Credit Rating Requirement: 3% cash back at U.S. supermarkets ($6,000 spending cap per year), 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on all else, 2% cash back: 1% when you buy plus 1% as you pay. and got the 14 day message. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. Reasonable efforts are made 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. All reviews are prepared by CreditCards.com staff. American Express' Finance. You can also earn the introductory bonuses on both cards, meaning you’ll rack up even more cash back the first year. Plus, earn $100 back after you spend $1,000 in purchases on your new Card within the first 6 months. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. Falling within this credit range does not guarantee approval by the issuer. See the online credit card applications for details about the terms and conditions of an offer. Redemption options start once you accrue at least $25 in cash – you can’t cash in points in increments any smaller than that. American Express launched a new cash back credit card on Thursday morning — the American Express Cash Magnet® Card. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. American Express Cash Magnet® Card Overview. Just Unlimited Cash Back. The 15-month 0% APR purchase offer is also a nice feature. 2 stars equals Fair. The difference between the American Express Cash Magnet® Card and the Citi® Double Cash Card is that the Citi card comes with a higher cashback rate and an intro APR period on balance transfers. Explore our picks of the best brokerage accounts for beginners for January 2021. American Express Cash Magnet ® Card was ranked on Money.com as one of this year's top credit cards. Read more from nationally recognized credit card expert, Jason Steele or see if you qualify by clicking "Apply Now" below. By providing my email address, I agree to CreditCards.com’s These terms allow CreditCards.com to use your consumer report information, including credit score, for internal business purposes, such as improving the website experience and to market other products and services to you. 3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). American Express is a CreditDonkey partner. With an incredible rewards program, lengthy intro APRs and no annual fee, the American Express Cash Magnet® Card has something for every consumer to love. Keep in mind that you’ll need to list your income and other financial details when you apply for this card. An application must be submitted to the issuer for a potential approval decision. How much cash back you’ll earn with this card within a year – and how those earnings compare to what you might receive with competing cards – depends on your personal spending style. Falling within this credit range does not guarantee approval by the issuer. Unlimited 1.5% cash back: The American Express Cash Magnet® Card earns this flat rate on all your spending, making it a smart pick if you'd rather not spend your time carrying cards with different bonus categories and matching them to specific expenses. Use it for all your regular purchases that don’t qualify for a higher category bonus with a different rewards credit card. An application must be submitted to the issuer for a potential approval decision. The Discover it Cash Back is another cash back credit card that doesn’t charge an annual fee, yet it has unique earning tiers that set it apart. Best of all, these perks come with no annual fee attached. Also a major plus – the Cash Magnet card offers a 0 percent APR on new purchases for the first 15 months (13.99 to 23.99 percent variable thereafter). It is a very competitive platform for this offer with no annual fees included with your cash back credit card.. That number isn't set in stone, as applicants have reported approvals with scores in the low- to mid-600s. You do not have to use our links, but you help support CreditDonkey if you do. Bonus is broken down as follows: $150 cash back after $1,000 in spend within the first six months; 10% cash back up to $150 on grocery store purchases for the first six months (you might also see a max of $100, keep trying till you get the $150 maximum. American Express is offering a bonus of up to $300 on the Cash Magnet card. You prefer flat-rate cash back because you don't have a lot of expenses in any particular spending category. Earn 20% back on purchases at Amazon.com on the Card in the first 6 months, up to $200 back. Average Yearly Rewards Value ($1,325 monthly spend) This American Express Cash Magnet® Card review takes a deeper dive into the benefits to see whether you should apply for it or go with something different. The American Express Cash Magnet card is an exceptional card for easy cash back earnings, without an annual fee. Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. the "Apply Now" button, you can review the credit card terms and conditions on the issuer's web site. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. With the ability to earn 1.5% cash back on all purchases and a decent introductory bonus , it’s a good option for users who want a simple cash back credit card. Earn Unlimited 1.5% Cash Back on your purchases with your American Express Cash Magnet® Card. Possible to see $225 offer with $1,000 spending requirement. The major downside of this card’s rewards program is the fact that redemption options are fairly limiting. The American Express Cash Magnet® Card isn’t the cash back credit card category’s gold standard. Cash back enthusiasts, or anyone who wants to redeem rewards for merchandise or gift cards. The American Express mobile app also gets solid ratings from both the Google Play Store and the Apple store. The Ascent is reader-supported: we may earn a commission from offers on this page. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The American Express Cash Magnet Card has a welcome offer of $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. $288, APR Citi Flex Plan offers are made available at Citi's discretion. If you want to keep things a simple as possible, the Cash Magnet card is a good way to go. CreditCards.com is an independent, advertising-supported comparison service. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. But it lacks a welcome offer or an intro APR period on purchases that come with the Amex card. You get one cash back rate that will apply to all your purchases, a low intro APR that you can use for financing expenses, and a solid welcome bonus. American Express Cash Magnet® Card review. The Cash Magnet card has a robust selection of perks, including travel-related perks, that go above and beyond the average cash back credit card: These benefits make the Cash Magnet card considerably more valuable. No Caps, No Categories. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. Note that you have to use the incognito mode or empty the cache in your browser to see the higher offer. As you can see from our chart below, cards such as the Blue Cash Preferred® Card from American Express and the Discover it® Cash Back can be more rewarding thanks to generous bonus categories: See related: Which 1.5 percent cash back card is right for you? The American Express Cash Magnet Card offers a moderate introductory bonus with easy requirements – you can earn $150 after you use your card for $1,000 in purchases within three months of account opening. Good/Excellent Banks, issuers and credit card companies do not endorse or guarantee this content, are not responsible for it, and may not even be aware of it. The Good The welcome offer on this card is among the highest we've ever seen for a no annual fee cash back card. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. This card gives you 2 percent back – 1 percent when you make a purchase and another 1 percent back when you pay it off. By clicking "See my odds" you agree to our Terms of Use (including our Prequalification Terms) and Privacy Policy. For rates and fees of the Amex Cash Magnet, please click here. We want your money to work harder for you. 5 stars equals Best. New cardholders will get an introductory 0% APR promotion on purchases for 15 months. Make a large purchase and pay it down over 15 months with no interest. J. D. Power 2020 customer satisfaction rating. On the plus side, the Cash Magnet card offers the same 1.5 percent cash back on every purchase, no matter the type of purchase. Consumers who want to benefit from consumer protections like zero fraud liability and purchase protection. In addition to the benefits listed above, the American Express Cash Magnet® Card comes equipped with all the features that come standard with American Express cards. The American Express Cash Magnet® Card is a simple no-annual-fee credit card for those who don’t want to bother with category spending bonuses. We receive compensation if you apply and get approved for a card through links in our content. Instead, you’ll see recommended credit ranges from the issuers listed next to cards on our site to help you determine which cards you’re likely to be approved for. In case you need to finance purchases past the introductory period, the Cash Magnet card also offers a “Pay it Plan it” program that makes it easier to pay down credit card balances over time. The Chase Freedom Unlimited is another cash back credit card that lets you earn at least 1.5 percent back on purchases. The American Express Cash Magnet Card is a simple cash back credit card that offers more than just rewards. The first detail to note with this card is that it doesn’t let you earn points in the Membership Rewards program. Amex Cash Magnet’s rewards are straightforward and generous, starting with a bonus of $150 as statement credit for spending $1,000 within 3 months of opening an account and continuing with unlimited 1.5% cash back on all purchases. American Express Cash Magnet card review: No annual fee and 1.5% cash back, plus a long introductory 0% APR on purchases that can save you money Holly Johnson 2020-12-02T22:27:14Z 13.99-23.99% (variable) (See rates and fees), American Express Customer Service Ratings, Other Notable Features: Plan It, Pay It, car rental insurance, purchase protection, ShopRunner, presale tickets, $0 liability, Destination Family, lowest hotel rates guarantee, car purchasing program, year-end summary. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. I guess I'm just attracted to pretty things?) Duplicating your link or in anyway attempting to abuse the system will result in permanent ban. The American Express Cash Magnet® Card solves that problem with its simple rewards structure. The Ascent is reader-supported: we may earn a commission from offers on this page. Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 13.99% to 23.99%. Which 1.5 percent cash back card is right for you? 37 Comments. Achieving a credit score in this range typically requires several years of responsible credit use. Falling within this credit range does not guarantee approval by the issuer. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Also, if you need to add to your balance after transferring a balance to the card, you can do so without accruing interest on your new balance during the 15-month introductory period. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. American Express Cash Magnet Card – $350 Sign Up Bonus (Extra 3.5% Cashback) February 2, 2020, 15:51. The American Express Cash Magnet® Card is a relative newcomer to the issuer's family of cash-back products. American Express offers online chat in addition to their call center as well, meaning you don’t have to call in to their customer service line for help. This cash back credit card offers 1.5 percent cash back for every dollar you spend – … You can earn more than the standard 1 percent back with the card, yet you don’t have to worry about earning caps or changing categories. Also, Discover matches all the rewards you earn the first year, which makes the card extremely rewarding for the first year of membership. With a fair introductory bonus and no annual fee, we also believe this is a card nearly anyone could benefit from. Having both cards in your wallet can help you earn 6 percent and 3 percent on bonus category purchases and 1.5 percent back on all your other purchases. After enrolling, you'll get free two-day shipping through ShopRunner's network of over 100 online stores. 4 stars equals Excellent. 2.7% of each transaction after conversion to US dollars. For example, the American Express Cash Magnet® Card offers cardholders an extended warranty when eligible purchases are charged on the card. $150 bonus: You receive this sign-up bonus as a statement credit after spending $1,000 within the first three months of opening the account. Not only is it one of a slew of 1.5 percent cash back cards, but you can find plenty of cards – both with flat rates and bonus categories – that trump it in terms of earnings: $200 cash back when you spend $500 in the first three months, Matches all your cash back in the first year. See your unique approval odds listed next to cards on our site. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Keep in mind, also, that you aren’t limited to … American Express Cash Magnet® Card These ratings and reviews are provided by our users. The American Express Cash Magnet Card may be the best fit for consumers who yearn for the utmost simplicity. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. consumers with “good credit,” or FICO scores of 670 to, paired with a variety of American Express cards, Blue Cash Preferred® Card from American Express, $150 if you spend $1,000 in first 3 months, No rotating categories or enrollment required, Redeem rewards for statement credits, merchandise or gift cards, Google Play Store mobile app rating: 4.3/5, 2% cash back on all purchases – 1% when you buy something and another 1% when you pay it off, 5% cash back on Lyft purchases (through March 2022), 5% cash back on travel through Chase Ultimate Rewards, 3% cash back at restaurants and on drugstore purchases, 5% cash back on up to $1,500 spent in bonus categories each quarter that you must enroll in (then 1%), Redeem rewards for checks or statement credits, Redeem rewards for statement credits, gift cards or merchandise, Redeem rewards for statement credits, gift cards (ranging from $5 – $200 in $5 increments) or merchandise. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. You can’t transfer points earned with this card to airline or hotel partners, for example. Cardholders also have the opportunity to earn $200 cash back when they spend $500 in the first three months. Referrals. Consumers with scores over 740 are the most likely to get approved for this card and its competitors. Explore the best credit cards in every category as of January 2021. To earn cash back, pay at least the minimum due on time. The … On the downside, the Cash Magnet card’s cash back rate is low compared to many competitors. The offers that appear on this site are from companies from which CreditCards.com receives compensation. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Citi's To find out if you’re eligible, download the American Express app and look for the “Pay It Plan It” icons. Get essential reads every week with our newsletter. However, know that there are other cashback cards that offer higher rewards earning rates , which can put more cash back in your pocket. Before you apply for a personal loan, here's what you need to know. Power and its 24/7 customer service. Privacy Policy, Essential news and expert tips in your inbox every week. This bonus is comparable to what many other cash-back cards offer. This cash back credit card offers 1.5  percent cash back for every dollar you spend – with no limits or earning caps. Keep an eye on your inbox—we’ll be sending over your first message soon. While the Cash Magnet card is a solid option for earning a steady rate of cash back, it has a lot of competitors in the cash back space. AmEx Cash Magnet. American Express Cash Magnet Card: More Details. The American Express Cash Magnet® Card is about as straightforward a rewards card as they come. Your personal information and data are protected with 256-bit encryption. This program is available for consumers based on their credit history. Only post your link once per thread. On Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. Brings one-card wallet versatility with a big welcome bonus, long 0% intro APR offer for purchases, and unlimited cash back. All rights reserved. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. That’s only $334 per month in spending – an amount most people should be able to reach by charging groceries, gas and regular expenses to their card. This card will give you 5 percent back on up to $1,500 spent in rotating categories that you enroll in each quarter (1 percent thereafter), and 1 percent back on all other purchases. No annual fee: If you're looking for a no annual fee card, this one fits the bill. It is not our partner’s responsibility to ensure all posts or questions are answered. Copyright © 2021 CreditCards.com a Red Ventures Company. No need to worry about rotating categories or enrollment. Excellent Our ratings are based on a 5 star scale. The American Express Cash Magnet® Card – $150 Welcome Offer is a simple $0 annual fee flat-rate cashback rewards card with good benefits and a welcome bonus that’s relatively easy to earn. Foreign transaction fee: Using this card internationally will cost you 2.7% of the transaction amount in U.S. dollars. If simplicity is your thing, the Cash Magnet is one of the easiest cards to wrap your head around, with its flat 1.5% cash back earning rate on everything purchased. Terms apply. Please post your referral link for the: American Express Cash Magnet below. Car rental loss and damage insurance: You can skip the rental car insurance when you pay with your American Express Cash Magnet® Card, because the card offers its own coverage for that. One difference between the two is the lower spend requirement to clear the offer with the Capital One® Quicksilver® Cash Rewards Credit Card. The American Express Cash Magnet® Card is great for those who are looking for a simple, straightforward cash back card for everyday use. Consumers who want a cash back credit card with no annual fee. 3 stars equals Good. We do receive compensation from some partners whose offers appear on this page. Please review. Your cash back never expires as long as your account is open, and there are no limits to how much you can earn. Good/Excellent There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. (Cash Magnet is a great all-around cashback card. American Express has built a strong lineup of cash back cards, and one of its best all-purpose options is the American Express Cash Magnet® Card.You get one cash … CreditCards.com does not include the entire universe of available financial or credit offers. For rates and fees of the American Express Cash Magnet card, click here; Amex Credit Card Benefits & Info; Blue Cash Everyday® from American Express Apply Now (at Amex's secure site) Earn 20% back on purchases at Amazon.com on the Card in the first 6 months, up to $200 back. Complimentary ShopRunner membership: Through the card issuer's partnership with ShopRunner, many American Express cards now offer a free membership to that service. The Cash Magnet is now available for applications and comes with a hefty welcome bonus for a no-annual fee card, but a somewhat uncompetitive earning rate. We’ll do a soft credit pull to find them, which will never impact your credit score. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. 0% intro APR offer: This intro APR lasts for the first 15 months and applies to purchases. On You’ll earn cash back on every purchase at a flat rate of 1.5 percent back, no matter what you buy. All Rights Reserved. Secure Website. Not only will you receive a terrific welcome offer, you can take advantage of all of the great features that this card has to provide. American Express has built a strong lineup of cash back cards, and one of its best all-purpose options is the American Express Cash Magnet® Card. This bonus isn’t mind-blowing, but it is standard for cards that offer a flat rate of rewards. The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. The American Express Cash Magnet® Card is a no-fuss, flat-rate rewards card that offers unlimited 1.5% cash back on purchases. Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee. The offers that appear on this site are from companies from which CreditCards.com receives compensation. You should think about applying for the American Express Cash Magnet® Card in these situations: Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. Everything You Need to Know About Savings, Blue Cash Everyday® Card from American Express, Citi® Double Cash Card – 18 month BT offer, Apply for American Express Cash Magnet® Card, Copyright, Trademark and Patent Information. If you need to pay for an expensive purchase such as kitchen appliances, new furniture or a vacation, you can earn cash back on the purchase and then pay down your bill without any interest during the first 15 months. (Cash Magnet is a great all-around cashback card. We’re sorry, but something went wrong and we couldn’t find your approval odds. Unlimited 1.5% Cash Back on your purchases. American Express looks at many factors in its decision-making process, not just your credit score. Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. That said, Cash Magnet is a great fit for no-drama cardholders seeking predictable rates of return on everyday spending. American Express is a CreditDonkey partner. The Blue Cash Preferred from American Express is best for consumers who spend a lot on groceries and gas and don’t mind paying an annual fee, but the American Express Cash Magnet could work for pretty much anyone. The American Express Cash Magnet® Card and the Capital One® Quicksilver® Cash Rewards Credit Card offer the exact same cashback rate and the same welcome offer value. You need to finance one or more purchases at a. Learn more about our advertising policy. Amex Offers rewards you at places you like to shop, dine, travel, and more. The 1.5 rewards rate on the American Express Cash Magnet card is nothing special, but the introductory offer is a nice bit of extra pocket change (terms apply). Anyone who wants to earn a flat rate of rewards without enrollment or worrying about category bonuses or earning caps. An application must be submitted to the issuer for a potential approval decision. [referrals] American Express Cash Magnet. The American Express Cash Magnet® Card is aimed at consumers with good credit, so a FICO® Score of 670 or higher will help your chances of approval. You can unsubscribe at any time. We have not reviewed all available products or offers. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. After that, the APR is 13.99% to 23.99% variable, based on your creditworthiness. This makes matters very simple for cardholders who hate having to keep track of bonus categories and spending caps. The American Express Cash Magnet card is a great entry-level credit card, a no-frills choice that earns 1.5% cash back on every purchase. Pay your credit card in full each month to avoid debt and future interest charges. However, we do receive compensation when you click on links to products from our partners. While there are some similarities between the Cash Magnet Card, the Blue Cash Everyday® Card from American Express and the Blue Cash Preferred® Card from American Express, there are key differences as well. The American Express Cash Magnet® Card is one of the best cash back credit cards available right now, especially for people in the market for low introductory APRs. I understand that this is not an application for credit and that, if I wish to apply for a credit card with any participating credit card issuer, I will need to click through to complete and submit an application directly with that issuer. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits. There are no bonus categories to remember or points to figure out how to redeem. The American Express Cash Magnet offers new cardholders $200 cash back if they spend $1,000 on their cards within three months of account opening. The $200 will be issued in the form of a statement credit. By providing my email address, I agree to CreditCards.com’s You are required to use the American Express app to access this program. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness. Instead, you earn a flexible form of cash back that can be redeemed for statement credits, merchandise and gift cards. This flexible financing program allows you to pay off small purchases (under $100) right away through the American Express app, but it also lets you pay down larger purchases (over $100) over several months via installment payments with a fixed fee. American Express offers world-class Charge and Credit Cards, Gift Cards, Rewards, Travel, Personal Savings, Business Services, Insurance and more. You do not have to use our links, but you help support CreditDonkey if you do. Check the data at the top of this page and the bank’s website for the most current information. The Ascent does not cover all offers on the market. When you click on With the redemption bonus factored in, you can eke 1.9 to 2.3 cents worth of value out of every dollar spent with the card. The American Express Cash Magnet Card may be the best fit for consumers who yearn for the utmost simplicity. It has an edge over the Cash Magnet card in that you can transfer your points to certain premium Chase cards – such as the Chase Sapphire Preferred® Card – and redeem them for travel for a 25 to 50 percent redemption bonus. 1 star equals Poor. Falling within this credit range does not guarantee approval by the issuer. ... American Express is offering an additional 3.5% cash back on purchases within 6 months up to $350 (in addition to the standard 1.5% cash back) Card Details. We receive compensation if you apply and get approved for a card through links in our content. Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. Please read our Privacy Statement and Terms & Conditions. While minimum requirements can vary on rewards credit cards, most consumers with “good credit,” or FICO scores of 670 to 739 may be able to qualify for cash back and rewards credit cards. The Cash Magnet card can be paired with a variety of American Express cards, but one of its best pairing options is the Blue Cash Preferred® Card from American Express, which gives you 6 percent cash back on U.S. supermarket purchases (up to $6,000 in purchases per year, 1 percent thereafter) and select U.S. streaming services like Hulu and Netflix, 3 percent cash back on U.S. gas station and transit purchases (including ride-shares), and 1 percent cash back on everything else. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Secure Website. Plus, there’s no annual fee. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
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