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Amex Cash Magnet Card Review: Flat-Rate Cash Back and No Annual Fee

Review Updated
Natasha Etzel
By: Natasha Etzel

Our Credit Cards Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Offer Status

The information for the American Express Cash Magnet® Card has been collected independently by The Ascent. The card details on this page have not been reviewed or provided by the card issuer.

With the American Express Cash Magnet® Card, you get one cash back rate that will apply to your purchases, a low introductory APR on purchases and balance transfers, and a solid welcome offer (terms apply). Best of all, these perks come with no annual fee attached (see rates and fees). This American Express Cash Magnet® Card review takes a deeper dive into the benefits so you can decide if it's a good fit for you.

Ratings Methodology

American Express Cash Magnet® Card

Great for: One-card wallet

American Express Cash Magnet® Card
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: 0%, 15 months

Balance Transfers: N/A

Regular APR

19.24% to 29.99% Variable

Rewards

1.5% cash back

Annual Fee

$0

Welcome Offer Circle with letter I in it. Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership

$200 statement credit

  • Brings one-card wallet versatility with a solid welcome bonus, long 0% intro APR offer for purchases and balance transfers, and unlimited cash back.

    • Competitive cash back rate
    • Big welcome offer
    • No annual fee
    • Foreign transaction fee
    • Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership.
    • Unlimited 1.5% Cash Back on your purchases.
    • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 19.24% to 29.99%.
    • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
    • Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
    • Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
    • No Annual Fee.
    • Terms Apply.
The information for the American Express Cash Magnet® Card has been collected independently by The Ascent. The card details on this page have not been reviewed or provided by the card issuer.

Full Amex Cash Magnet Card review

This credit card is a good fit for: Consumers who want to earn the same cash back rate on their spending or want to pay purchases or existing credit card debt off over time with a 0% intro APR.

Top perks

These are the top perks that come with this card:

Unlimited 1.5% cash back

The American Express Cash Magnet® Card earns this flat rate on your spending, making it a smart pick if you'd rather not spend your time carrying cards with different bonus categories and matching them to specific expenses. Terms apply.

$200 statement credit

Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership. Terms apply.

No annual fee

If you're looking for a no annual fee card, this one fits the bill. See rates and fees.

0% intro APR offer on purchases and balance transfers

The American Express Cash Magnet® Card has a 0% intro APR that lasts for 15 months and applies to purchases and balance transfers. The go-to rate is 19.24% to 29.99% Variable after the introductory period expires (see rates and fees). To qualify for the 0% intro APR on balance transfers, you must request a balance transfer within 60 days of account opening.

Related: Read The Ascent's guide to the Best American Express Credit Cards.

Alternatives to consider

  • If you spend more on gas and groceries: The Blue Cash Everyday® Card from American Express earns 3% back at U.S. supermarkets and 3% back at U.S. gas stations (each earns premium rewards on the first $6,000 in yearly spending in each category). It also doesn't have an annual fee, and it could be the better choice if those areas are two of your biggest monthly expenses. (See rates and fees. Terms apply.)
  • If you want to earn more cash back on each purchase: You'd get 2% back on purchases with the Citi Double Cash® Card, which earns 1% when a purchase is made and an additional 1% when you pay your bill. The lack of a welcome bonus means there's less upfront value, but its cash back rate is as good as it gets.

Read more: Best Cash Back Credit Cards

As of Apr. 16, 2024
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Image for
Image for

American Express Cash Magnet® Card

 Blue Cash Everyday® Card from American Express Citi Double Cash® Card
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Apply Now for Blue Cash Everyday® Card from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees External Link Icon

Apply Now for Citi Double Cash® Card

On Citi's Secure Website.

Rates & Fees External Link Icon

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Fair to Excellent (580-850)

Fair to Excellent (580-850)

Welcome Offer: Circle with letter I in it. Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership

$200 statement credit

Welcome Offer: Circle with letter I in it. Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.

$200

Welcome Offer: Circle with letter I in it. Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

20,000 ThankYou® Points

Rewards Program:

1.5% cash back

Rewards Program: Circle with letter I in it. 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%. 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%. 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.

1%-3% cash back

Rewards Program: Circle with letter I in it. 2% cash back: 1% when you buy plus 1% as you pay

Up to 2% cash back

Intro APR:

Purchases: 0%, 15 months

Balance Transfers: N/A

Intro APR:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Intro APR: Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: 0%, 18 months

Regular APR:

19.24% to 29.99% Variable

Regular APR:

19.24%-29.99% Variable

Regular APR:

19.24% - 29.24% (Variable)

Annual Fee:

$0

Annual Fee:

$0

Annual Fee:

$0

Highlights:

  • Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership.
  • Unlimited 1.5% Cash Back on your purchases.
  • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 19.24% to 29.99%.
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
  • Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
  • Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
  • No Annual Fee.
  • Terms Apply.

Highlights:

  • Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
  • No Annual Fee.
  • Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 19.24% to 29.99% variable APR.
  • 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
  • 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
  • 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
  • Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Everyday® Card. Enrollment required.
  • Enjoy up to $15 back per month when you purchase a Home Chef meal kit subscription (subject to auto renewal) with your enrolled Blue Cash Everyday® Card.
  • Terms Apply.

Highlights:

  • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.
    Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Apply Now for Blue Cash Everyday® Card from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees External Link Icon

Apply Now for Citi Double Cash® Card

On Citi's Secure Website.

Rates & Fees External Link Icon

Show More Arrow graphic to expand and collapse content Show Less Arrow graphic to expand and collapse content

The information for the American Express Cash Magnet® Card has been collected independently by The Ascent. The card details on this page have not been reviewed or provided by the card issuer.

What could be improved

This card has at least one notable area that could be improved upon.

Foreign transaction fee

Using this card internationally will cost you 2.70% of the transaction amount in U.S. dollars. You'll need to use a different card when traveling abroad to avoid these fees (see rates and fees).

Read more: Best No Annual Fee Credit Cards

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Compare cards

Suggested credit score

The American Express Cash Magnet® Card is aimed at consumers with a FICO® Score of 670 or higher. But that number isn't set in stone, as applicants have reported approvals with low- to mid-600s scores. However, American Express considers many factors in its decision-making process, not just your credit score.

The Amex Cash Magnet Card is right for you if:

You should think about applying for the American Express Cash Magnet® Card in these situations:

  • You want a no annual fee cash back card.
  • You prefer flat-rate cash back because you don't have a lot of expenses in any particular spending category.
  • You need to finance one or more purchases at a 0% intro APR. Terms apply.
  • You want to make a balance transfer and pay down existing credit card debt faster without additional interest at a 0% intro APR. Terms apply.

Read more: A Complete Guide to Balance Transfers

Our Credit Card Methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

FAQs

  • Credit limits for the American Express Cash Magnet® Card are based on several factors, including a card member's income and credit history. Successful applicants typically receive a credit limit of at least $1,000, and some get credit limits of over $10,000.

  • The American Express Cash Magnet® Card isn't hard to get if your credit score is high enough. A FICO® Score of at least 670 gives you a good chance of being approved.

  • Yes, you can use this card internationally. However, it charges a foreign transaction fee of 2.7% of each transaction in U.S. dollars.

Our Credit Cards Experts

Natasha Etzel
By: Natasha Etzel

Writer

Natasha has been a freelance writer since 2015. She specializes in credit card and credit card rewards content. When not busy writing, she's either dreaming up her next credit card rewards redemption or traveling the globe. Her goal is to encourage more people to experience the world around them while making smart financial choices.

Nathan Alderman
Check IconFact Checked Nathan Alderman

Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.