American Express Cash Magnet™ Card

American Express Cash Magnet™ Card

on American Express's secure website

American Express Cash Magnet™ Card

American Express is a NerdWallet Partner

American Express Cash Magnet™ Card

American Express Cash Magnet™ Card

on American Express's secure website

Card details

  • Earn up to $250 back. Here’s how: 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.

  • Unlimited 1.5% Cash Back on your purchases.

  • Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.

  • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 14.74% to 25.74%.

  • With Plan It℠, you can set up a monthly payment plan for large purchases with a fixed monthly fee and no interest charges, all with the same rewards and protections you expect from American Express.

  • Over 1.5 million more places in the U.S. started accepting American Express® Cards in 2017.

  • No Annual Fee.

  • Terms Apply.

  • View Rates and Fees

Rates, fees & offers

  • Annual fee

    $0

  • Rewards rate

    1.50%

  • Bonus offer

    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.

  • Intro APR

    0% on Purchases and Balance Transfers for 15 months

  • Ongoing Apr

    APR: 14.74% - 25.74% Variable APR

    Penalty APR: 29.99%, Variable

    Cash Advance APR: 26.99%, Variable

  • Balance Transfer Fee

    Either $5 or 3% of the amount of each transfer, whichever is greater.

  • Foreign Transaction Fee

    2.7% of each transaction after conversion to US dollars.

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NerdWallet Review

By Chanelle Bessette

Rating Details

3.9

Editor's overall rating

Pros and Cons

Pros
  • No annual fee

  • Bonus offer for new cardholders

  • Intro APR period on Purchases and Balance Transfers

Cons
  • Has foreign transaction fee

  • American Express isn’t accepted at as many merchants as Visa or Mastercard

The American Express Cash Magnet™ Card is a no-fuss, flat-rate rewards card that offers unlimited 1.5% cash back on purchases. For new cardholders, the card also features a generous welcome bonus when you meet the spending thresholds.

Getting 1.5% cash back on virtually everything you buy is a decent return, especially if you're seeking simplicity. The American Express Cash Magnet™ Card has an annual fee of $0, not to mention an introductory 0% APR period on purchases and balance transfers. These features make it a good low-cost, long-term option.

Just be aware that other rewards cards can be more lucrative if you're willing to keep track of tiered rewards or bonus categories.

Also keep in mind that redemption options for the American Express Cash Magnet™ Card are limited to statement credit, gift cards or merchandise. There's also a minimum redemption threshold.

For more information, see NerdWallet's full review of this card.

User Reviews

Rating Details

NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.

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