AmEx Cash Magnet Review: No-Fuss 1.5% Back on Your Purchases

The flat cash-back rate on everything you buy matches the industry standard, but optimizers might be able to find more attractive options.
Jan 14, 2022

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Our Take

4.8

NerdWallet rating 
The bottom line:

A solid option for those who prize simplicity in a rewards card. Just keep in mind that the redemption options are a bit limited.

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American Express Cash Magnet℠ Card
American Express Cash Magnet® Card
Annual fee
$0
Regular APR
14.24%-24.24% Variable APR
Intro APR
0% intro APR on Purchases for 15 months
Rec. credit score
690-850 (Good - Excellent)

Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.