American Express Cash Magnet® Card
on American Express's website
American Express Cash Magnet® Card
American Express is a NerdWallet Partner
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.
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.
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
Foreign transaction fee
2.7% of each transaction after conversion to US dollars.
Recommended credit score
Compare to other cards
Annual Fee$0 | Annual Fee$95 | Annual Fee$95 |
Regular APR15.99% - 22.99% Variable APR | ||
Intro APR0% intro APR on Purchases for 15 months | Intro APRN/A | Intro APR0% intro APR on Purchases for 12 months |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
Wondering if this card is the best match for you?
Wondering if this card is the best match for you?
Wondering if this card is the best match for you?
Just tell us some details and see which card matches your needs most.
Just tell us some details and see which card matches your needs most.
NerdWallet review
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.
