earn cash-back after meeting minimum spending requirements in a specified period after card approval.

Earning Potential and Redemption Options

Referral Bonus Opportunities

Once you have either the Amex Blue Cash Preferred card or the Amex Cash Magnet card, you may be able to refer family or friends for an American Express card and receive a cash-back bonus.

When you make a referral and the individual is approved for any available American Express card, you can receive the cash-back referral bonus. Learn more about the Amex Refer-a-friend process.

Spending on the Card

It’s easy to accumulate cash-back Reward Dollars on everyday purchases with either of our featured cards.

Here’s how you’ll earn by spending on either the Amex Blue Cash Preferred card or the Amex Cash Magnet card:

Earning Categories	Amex Blue Cash Preferred Card	Amex Cash Magnet Card
U.S. Supermarkets	6% cash-back, up to $6,000 in purchases each year, then 1%	1.5% unlimited cash-back
Select Streaming Services	6% cash-back
U.S. Gas Stations, Transit	3% cash-back
All Other Purchases	1% cash-back

If you spend $500 or less each month at the supermarket, you’ll earn well on the Amex Blue Cash Preferred card at 6% cash-back compared to the Amex Cash Magnet card at 1.5%. Add in any purchases for select streaming services, gas stations, and transit, and you’ll come out ahead with the Amex Blue Cash Preferred card.

If your household spending mix is more on large expenditures such as tuition, household repairs, medical expenses, or other non-bonus category spending, you could do better with the Amex Cash Magnet card.

Because earning potential is just 1 key reason for selecting a specific card, let’s look at the additional benefits of our featured cards.

Redemption Options

Cash-back earned on the Amex Blue Cash Preferred card and Amex Cash Magnet card is earned as Reward Dollars that can be redeemed for a statement credit. It’s your choice whether to accumulate cash-back and use it for a special purchase or redeem it monthly to offset your expenses.

In addition, you can redeem Reward Dollars for gift cards or merchandise, but you may receive less value with these redemptions.

Reward Dollars cannot be used to make the minimum payment due on your account.

Bottom Line:

Earn Reward Dollars on the Amex Blue Cash Preferred card and Amex Cash Magnet card by qualifying for the welcome offer after card approval, referring friends or family, and spending on either card. Redeem Reward Dollars for a statement credit, gift cards, or merchandise.

Statement Credits — Amex Blue Cash Preferred Card

Enroll your Amex Blue Cash Preferred card and make an Equinox+ membership purchase via equinoxplus.com to receive up to $10 per month, up to $120 maximum each year in statement credits.

Receive a statement credit for $7 each month when you use your card to purchase The Disney Bundle streaming service for $12.99 or more, up to $84 each year in credits.

Travel Protections and Benefits

While neither of our featured cards offers a great deal of travel protections and benefits, you will find a couple of useful perks on both cards.

Car Rental Loss and Damage Insurance

Reserve and pay for your entire car rental with your Amex Blue Cash Preferred card or Amex Cash Magnet card, decline the rental agency’s CDW/LDW coverage, and receive secondary car rental protection for damage or theft of the rental car.

Secondary car rental coverage means that you must first file a claim with any other applicable insurance. Both cards do provide access to purchase Amex Premium Protection, with primary car rental coverage, for 1 low price ($12.25 to $24.95) that covers the entire rental period of up to 42 days.

Global Assist Hotline

Travel with the confidence that you’ll have 24/7 access to assistance with arranging emergency transportation, medical or legal referrals, translation services, and much more. Cardholders are responsible for the actual services received after referral services.

Bottom Line:

Both the Amex Blue Cash Preferred card and Amex Cash Magnet card come with secondary car rental loss and damage insurance with the option to purchase Premium Protection for 1 low price that covers the entire rental period. Both cards also offer access, when traveling, to 24/7 help via the Global Assist Hotline.

Shopping Protections and Benefits

The Amex Blue Cash Preferred card and Amex Cash Magnet card come with several shopping protections and benefits that can minimize loss if something should go wrong with an eligible purchase or save you money on select purchases.

Here are the shopping protections and benefits you’ll find on both of our featured cards:

Purchase Protection

Use the Amex Blue Cash Preferred card or the Amex Cash Magnet card to purchase an eligible item and receive coverage for damage or theft for up to 90 days from the purchase date. Coverage is limited to $1,000 per eligible item, up to $50,000 per card account per calendar year.

Amex Offers

Amex Offers can save you hundreds of dollars each year. You’ll find a list of up to 100 offers when you log in to your online card account and scroll to the bottom section of the home page. Enroll in the offers you like to your card, make the eligible purchase, and receive additional cash-back.

Extended Warranty and Return Protection — Amex Blue Cash Preferred Card

You’ll find extended warranty protection on the Amex Blue Cash Preferred card, along with return protection.

Extended warranty coverage will add 1 additional year to eligible items with manufacturer’s warranties of 5 years or less. With return protection, if a merchant will not accept the return of an eligible item purchased with your card within 90 days after the purchase date, you could receive up to $300 per item, up to $1,000 per card account per calendar year.

Bottom Line:

Both the Amex Blue Cash Preferred card and Amex Cash Magnet card come with purchase protection and Amex Offers. Additionally, the Amex Blue Cash Preferred card comes with extended warranty coverage, return protection, and statement credits for select purchases.

Additional Features and Benefits

Introductory 0% APR Periods and $0 Plan It Fees

Making a large purchase and paying it back over time without interest charges is a real benefit that can save you money:

• Amex Blue Cash Preferred card:
  • 0% intro APR on purchases and balance transfers for 12 months from the date of account opening, then a variable APR, 19.24% to 29.99%.
  • $0 Buy Now, Pay Later intro Plan It fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a fixed monthly plan fee up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
• Amex Cash Magnet card:
  • 0% intro APR on purchases and balance transfers for 15 months from the date of account opening, then a variable APR, 19.24% to 29.99%.

Annual Fees and Authorized Users

The Amex Blue Cash Preferred card has an annual fee of $0 intro annual fee for the first year, then $95 (rates and fees). The Amex Cash Magnet card has a $0 annual fee.

Adding an authorized user to either card can help you earn cash-back even more quickly. Neither card charges a fee to add authorized users.

Recommended Alternative Everyday Spending Cards

American Express issues several everyday spending cards, making it easy to find a match for your spending mix, the level of annual fee you’re comfortable with, and a card that provides benefits you can use.

Here are just 2 additional American Express cards we recommend that will ensure you earn rewards on every daily purchase:

Blue Cash Everyday^® Card from American Express

We like that the Amex Blue Cash Everyday card has a $0 annual fee (rates and fees), though it earns well on daily purchases, including those at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases.

One additional key benefit of the card is its 0% intro APR on balance transfers for 15 months from the date of account opening. After that, 19.24% - 29.99% variable APR. This allows you to transfer high-interest credit card balances to the card and pay the balance off over time without interest charges (rates and fees).

American Express^® Gold Card

The Amex Gold card is American Express’s flagship everyday spending card. It earns flexible and valuable Membership Rewards points that can be redeemed with airline and hotel partners for excellent potential value.

In addition to strong earning potential and flexible redemption options, you’ll want to check out the numerous statement credits offered by the card. These present significant economic value that can offset the $250 annual fee (rates and fees).

Final Thoughts

It’s wise to have at least 1 everyday spending card in your wallet for earning rewards on daily purchases. You will want to select carefully and choose a card that best rewards your specific spending mix.

Also, it’s recommended to have a good to excellent credit score, considered 670 and above, to be approved for the Amex Blue Cash Preferred card or the Amex Cash Magnet card. We recommend a score of 700 or above to increase your chances for approval.

While the Amex Blue Cash Preferred card and Amex Cash Magnet card are excellent choices, you may want to review our additional picks for the best consumer and business credit cards for everyday expenses.

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For the car rental loss and damage insurance benefit of the Amex Blue Cash Preferred card, car rental loss and damage insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the commercial car rental company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. geographic restrictions apply. Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

For the extended warranty benefit of the Amex Blue Cash Preferred card, when an American Express^® card member charges a covered purchase to an eligible card, extended warranty can provide up to one extra year added to the original manufacturer’s warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your card for the item up to a maximum of $10,000; not to exceed $50,000 per card member account per calendar year. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the global assist hotline benefit of the Amex Blue Cash Preferred card, you can rely on Global Assist Hotline 24 hours a day / 7 days a week for medical, legal, financial or other select emergency coordination and assistance services while traveling more than 100 miles away from your home. Third-party service costs may be your responsibility. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Card Members are responsible for the costs charged by third-party service providers.

For the purchase protection benefit of the Amex Blue Cash Preferred card, when an American Express^® card member charges a covered purchase with their eligible card, purchase protection can help protect their covered purchases for up to 90 days from the covered purchase date if it is stolen or accidentally damaged. The coverage is limited up to $1,000 per occurrence, up to $50,000 per card member account per calendar year. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the return protection benefit of the Amex Blue Cash Preferred card, with return protection, you may return eligible purchases to American Express if the seller won’t take them back up to 90 days from the date of purchase. American Express may refund the full purchase price excluding shipping and handling, up to $300 per item, up to a maximum of $1,000 per calendar year per Card account, if you purchased it entirely with your eligible American Express^® Card. Purchases must be made in the U.S. or its territories. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details.

The information regarding the American Express Cash Magnet^® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

For rates and fees of the Blue Cash Preferred^® Card from American Express, click here.
For rates and fees of the Blue Cash Everyday^® from American Express, click here.
For rates and fees of the American Express^® Gold Card, click here.