Editor’s note: This card is no longer available to new applicants.
American Express Cash Magnet Card overview
If simplicity is your thing, the American Express Cash Magnet® card is one of the easiest cards to wrap your head around, with its flat 1.5% cash back earning rate on everything purchased. There are no bonus categories to remember or points to figure out how to redeem. However, there are better options for maximizing your spending which is good to know since the Amex Cash Magnet is no longer accepting applications. Card Rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
It’s great when credit card rewards are easy to earn — simply tap or swipe to pay and watch your reward currency balance grow. That’s the case for many cash-back cards, including the Amex Cash Magnet.
If you want a one-card wallet where you don’t have to think too hard about the card you’re using, the Cash Magnet can make a lot of sense. However, this isn’t the most lucrative cash-back card, so it might pay to look at other options.
This no-annual-fee product is currently not accepting applications. If you’re curious how this card stacks up against other American Express offerings, let’s dive in and take a closer look.
The information for the Amex Cash Magnet Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Amex Cash Magnet pros and cons
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Amex Cash Magnet welcome offer
When applications were open for the Amex Cash Magnet card, applicants had the ability to earn a $200 statement credit after spending $2,000 within the first six months of card membership.
This welcome offer is in line with what we typically see on many no-annual-fee cash-back cards.
Amex Cash Magnet benefits
This card also comes with a variety of benefits as part of the American Express card network. For no annual fee, cardmembers are eligible for a solid number of benefits, including:
- Car rental loss and damage insurance: You’ll receive secondary coverage for a rental car when you decline the collision damage waiver at the counter and pay for the entire rental with your card*
- Purchase Protection: You’ll be reimbursed for up to $1,000 per covered incident and up to $50,000 per year for theft, loss or accidental damage to eligible items that occurred within 90 days of purchase when you pay for the item with your card**
- Global Assist Hotline: Available to assist you with travel planning 24/7***
- Amex Offers: Earn additional rewards on some purchases with targeted Amex Offers
- Amex Send and Split: Allows you to split purchases with people using Venmo
Additionally, as an Amex cardmember, you’re eligible for the Plan It® program, which allows you to pay off purchases of $100 or more in monthly installments. To use this feature, you must first be deemed eligible per your credit history. You’ll manage your plan via the American Express app if you qualify.
Enrollment is required for select benefits; terms apply.
*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.
**Eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.
***Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Cardmembers are responsible for the costs charged by third-party service providers.
Related: Best credit cards with purchase protection
Earning cash back with the Amex Cash Magnet
The Cash Magnet’s most notable feature is its unlimited cash-back earning ability. With this card, you’ll receive 1.5% cash back on every purchase — there are no bonus categories to keep track of or spending caps to remember.
On the downside, bonus categories offered on other cards can allow you to earn much more cash back than earning the same percentage across every purchase.
Redeeming cash back with the Amex Cash Magnet
Amex Cash Magnet cardmembers are rewarded with cash back in the form of “Reward Dollars” that can be used toward statement credits and at Amazon.com checkout.
Note that you cannot earn or redeem Amex Membership Rewards points with this card — a downside if you’re looking to redeem your rewards for travel like TPG credit cards editor Emily Thompson.
Which cards compete with the Amex Cash Magnet?
While there is something to be said for simplicity, there are better cash back options out there.
- If you want a better earning rate: The Citi Double Cash® Card (see rates and fees) takes center stage with 2% cash back on all purchases (1% when you make purchases, 1% when as you pay them off). Cardholders can also convert the cash back they earn to ThankYou Points via another qualifying Citi card. To learn more, read our full review of the Double Cash.
- If you want bonus categories: The Chase Freedom Unlimited® offers the same 1.5% cash back on purchases, plus 5% back on travel booked through Chase Travel℠ and 3% on dining and drugstores. Cardholders can also convert their cash back to Chase Ultimate Rewards points with the right card pairing. To learn more, read our full review of the Freedom Unlimited.
- If you’re willing to pay an annual fee: Consider the Blue Cash Preferred® Card from American Express. This card has a $0 introductory annual fee for the first year, then $95 each year thereafter (see rates and fees). With this card, you’ll earn 6% cash back at U.S. supermarkets (on up to the first $6,000 in spending each year, then 1%) and select U.S. streaming subscriptions, 3% cash back at U.S. gas stations and transit and 1% cash back on all other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. To learn more, read our full review of the Amex Blue Cash Preferred.
For additional options, check out our full list of the best cash-back cards.
Is the Amex Cash Magnet worth it?
The Amex Cash Magnet offers one way to earn cash back on purchases you’d be making anyway. However, there are many better options for a cash-back card, so be sure to review all of your options before deciding on one.
Bottom line
While the Amex Cash Magnet’s simplicity is nice for some, its earning rate is disappointing compared to direct competitors. You can get some value from this card — especially if you’re a high spender, but if your goal is to maximize a no-annual-fee cash-back card, you can do better than the Amex Cash Magnet.
Related: The best time to apply for these Chase cards based on offer history
For rates and fees of the Amex Blue Cash Preferred, click here.
