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New AmEx Cash Magnet Card: Simply Attractive

June 14, 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.

Courtesy of American Express

Courtesy of American Express

The card, introduced this week, 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 worth up to $300. It breaks down this way:

  • Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Terms Apply.
  • Plus, earn an additional $150 back after you spend an additional $6,500 in purchases within your first 12 months. You will receive the $300 back as a statement credit. Terms Apply.

The cash back, too, 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, then a variable APR, 14.49% to 25.49%. That makes it a decent option if you’re looking to finance a large purchase over time.

Still, 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-card-member offer that’s richer than the sign-up bonuses on most other cash-back credit cards — the American Express Cash Magnet℠ Card might draw you right in.

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