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

  • 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 redeemed for statement credits.

  • Low intro APR: 0% for 15 months on purchases and balance transfers from the date of account opening, then a variable rate, currently 12.99% to 23.99%.

  • 0% introductory plan fee on each purchase moved into a plan during the first 15 months from the date of account opening with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee. After that, your plan fee will be up to 1.17% of each purchase moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase.

  • Don’t wait for your Card in the mail. Start earning cash back before your Card even arrives, if eligible for Instant Card Number.

  • 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: 12.99% - 23.99% Variable APR

    Penalty APR: 29.24%, Variable

    Cash Advance APR: 25.24%, 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

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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 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.