American Express Cash Magnet Card Bonus: $150 Statement Credit Promotion

If this sounds familiar to you, it’s similar to other popular flat-rate cash back credit cards. Competitors include the Capital One® Quicksilver® Cash Rewards and Chase Freedom Unlimited® that offer 1.5% cash back on all purchases. Thus, you may want to compare your options before you jump the gun. The main difference is their welcome offer.

For the Cash Magnet, new applicants can 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.

If you’re interested in what this card has to offer, keep reading for more details.

American Express Cash Magnet Card Summary

With the American Express Cash Magnet® Card: • 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. • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%. • $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee. • You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018. • No Annual Fee. • Terms Apply. • See Rates & Fees Learn More About This Card

Earning The $150 Cash Magnet Bonus

Take advantage of the Cash Magnet card’s $150 bonus cash promotion. To qualify, charge at least $1,000 to your card within the first 3 months of opening your account. See what other credit cards are offering.

Here are some ideas on meeting the spending requirement if you need a little help:

Earn Unlimited 1.5% Cash Back

Cardholders earn an 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 Rewards

Redeem Reward Dollars for statement credits, gift cards, and general merchandise. All redemption options require you to earn at least $25 in Reward Dollars to be able to redeem.

Stick with statement credits to earn the full value out of your Reward Dollars.

Gift cards generally give you the full value, but they take time to arrive. Sometimes, there are occasional sales that offer even better deals, like $5 off in rewards for a specific gift card.

Never redeem your rewards for merchandise, as the items are overpriced and you’ll get less than 1 cent in value for your 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:

1. Pay It. Pay small purchase amounts by making a payment equal to the amount of a billed purchase less than $100.
2. 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.

Conclusion

If you’re not interested in keeping track of rewards tiers or bonus categories, and you just want a simple cash-back system, the American Express Cash Magnet® Card may be the right choice for you. Cardholders enjoy an unlimited 1.5% on all purchases for no annual fee (See Rates & Fees).

Just keep in mind that there are other cards in the market offering at least 1.5% back on all purchases. In addition, many of these cards don’t have a minimum redemption amount. So, compare your options to find the one that works best for you.

If you think a little extra work is worth it in exchange for earning even more cash back, you’ll likely be better off with a different card. In addition, you’ll want to avoid using this card abroad since it does come with a 2.7% foreign transaction fee. You can find all the Credit Card Promotions we offer and their respective reviews here on BankCheckingSavings.

Learn more about this card and its features here.

Other Credit Cards To Consider

No-Annual-Fee Competitors:

With the HSBC Cash Rewards Mastercard® credit card: • Earn unlimited 1.5% cash rewards on all purchases. • Earn an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases • 10% Anniversary Bonus on all Cash Rewards earned once a year. • No Annual Fee. • 0% Intro APR for 12 months on purchases and balance transfers, then a 15.24%, 19.24% or 25.24% variable APR. • No Foreign Transaction Fees. • $0 liability for unauthorized purchases. • Terms Apply. • See Rates & Fees Apply Now at HSBC

With the Chase Freedom Unlimited® Card: • New Offer! Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases. • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.24-25.99%. Balance transfer fee is 3% of the amount transferred, $5 minimum • No minimum to redeem for cash back • Cash Back rewards do not expire as long as your account is open • Free credit score, updated weekly with Credit JourneySM • No annual fee Learn More About This Card

With the Capital One® Quicksilver® Cash Rewards Card: • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening • Earn unlimited 1.5% cash back on every purchase, every day • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn • 0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that • 0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months • Pay no annual fee or foreign transaction fees Learn More About This Card