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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)
Earn consistent 1.5% cash-back on all purchases, with no caps or changing categories to track, and with no annual fee.
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.
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.
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.
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).
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.
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.
This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!
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.
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 definitely 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.
Terms Apply / Rates & FeesThis 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.
If you're approved and accept this Card, your credit score may be impacted.
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!
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.
The Amex Cash Magnet card does not charge an annual fee.
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.
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.
No, the Amex Cash Magnet card does not offer cardholders extended warranty protection on items purchased with the card.
No, the Amex Cash Magnet card does not offer cardholders purchase protection on items purchased with the 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.
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.
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.
