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.
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.
(All information about the Blue Cash Everyday® Card from American Express has been collected independently by NerdWallet. The Blue Cash Everyday® Card from American Express is no longer available through NerdWallet.)
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.