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American Express® Cash Magnet® Card review: A simple way to earn cash back rewards
Great for simple cash back
Annual Fee: $0
This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.
Here’s the average credit limit of members who matched their American Express® Cash Magnet® Card or similar cards.
% of members by credit limit range
The average credit limit for members who have matched with this card or similar cards is $8,602, with $1,000 being the most common.
Here’s the average credit score of members who matched their American Express® Cash Magnet® Card or similar cards.
% of members by credit score range
The average credit score for members who have matched with this card or similar cards is 707, with 813 being the most common. Note this is just one of the deciding factors when it comes to getting approved.
Member stats
Updated daily
26.9%
Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.
45 years
Average age of members who matched this card or similar cards.
$100,477
Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.
Pros and cons
No annual fee
Simple cash back rewards structure
Introductory purchase APR offer
Foreign transaction fee
Limited cash back options
American Express® Cash Magnet® Card review
Updated November 25, 2024
This date may not reflect recent changes in individual terms.
Written by: Erica Gellerman
What you should now about the American Express® Cash Magnet® Card
The American Express® Cash Magnet® Card could be a great option for someone who wants a simple cash back card that rewards them for their everyday purchases. Here are some of the card’s highlights.
1. Simple 1.5% cash back rate
Hate keeping track of reward categories? With the American Express® Cash Magnet® Card, earning and redeeming cash back benefits is simple and straightforward. The card offers unlimited 1.5% cash back on all eligible purchases. The cash back will accrue as Reward Dollars, which can then be redeemed as a statement credit.
2. Limited options for redeeming cash back
While simplicity is a key benefit of this card, it can also be a drawback for some cardholders. The card comes with limited options for redeeming cash back. The Reward Dollars you earn can be redeemed only in the form of a statement credit or for eligible items at Amazon checkout. You won’t be able to redeem the Reward Dollars for cash that you can deposit into your bank account, and it also can’t be used to pay your minimum amount due.
3. Finance big purchases with an intro purchase APR and Plan It®
The American Express® Cash Magnet® Card offers two features that can make planning for big purchases easier. The first is an introductory 0% APR for 15 months from account opening on purchases, then a variable purchase APR of 13.99% - 23.99%.
There is another option available if you need to finance a large purchase once that introductory APR period is over: the Plan It® feature, which offers you the ability to create up to 10 payment plans to finance qualifying purchases of $100 or more. With each payment plan, you’ll pay a fixed monthly fee of up to 1.33% for each purchase.
4. $200 welcome offer
If you’re looking for a more immediate cash back reward, the American Express® Cash Magnet® Card comes with a welcome offer that may be easy to reach. When you spend at least $2,000 on eligible purchases within the first six months of card membership, you’ll receive a statement credit of $200. While there are cards that come with a bigger welcome offer, they often require a higher spending level to reach it.
Other things you need to know
Here are some other key features offered by the American Express® Cash Magnet® Card.
- No annual fee.
- Leave this card at home for international travel. It comes with a 2.7% foreign transaction fee.
- Remember to make payments on time. If you don’t, you could be charged a penalty APR of 29.24%.
Who this card is good for
The American Express® Cash Magnet® Card is a great card for someone who wants a very basic and straightforward cash back rewards card. The simplicity of 1.5% cash back for all purchase categories makes it an easy choice for someone who doesn’t want to keep track of rewards categories. Plus, no annual fee means you don’t have to worry about earning enough cash back to make up for the cost of the annual fee.
The card also has features that are helpful for someone who is looking to finance large purchases. Aside from the introductory 0% APR on purchases, the Plan It® feature helps you finance large purchases for a low fixed fee.
But the simplicity comes with drawbacks. The primary way to redeem your cash back — earned in the form of Reward Dollars — is through a statement credit. If you want to use a credit card rewards to pay for other benefits, like travel, this might not be for you.
And while 1.5% is a good cash back rate for a card without an annual fee, if your regular purchases fall into popular spending categories, you could earn more points with a different card. For example, if you primarily use your card when you eat out, you could be missing out on points by not using a card that offers a higher rewards rate in the dining-out category.
Not sure this is the card for you? Consider these alternatives.
- Bank of America® Travel Rewards credit card: Like the simplicity of earning flat-rate rewards but want to redeem them for travel? This card could be for you.
- U.S. Bank Cash+™ Visa Signature® Card: If you like the idea of choosing your cash back rewards categories, check out this card.
Member reviews
Most helpful positive review
April 21, 2019
Great Card
— Credit Karma Member
Okay, so I did not want to rush and write a review after my first impresssion, since it was not a good one. Allow me to elaborate. After spending two years repairing my credit and with a CS of 650 at the time, I applied for this credit card because A)CK said I had good approval odds, B) I was sent a pre-approval letter for another one of their cards, so I figured I had good chances, and C) this card has a cash bonus offer when I applied( $150 if I remember correctly) after spending only $1000 within your first three months. Although I did get approved instantly for $1k, they failed to inform me that i did not qualify for the cash bonus offer due to my credit score. Honestly, had I known this before, I woud not have applied. I then found myself with a credit card from a company that I resented already, but used it anyway for everyday purchases such as groceries, gas, and other bills always making sure to pay it off as soon as the charge was posted, always keeping a SUPER LOW balance. They have increased by CL twice since, and I have accumulated a significant amount of reward dollars and you can use them towards a lot of cool things, not just statement credit. They also have offers that you can add on your card to get cash back when purchasing from certain stores, restaurants and hotels(Levi's, Lulu's, Omni Hotels, CPK, MAC, Ray-Ban, etc) This absolutely changed my perspective and although it would have been nice to be eligible for that sign up bonus, this has become my go-to card. RE Customer Service: I initially called them when I spend my first $1000 to find out why the credit was not posted. They answered quickly and the operator was very efficient and clear about the procedure of opening the inquiry. I received a call back the next morning. I was in class so I did not answer and they left me a message. I was very impressed they called me and I did not have to be pursuing them to get the answers I needed. They did not have a resolution at that time, but they wanted to let me know they were looking into it and someone would call me. I did receive a call a couple of days later with the dissapointing news I mentioned above. Although I feel the offer was misleading, their service was outstanding and I have zero complains.
Most helpful negative review
June 3, 2019
Scam
— Credit Karma Member
I applied and received this card about 6 months ago... The first thing I was attracted to was the $150 welcome bonus offered when you spend $1,000 within the first 3 months. After spending WELL over $1,000 in less than the 3 months time frame I never received the welcome bonus or any information pertaining to it. After contacting customer service numerous times they are blatantly not honor the welcome bonus which is STILL posted/offered on all of their websites. Also you are not even able to redeem cash back until you have a minimum of $25 earned each time and many places don't even take American Express. I'm extremely dissatisfied with this card/company and I will no longer be using this card.