American Express Cash Magnet Card review 2024: Straightforward, but lackluster cash-back rewards

With the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (terms apply), you earn an unlimited flat rate of 1.5% cash back on purchases, but why bother when there are plenty of other options that earn a flat 2% cash back? Our American Express Cash Magnet Card review will explain what you should know.

American Express Cash Magnet Card basics

• Annual fee: $0.
• Welcome bonus: Earn $200 back after spending $2,000 on purchases in the first six months of card membership. 
• Rewards: 1.5% cash back on purchases. 
• APR: 0% intro APR on purchases and balance transfers for the first 15 months from the date of account opening, followed by a variable APR of 19.24% to 29.99%. Balance transfers must be requested within 60 days of account opening and a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies.
• Perks and benefits: Secondary car rental loss and damage insurance¹ and global assist hotline² with the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. .
• Preapproval tool: Yes.
• Recommended credit score: Good to excellent.

American Express Cash Magnet Card review

Sometimes the best things in life are simple. If you want to earn cash back on your credit card purchases — but don’t want to stress about remembering which card to use for which type of purchase or what your current bonus categories are — then you might appreciate the simplicity of the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . This card earns a flat rate of 1.5% cash back on purchases, making it easy to know exactly how much cash back you stand to earn whenever you use it. 

However, although using this card is a simple, no-frills way to earn rewards on your spending, it’s hard to see the appeal when there are nearly a dozen similar cards on the market that earn 2% cash back on all spending. Any of these would likely be a better choice for pure earning potential.

Not sure how to pick the best credit card for your needs? Our guide will walk you through how to choose the right card

Pros

• Earn rewards: You’ll get an unlimited 1.5% cash back on purchases. 
• Auto rental insurance coverage: Secondary car rental loss and damage insurance (up to $50,000 for theft or damage to most rental vehicles) when you use the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. to pay for the rental vehicle and decline the rental company’s coverage at the counter. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply.¹
• Low intro APR offer: You can save money on interest with the card’s introductory offer.

Cons

• No bonus spending categories: This limits your opportunity to earn more lucrative rewards in areas where you spend the most. For example, some credit cards offer elevated rates for categories such as grocery stores, restaurants or gas stations.
• Other flat-rate cash-back cards earn more: There are multiple cards available that earn a flat rate of 2% on all your spending, making this card a lesser choice.
• There’s a foreign transaction fee: Whenever you make an international purchase, with the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , you will pay a fee of 2.7% of each transaction after conversion to US dollars.

American Express Cash Magnet Card rewards

With the American Express Cash Magnet Card, you earn 1.5% cash back on purchases with no limit to how much you can earn. If you have additional cardmembers on your account, whenever they make an eligible purchase, you’ll also earn cash back. Your cash-back rewards are distributed in the form of Rewards Dollars that you can redeem as a statement credit, with no minimum redemption amount. Terms apply.

You can earn additional cash back when you first open an American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. by meeting the requirements for the welcome bonus. You can earn $200 back after spending $2,000 on purchases in the first six months of card membership.

American Express Cash Magnet rewards potential

Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. has $29,525 in expenses they are likely to be able to charge to a credit card.

SPENDING CATEGORY	SPENDING AMOUNT	CASH-BACK RATE	POINTS (OR CASH-BACK) EARNED
Category	$29,525	1.5%	$442.88
TOTAL	$29,525		$442.88

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American Express Cash Magnet Card APR

The American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. comes with a 0% intro APR on purchases and balance transfers for the first 15 months from the date of account opening, followed by a variable APR of 19.24% to 29.99%. Balance transfers must be requested within 60 days of account opening and a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies. This can be a helpful runway to tackle debt or gain extra time to pay off a big purchase.

How the American Express Cash Magnet Card compares to other rewards cards

American Express Cash Magnet Card vs. Chase Freedom Flex® * The information for the Chase Freedom Flex® has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.  

Unlike the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , the no-annual-fee Chase Freedom Flex doesn’t offer a flat-rate back on all categories. Instead, this card earns 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases. This is a more complex rewards structure, but some may find it to be more lucrative. 

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

The Citi Double Cash® Card * The information for the Citi Double Cash® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is also a flat-rate cash back card like the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , but it earns up to an unlimited 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. This card also has a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first four months. After that, the fee will be 5% of each transfer (minimum $5).

American Express Cash Magnet Card vs. American Express® Gold Card

One area where the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. falls short is in regard to travel benefits. In exchange for an annual fee of $325, the American Express® Gold Card (terms apply, rates & fees) offers much more lucrative travel rewards and perks, earning 4 Membership Rewards points per $1 at restaurants worldwide, up to $50,000 in purchases per calendar year; then 1 point per $1, 4 points per $1 at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per $1), 3 points per $1 on flights booked directly with airlines or through American Express travel and 1 point per $1 on other eligible purchases. 

The card also has no foreign transaction fees and comes with a $10 monthly dining statement credit, up to a total of $120 annually when you use your card at participating vendors (enrollment required) and up to $120 in Uber Cash each year as well. The Gold card must be added in the Uber account to receive the Uber Cash benefit.

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BLUEPRINT RATING

Our ratings are based on specific use cases for each card. We compared this card to others in the same category and developed our rankings based on this criteria, along with our editorial input. Note that although we chose this card as the best in its category, the right card for you will depend on your own financial circumstances.

Rates & fees / Terms apply

Rates & fees / Terms apply

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On American Express’s secure website

BLUEPRINT RATING

Our ratings are based on specific use cases for each card. We compared this card to others in the same category and developed our rankings based on this criteria, along with our editorial input. Note that although we chose this card as the best in its category, the right card for you will depend on your own financial circumstances.

Welcome bonus

Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

Earn 60,000 points + earn up to $100 back

Annual fee

$325

Regular APR

See Pay Over Time APR

Credit score

Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

(700 – 749) Good, Excellent

Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year; Earn 4X Membership Rewards® points at US supermarkets on up to $25,000 per calendar year in purchases; Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com; Earn 1X points on other eligible purchases.

Editor’s take

Pros

• Multiple annual statement credits that can offset the annual fee.
• High rewards rate on restaurants, U.S. supermarkets, and travel.
• Generous welcome bonus.

Cons

• $325 annual fee.
• Minimal travel perks.
• Complex rewards structure.

If eating and travel are your priorities, the American Express® Gold Card could be ideal for you for its generous rewards on spending in those areas. Plus it comes with valuable perks that could offset the annual fee, if fully maximized.

Card details

• Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
• Get the American Express® Gold Card in either the Gold, Rose Gold or Limited-Edition White Gold metal design. White Gold design is only available while supplies last.
• Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
• Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
• Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
• $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
• $84 Dunkin’ Credit: With the $84 Dunkin’ Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at Dunkin’ locations.
• $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That’s up to $50 in statement credits semi-annually. Enrollment required.
• $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
• Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit to use towards eligible charges, which may include food and beverage, spa, or other on-property charges with every booking of two nights or more through AmexTravel.com. Credit use varies by property.
• No Foreign Transaction Fees.
• Annual Fee is $325.
• Terms Apply.

The American Express Cash Magnet Card is right for you if:

• You want simple rewards. The rewards structure on the American Express Cash Magnet® Card * The information for the American Express Cash Magnet® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is easy to understand.
• You don’t want to pay an annual fee. If you don’t feel that a card with richer benefits is worth paying an annual fee for, this no-annual-fee card fits the bill.
• You want an introductory APR offer on purchases or balance transfers. An intro APR offer can be a great way to pay down debt or get more time to pay off purchases. And since this card also earns rewards, it has staying power after that intro APR offer expires.

Frequently asked questions (FAQs)

^{For rates and fees for the American Express® Gold Card please visit this page.}

^{¹Car Rental Loss and Damage Insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.}

^{²Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Card Members are responsible for the costs charged by third-party service providers.}