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In the market for a simple cash-back credit card that earns a solid flat rate on all your eligible spending? You may want to stick "apply for the American Express Cash Magnet® Card" on that to-do list on your fridge.
The card, introduced in July 2018, offers 1.5% cash back on all purchases and charges an annual fee of $0. It also comes with a welcome offer for new cardholders after meeting a minimum spending requirement (see rates and fees).
The cash back comes in the form of Reward Dollars statement credit, which is the same rewards currency earned by the Blue Cash Preferred® Card from American Express and the Blue Cash Everyday® Card from American Express. Both of those cards, however, offer tiered reward categories instead of a flat rate on everything.
The American Express Cash Magnet® Card also offers an introductory 0% APR. That makes it a decent option if you're looking to finance a large purchase over time.
The rewards rate on the American Express Cash Magnet® Card is decent but hardly earth-shaking. You can find plenty of flat-rate cards that offer 1.5% cash back or higher on all purchases and that also come with lengthy introductory 0% APR periods. And if you're willing to keep track of tiered rewards categories or rotating bonus rewards categories, you can earn a lot more back with other cards.
But if you're looking for an easy-to-grasp rewards structure — plus a new-cardmember offer — the American Express Cash Magnet® Card might draw you right in.