The American Express Cash Magnet® Card is Amex’s 1.5% cash back card. The welcome bonus, no annual fee, and Amex benefits make it a good, but not great, cash back credit card option.
- Welcome Offer: Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
- Unlimited 1.5% Cash Back on your purchases.
- Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- 0% for 15 months on purchases and balance transfers, then 13.99% - 23.99% Variable.
- No Annual Fee.
- Terms Apply. (See Rates & Fees)
Pros & Cons
- 1.5% cash back on all purchases
- Welcome bonus
- No annual fee
- Welcome bonus requires high spend
- No bonus cash back categories
- Amex is not as widely accepted as Visa or Mastercard
Welcome bonusAllcards Rating: 3.9/5.0
The American Express Cash Magnet® Card does offer what American Express likes to call a Welcome Bonus. You earn $150 if you spend $500 within the first 3 months. If that seems like a high hurdle to clear, it is. It’s one of the highest given the value of the bonus. It’s also why we rate this bonus lower than other similar cards.