Amex Cash Magnet Card: Review

Amex Cash Magnet Card
Amex Cash Magnet Card

The Amex Cash Magnet card is one of the preferred cards in the US market. Considering the no annual membership fee card with flat 1.5% cashback with no capping or category makes it suitable for most of the new users.

Many users who wish to apply for a card to build credit should certainly be considering this card without any second opinion.

This is the card you wish to have if you do not wish to pay the annual membership fee and want to earn cashback without worrying about the category unlike other Amex cards like Amex every day or Amex Everyday preferred card.

No Annual membership feeLimited Reward redemption
0% promotional APR Foreign Transaction Fee
No Limit on CashbackNo Reward booster


American Express is a brand that everyone can rely upon when it comes to credit card benefits and their services.

The Amex Cash Magnet card is one of the no annual membership fee cards which can be very handy for beginners who are willing to work upon their credit building.

The Amex Cash magnet card has no annual membership fee and the ongoing welcome bonus offer like 0% APR and $200 cashback makes it more appealing.

The users who use the card only for regular everyday shopping can prefer this card as it gives a flat 1.5% cashback on any and every category of the charge.

As the card is an Amex card with no annual membership fee, it certainly holds some appeal for members who wish to go with a brand without paying any fee. You can click here to apply for this card.

Prime Features

  • Welcome Bonus Upto $200 as cashback
  • Cash Back Reward
  • Car Rental Insurance
  • Pay It and Plan it
  • Year-end summary
  • Fraud protection
  • 0% APR offer for 15 Months

Welcome Bonus offer

welcome bonus

With the welcome bonus offer, you can earn upto $200 Cashback in form of a statement credit.

– You can spend $2000 or more within 6 months from card approval and will get $200 statement credit.

– 0% intro APR as welcome bonus offer for 15 months starting account opening date, after that the APR may be a variable of 13.99% to 23.99%.

Cash Back and Redemption :

The card will give you complete peace of mind when it comes to cash reward earning. Majority of the card in the market has several spending criteria and the cash reward is issued accordingly.

However, With Amex Cash Magnet, you will get the flat 1.5% cashback be it any category.

The cashback earned on the Amex cash magnet never expires and gets accumulated till the time account is active. So higher the spending on your card, the more you earn.

You just need to earn a $25 or above cash reward and you will get the option to redeem it to pay the account balance by redeeming the cash reward.

The cashback you earn does have a limitation as it can only be used as a statement credit and have no alternative for the redemption.

The Alternative to Consider

Amex Cash Magnet card VS Amex Blue Cash Everyday Card :

If you make most of the spending at supermarkets, gas stations, or department stores, the Blue Cash Everyday Card from American Express could be an alternate you might consider before the Cash Magnet Card.

The prime reason for the suggestion is due to the reward category where you can make the spending at specific categories and will have the opportunity to maximize your rewards.

The Blue Cash Everyday Card from American Express offers cardholders 3% Cashback at U.S. supermarkets (up to $6,000 per year in purchases, then 1%), 2% Cashback at U.S. gas stations, 2% Cashback at Select U.S. department stores, and 1% Cashback on all other eligible purchases.

All the cash back rewards you earn on the card can easily be redeemed as a statement credit to pay off your balance.

However, the Amex Cash Magnet Card should be your preference if you no longer wish to keep a track of rewards or keep on checking the category of the transaction before making a charge with merchants to ensure a hassle-free cashback on the card.

The promotional 0% APR, the huge welcome bonus of $200 cashback, and the 1.5% flat cash back reward are just an added bonus we all get without paying any fee.


The Amex Cash Magnet is the only card you should consider if you are applying for a credit card for the first time with limited funds and your prime gold is to use the card only for everyday spending to earn cash back without paying any fee.

The no annual membership fee with Cashback, the Amex Cash Magnet card has a lot to offer like 0% APR for 15 months, $200 welcome bonus statement credit, and a flat 1.5% cashback on all the transactions.

Overall the Amex Cash Magnet Card is a decent card cashback option, with no annual fee. However, if you are a frequent flyer and traveling abroad, it should not be the only card to depend upon, given its foreign transaction fees.

However, if you wish to earn more cashback and can consider paying an annual membership fee, you certainly can consider American Express Blue cash preferred card as well.

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