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 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.
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.