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.
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.
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.
Recommended credit score
NerdWallet review
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
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.
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