Review
Updated
Fact Checked
Nathan Alderman
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.
American Express Cash Magnet® Card
Great for: One-card wallet
Rating image, 4.00 out of 5 stars.
4.00/5
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
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
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
= Best
= Excellent
= Good
= Fair = Poor
Credit Score
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 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.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
|
Rating image, 5.00 out of 5 stars.
5.00/5
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 |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
|
|
Rating image, 5.00 out of 5 stars.
5.00/5
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 |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
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.
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.
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 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.
Fact Checked
Nathan Alderman
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.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
American Express is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal and Target. The Motley Fool recommends the following options: short June 2024 $67.50 calls on PayPal. The Motley Fool has a disclosure policy.
For rates and fees for the American Express Cash Magnet® Card, click here
The Motley Fool recommends Amex.