Since the Amex Cash Magnet card does not have any bonus categories and instead earns an uncapped 1.5% back on every purchase you make, the best way for you to earn more cash-back is to make sure your use your card everywhere it is accepted. This way, you’re effectively getting a 1.5% discount on every purchase.
All American Express cards come with dozens of monthly Amex Offers that allows cardholders to receive discounts and deals with many different merchants. Each month, you can add the offers that seem the most appealing to your card, and then earn extra cash-back or statement credits when you shop there and use your Amex Cash Magnet card to pay.
If you add your significant other or a family member to your Amex Cash Magnet account, you will earn cash-back for all of the purchases they make with the card. This can help to double the amount of cash-back you earn if each of you has similar monthly expenses.
When you refer a friend or family member to apply for the Amex Cash Magnet card, you’ll receive a cash-back bonus if they’re approved for the card.
To send out a referral, visit the Refer-a-Friend website and log in using your Amex username and password (or your credit card information).
Adding Additional Amex Cash-Back Cards
If you want to optimize the total amount of cash-back you’re able to earn, it might make sense for you to carry more than 1 cash-back credit card.
Take the Blue Cash Everyday® Card from American Express for instance, which earns 3% cash-back at supermarkets (up to $6,000 in purchases per year), 2% cash-back at select department stores, 2% cash-back at gas stations, and also charge no annual fee.
With a 2-card setup of the Blue Cash Everyday card and the Amex Cash Magnet card in your wallet, you could use the Blue Cash Everyday card for its bonus categories at supermarkets, gas stations, and department stores, and the Amex Cash Magnet card to earn 1.5% back on all purchases outside of those categories — all without paying any annual fees.
With the Amex Cash Magnet card, your only redemption option for your cash-back from your card is in the form of a statement credit, and only in increments of $25. Meaning if your current cash-back balance is $15, you’ll have to wait until you’ve earned $25 before you can cash it out. Keep in mind that you cannot use your cash-back to pay your minimum monthly payment.