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American Express Cash Magnet Card – Full Review [2024]

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Jarrod West
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Jarrod West

Senior Content Contributor

442 Published Articles 1 Edited Article

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Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
Edited by: Kellie Jez
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Kellie Jez

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Kellie’s professional experience has led her to a deep passion for compliance, data reporting, and process improvement. Kellie’s learned the ins and outs of the points and miles world and leads UP’s c...

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American Express Cash Magnet® Card
Terms Apply / Rates & Fees

American Express Cash Magnet® Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4
Learn More(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

  • $200

  • $0

  • 0% on purchases for 15 months, from account opening,Ongoing APR: 19.24%-29.99% variable

  • Good to Excellent (670-850)

American Express Cash Magnet® Card

Earn consistent 1.5% cash-back on all purchases, with no caps or changing categories to track, and with no annual fee.

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4
Learn More(at Amex's secure site)All information about American Express Cash Magnet® Card has been collected independently by Upgraded Points.

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

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


Those who are looking for a simple and straightforward cash-back credit card will love the American Express Cash Magnet® Card. With no annual fee to worry about and no bonus categories to fuss over, you can have the peace of mind knowing that you’re earning cash-back rewards on every purchase — without needing to pay anything out of pocket.

Card Snapshot

Welcome Bonus & Info

  • Earn $200 Back after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $200 back in the form of a statement credit.
  • Unlimited 1.5% Cash Back on your purchases.
  • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 19.24%-29.99% variable.
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
  • Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you’d like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
  • Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
  • No Annual Fee.
  • Terms Apply.

Pros

  • 1.5% cash-back on all other purchases
  • No annual fee
  • Rental car insurance

Cons

  • 2.7% foreign transaction fees
  • No category specific bonus categories

Great Card If

  • You want a simple cash-back card
  • You want a card with no annual fee

Don’t Get If

  • You want a card that offers travel benefits
  • You want a card that offers bonus categories
  • You want a card that earns flexible rewards

The Ideal Cardholder

The Amex Cash Magnet card is a perfect fit for anyone looking for a no-fuss cash-back card that offers great benefits and does not charge cardholders an annual fee.

Rental Car Insurance

When you use your Amex Cash Magnet card to pay for your rental car you can be covered for any damage or theft to the vehicle while it is in your possession. Keep in mind that this is secondary rental insurance, so it will only kick in after for anything not covered by your primary car insurance.

How To Earn More Cash-Back

Daily Purchases

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.

Amex Offers

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.

Authorized Users

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.

Refer-a-Friend Bonus

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 U.S. supermarkets (up to $6,000 in purchases per year), 3% cash-back on U.S. online retail purchases (up to $6,000 in purchases per year), and 3% cash-back at U.S. gas stations (up to $6,000 in purchases per year).

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 U.S. supermarkets, U.S. online retail purchases, and U.S. gas stations, and the Amex Cash Magnet card to earn 1.5% back on all purchases outside of those categories — all without paying any annual fees.

Best Way To Redeem Cash-Back

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.

Alternative Cards to the Amex Cash Magnet Card

Chase Freedom Unlimited®

Chase Freedom Unlimited®
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!

This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.
Up to $300 cash back
$0
0% Intro APR for 15 months on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The Chase Freedom Unlimited® is easily one of the best cash-back credit cards on the market. There aren’t many no-annual-fee credit cards that offer multiple great bonus categories like 5% back on travel purchased through Chase, 3% back on dining and drugstore purchases, and 1.5% back on all other purchases.

When paired with other Chase cards in the Ultimate Rewards family, you can transfer that cash back into points if you wish – making it one of the most lucrative cards in your wallet.

Pros
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • 5% back on travel purchased through Chase Travel
  • 3% back on dining and drugstore purchases
Cons
    • 3% foreign transaction fee
  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
  • Member FDIC
Financial Snapshot
  • APR: 0% Intro APR for 15 months on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
  • Foreign Transaction Fees: 3% of each transaction in U.S. dollars
Rewards Center

Chase Ultimate Rewards

If you’re in the market for a no-annual-fee cash-back credit card that offers at least 1.5% back on all purchases, then you should consider the Freedom Unlimited card. It also earns 5% back on travel purchased through the Chase Travel Portal, and 3% back on dining and drugstore purchases.

Blue Cash Preferred® Card from American Express

HIGHEST CASH BACK
Blue Cash Preferred® Card from American ExpressTerms Apply / Rates & Fees
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This card is great for those who want to earn cash-back with U.S. supermarkets, U.S. streaming subscriptions, transit, and U.S. gas stations.

Learn More(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

This card is great for those who want to earn cash-back with U.S. supermarkets, U.S. streaming subscriptions, transit, and U.S. gas stations.
Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
$250
$0 intro annual fee for the first year, then $95.
19.24%-29.99% Variable,0% on purchases for 12 months
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The Blue Cash Preferred® Card from American Express is a stellar cash-back credit card for those looking to maximize every purchase they make.

With bonus categories like U.S. supermarkets, select streaming services, U.S. gas stations, and transit purchases, this card rewards you for the items you spend the most on in a big way! For those looking to earn up to 6% cash-back on their purchases, this could be the card for you!

Pros
  • 6% cash-back at U.S. supermarkets (up to $6,000 per year) and on select streaming services
  • 6% cash-back on select U.S. streaming subscriptions
  • 3% cash-back on U.S. gas stations and transit (including rideshares, parking, etc.)
Cons
    • $0 intro annual fee for the first year, then $95 annual fee (rates and fees)
  • Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
  • $0 intro annual fee for the first year, then $95.
  • Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
  • Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations.
  • 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
  • 1% Cash Back on other purchases.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
  • Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That’s $10 in statement credits each month. Enrollment required.
  • Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
  • Terms Apply.
Financial Snapshot
  • APR: 19.24%-29.99% Variable,0% on purchases for 12 months
  • Foreign Transaction Fees: 2.7% of each transaction after conversion to US dollars.
Rewards Center

Redeem cash-back through your American Express account

If you’re looking for a cash-back card that optimizes for the categories you spend the most on, and you’re comfortable paying an annual fee, then the Blue Cash Preferred card might be just the card for you. The Blue Cash Preferred card earns a massive 6% cash-back at supermarkets (on up to $6,000 in purchases), 6% cash-back on select streaming services (like Netflix, Hulu, and Spotify), and 3% cash-back on transit purchases.

Hot Tip: We’ve also compared the Blue Cash Everyday Card vs. Amex Cash Magnet Card. These 2 cards earn cash-back on common everyday purchases, but which is best for you? Find out in our detailed comparison.

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

Frequently Asked Questions

What is the annual fee on the American Express Cash Magnet card?

The Amex Cash Magnet card does not charge an annual fee.

Does the Amex Cash Magnet card charge foreign transaction fees?

Yes, the Amex Cash Magnet card charges a 2.7% fee on all foreign transactions. You’ll want to choose another card to pay with when traveling outside of the U.S.

What is the credit limit for the Amex Cash Magnet card?

Those who are approved for the Amex Cash Magnet card will have their credit limits set based on their credit score, years of credit history, stated income, and the amount of credit that American Express has (or has not) extended to you already. But generally speaking, those who are approved for the card usually receive a credit limit of at least $3,000.

Does the Amex Cash Magnet card offer extended warranty protection?

No, the Amex Cash Magnet card does not offer cardholders extended warranty protection on items purchased with the card.

Does the Amex Cash Magnet card offer purchase protection?

No, the Amex Cash Magnet card does not offer cardholders purchase protection on items purchased with the card.

Which is better: the Amex Cash Magnet vs. the Blue Cash Everyday card?

Neither card is necessarily better than the other. What matters is which card is a better fit for you. Neither card charges an annual fee, and the Blue Cash Everyday card is more rewarding for purchases that fall within the supermarket, gas station, and department store categories, while the Amex Cash Magnet card is more rewarding for all other purchases outside of those 3 categories.

So if you’re someone who has a high level of spending at supermarkets, gas stations, and/or department stores, then the Blue Cash Everyday card would probably be a better fit for you. If your spending patterns are more varied, then you might want to consider the Amex Cash Magnet card.

What credit score is needed for the Amex Cash Magnet card?

While there is no set credit score required in order to be approved for the Amex Cash Magnet card, you should generally feel pretty good about your approval odds as long as your credit score is at least 700.

With that said, your application decision will be based on your full credit report. This includes your credit score, your stated income, and the number of years of credit history you have.

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About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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