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American Express has launched its brand new Cash Magnet® Card. It offers a welcome bonus of $150 back after you spend $1,000 or more in purchases with your new card within the first 3 months of account opening.
With this card, you will be earning an unlimited 1.5% cash back on all your purchases. In addition, it comes with no annual fee (See Rates & Fees).
If you are thinking about applying for this card, keep reading for more details!
Table of Contents
American Express Cash Magnet Card Summary
Earning & Redeeming Reward Dollars
For all your purchases, earn a flat unlimited 1.5% cash back in the form of Reward Dollars. Cash-like transactions and certain other transaction types don’t count toward cash back earnings.
Your rewards will not expire as long as your account is in good standing.
Redeem your Reward Dollars for statement credits, gift cards, and general merchandise. You need to have a minimum of $25 in Reward Dollars to be able to redeem them.
To get the most value out of your Reward Dollars, I recommend redeeming for statement credits. The other options may be worth less than 1 cent per Reward Dollars.
Cash Magnet “Plan It” Feature
The Cash Magnet comes with a unique benefit where you have 2 different options to pay down your balance:
- Pay It. Pay small purchase amounts by making a payment equal to the amount of a billed purchase less than $100.
- Plan It. Select a qualifying transaction to pay off over a fixed period of time for a set monthly fee. There’s no interest on purchases as long as you pay your adjusted balance each month by the payment due date. Up to 10 active payment plans for qualifying purchases of $100 or more.
The Cash Magnet® Card comes with purchase benefits, such as extended warranty, purchase protection, and return protection. In addition, cardholders receive a lineup of travel benefits, like car rental loss & damage insurance, global assist hotline, road assistance hotline, and travel accident insurance. Other perks you receive include:
- Amex Offers: Participate in Amex Offers to earn more savings at places you like to shop, dine, travel, and more. Enrollment is free with your card.
- Complementary ShopRunner: Get free 2-day shipping on eligible items at over 140 online stores with ShopRunner. Enroll in complimentary membership as a benefit of your card.
For those who are looking for a credit card that offers flat cash back, the American Express Cash Magnet® Card allows users to earn an unlimited 1.5% cash back without paying an annual fee. In addition, it currently offers a generous welcome bonus after completing spending requirements.
American Express is well renowned for excellent credit cards, and this card is no exception. If you are looking for more credit cards, you can find our complete list of Credit Card Bonuses in our exclusive list!
Learn more about this card and its features here.
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