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New AmEx Cash Magnet Card: Simply Attractive

Nov. 15, 2018
Cash Back Credit Cards, Credit Cards, Promos, Rewards Credit Cards
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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 two-part offer for new cardholders: Earn up to $250 back. Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Plus, earn an additional $100 statement credit after you spend an additional $6,500 in purchases within your first 12 months. Terms Apply.

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.

» MORE: 1.5% is the new gold standard in credit cards

The American Express Cash Magnet™ Card also offers an introductory APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 14.99% - 25.99% Variable 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 that’s richer than the bonuses on most other cash-back credit cards — the United℠ TravelBank Card might draw you right in.

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