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

Card details

Recommended credit score

  • 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.

  • 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 15.24% to 26.24%.

  • $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee.

  • You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.

  • 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% on Purchases and Balance Transfers for 15 months

  • Ongoing APR

    APR: 15.24% - 26.24% Variable APR

    Penalty APR: 29.99%, Variable

    Cash Advance APR: 27.49%, 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

Recommended credit score

Pros and cons

Pros
  • No annual fee

  • Bonus offer for new cardholders

  • Intro APR period on Purchases and Balance Transfers

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.

User Reviews

Recommended credit score

Rating Details

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