Independent credit card comparisonsAdvertiser Disclosure
BestCreditCardsGuide

Cash Magnet® Card

By the Best Credit Cards Guide editorial team · Information from the original card page, updated May 28, 2025

Annual fee
None
Recommended credit
Excellent / Good
Card network
American Express
Intro purchase APR
0% for 15 months from account opening date
Compare this card
Check before you apply: the rates, fees and offers on this page are as listed on the original card page (updated May 28, 2025) and may have changed. Confirm current terms on the issuer’s website. Best Credit Cards Guide may be compensated by some issuers; see our Advertiser Disclosure.

At a glance

The Cash Magnet® Card offers an unlimited 1.5% cash back on all eligible purchases, without the need to memorize any categories or tiered rewards structures.

Our review of the Cash Magnet® Card

Cash back credit cards have gained popularity for their simplicity and unlimited earning potential. The American Express Cash Magnet® Card is a top contender in this market.

Credit Needed

To qualify for the Cash Magnet® Card, you must meet American Express’ requirements, including being 18 years old, having a valid SSN, and a good credit history. Your income and debt obligations will also be considered during the application process.

0% Introductory APR Offer

Enjoy a 0% introductory APR on purchases for the first 15 months with the Cash Magnet® Card. This allows you to make new purchases and carry a balance without accruing interest. Additionally, $0 Plan It fees are applicable on plans created within the first 15 months from the account opening date.

Welcome Offer

New cardmembers can earn a $200 welcome bonus by spending $2,000 on purchases within the first three months of card membership.

Earn Unlimited Cash Back

With the Cash Magnet® Card, earn unlimited 1.5% cash back on all purchases. There are no limitations or categories to keep track of, making it easy to earn rewards on everyday expenses

How to Redeem Cash Back

There is no minimum threshold for redeeming cash back with this card. You can start redeeming as soon as you earn rewards, whether it’s $10 or $100. Use your rewards for special purchases or as a statement credit to offset your balance.

American Express Benefits

As a Cash Magnet® Cardmember, enjoy benefits like purchase protection, extended warranty, and access to the Global Assist® Hotline when traveling more than 100 miles from home.

Tips for Maximizing Rewards

  • Use your card for everyday expenses to earn rewards on regular spending.
  • Pay your balance in full each month to avoid interest charges.
  • Watch out for special promotions to earn additional rewards and benefits.

What We Like About the Card

  • Decent rewards with unlimited 1.5% cash back on all purchases.
  • 0% introductory APR for the first 15 months.

Things to Consider

  • No bonus categories for higher cash back rates in specific areas.
  • Foreign transaction fees of 2.7% on purchases made outside the US.

Should You Apply for the American Express Cash Magnet® Card?

The Cash Magnet® Card is a solid choice for those seeking a straightforward rewards program and attractive introductory benefits. While it may not offer as much value as some other cards on the market, it still provides generous cash back rewards and American Express benefits. Consider this card if you value simplicity, rewards, and overall value in a credit card.

Card features

Benefits as listed on the original card page. They can change; confirm details with the issuer.

  • Earn $200 back after spending $2,000 within the first 6 months
  • Unlimited 1.5% cash back on your purchase
  • Introductory purchase APR of 0% for 15 months, then a variable APR
  • Use Amex Offers to get rewarded at places you like to shop, dine, travel, and more

Who this card may suit

  • You're looking for a cash back card that doesn’t have a confusing bonus system
  • You want to earn an unlimited 1.5% cash back on all eligible purchases
  • You will likely spend $2,000 or more within the first six months
  • You do't want to pay an annual fee

Rates, fees and terms

Rates, fees and terms as listed on the original card page (updated May 28, 2025). Confirm current terms on the issuer’s site.
Annual FeeNone
Intro Purchase APR0% for 15 months from account opening date
Regular Purchase APR19.24% to 29.99% variable based on creditworthiness and the Prime Rate
Cash Advance APR29.99% variable based on the Prime Rate
Cash Advance Transaction FeeEither $10 or 5% of the amount of each cash advance, whichever is greater
Foreign Transaction Fee2.7% of the transaction amount in U.S. dollars
Penalty APR29.99% variable based on the Prime Rate
Late Payment Penalty FeeUp to $40
Return Payment Penalty FeeUp to $40

Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Excellent Credit Good Credit.

Similar cards

Chase Freedom Unlimited®

  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth…
  • Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards…
Annual fee
None
Recommended credit
Excellent / Good
Intro APR
0% for 15 months from account opening date
Apply Now for Chase Freedom Unlimited® (opens in a new tab)Read review of Chase Freedom Unlimited®