American Express Cash Magnet® Card

American Express Cash Magnet® Card

on American Express's 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 website

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Card details

  • 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.

  • Unlimited 1.5% Cash Back on your purchases.

  • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 13.99% to 23.99%.

  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee and no interest.

  • Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.

  • Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.

  • No Annual Fee.

  • Terms Apply.

  • View Rates and Fees

Rates, fees & offers

  • Annual fee

    $0

  • Rewards rate

    1.50%

  • Bonus offer

    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. Terms Apply.

  • Intro APR

    0% intro APR on Purchases for 15 months

  • Ongoing APR

    APR: 13.99% - 23.99% Variable APR

    Cash Advance APR: 25.24%, Variable

    Penalty APR: 29.24%, 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.

Recommended credit score

Compare to other cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual Fee

$0

Annual Fee

$95

Annual Fee

$0 intro for the first year, then $95

Regular APR

13.99% - 23.99% Variable APR

Rates & Fees

Regular APR

15.99% - 22.99% Variable APR

Regular APR

13.99% - 23.99% Variable APR

Rates & Fees

Intro APR

0% intro APR on Purchases for 15 months

Intro APR

N/A

Intro APR

0% intro APR on Purchases for 12 months

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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NerdWallet review

By Chanelle Bessette

Rating details

4.8

Editor's overall rating

Pros and cons

Pros
  • No annual fee

  • Bonus offer for new cardholders

  • Intro APR period on Purchases

Cons
  • 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.