American Express Cash Magnet® Card Review

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Our Detailed Review of This Card

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If you’re looking for a straightforward cash back credit card, look no further than the American Express Cash Magnet® Card (a NextAdvisor advertiser). This card kicks things off with a $150 statement credit bonus that you’ll earn after spending $1,000 on purchases in the first 3 months. Earning ongoing cash back rewards can’t be easier — you’ll earn an unlimited 1.5% cash back on all purchases. Having a card that earns a flat-rate on all purchase means you don’t have to worry about spending categories or rotating categories, as you’ll be earning the same amount on all purchases you make with the card. It makes the American Express Cash Magnet® Card a card that you can use on every and all purchases you make. Cash back earned with this card will be received in the form of Reward Dollars that can be redeemed for statement credits, gift cards and merchandise.

On top of that, the American Express Cash Magnet® Card offers a 15-month 0% intro APR on purchase and balance transfers from date of account opening (after that, it’s 12.99%-23.99% Variable) — see rates and fees. There’s a balance transfer fee of 3% of the amount of each transfer (with a $5 minimum — see rates and fees), but considering how long the 0% intro APR is, this one-time fee is probably worth paying. What’s more, plans set up with Plan It during the first 15 months of card membership will have a 0% intro plan fee (See rates and fees). If you aren’t already aware, Plan It is a tool that allows you to set a repayment plan for any large purchases of $100 or more. The plan options vary from 3 to 24 months and have no interest, however they come with a monthly plan fee, which is where the 15-month 0% intro plan fee steps in. You won’t have to pay the monthly fee on plans made (you can have up to 10 at once), and you’ll just pay the same payment on that plan every month until it’s paid off.

Rounding out the American Express Cash Magnet® Card, which is available to those with good to excellent credit (usually considered a credit score of 700 or higher) is no annual fee. And since it’s an American Express card, you’ll get a number of American Express perks like car rental loss and damage insurance, global assist hotline, exclusive access to presale tickets and more! As you can see, the American Express Cash Magnet® Card is a great option for those who want to earn cash back without the fuss of spending caps or rotating categories.

Rewards

  • 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.
  • Earn Unlimited 1.5% Cash Back on your purchases.

Redeem Rewards

  • Cash back received in the form of Reward Dollars that can be redeemed for statement credits, gift cards and merchandise.

Fees and APR

  • Annual Fee: $0.
  • Purchase APR: 0% on purchases for 15 months, then 12.99%-23.99% Variable, based on creditworthiness.
  • Balance Transfer APR: 0% on balance transfers for 15 months, then 12.99%-23.99% Variable, based on creditworthiness.
  • 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.
  • Late Payment Fee: Up to $40.
  • Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
  • APR for Cash Advances: 25.24% Variable.
  • Penalty APR: 29.24% Variable.
  • Returned Payment Fee: Up to $40.
  • For full details, see rates and fees.
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