The American Express Cash Magnet® Card is a straightforward cash back credit card that offers flat, unlimited 1.5% cash back on all eligible purchases.
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.
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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
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:
• Plastiq: Plastiq allows you to pay for expenses that you generally won’t be able to with your card like rent, tuition, auto lease, mortgage payment, and more. There’s a 2.5% processing fee for using your credit card. However, this’ll be worth the card bonus you’ll get. There’s also a referral program where you can earn “Fee-Free Dollars” to use towards processing fees. See our Plastiq review.
• Fund Checking accounts with your card: Many banks will allow you to fund the opening deposit with a credit card. Consider opening Checking accounts that also offer a sign-up bonus. This way, you can work towards bonuses from two different sources. Big banks like Chase, HSBC, Huntington, and TD Bank have great offers and allow credit card funding. You can generally fund anywhere from $50 to $1,000 towards the opening deposit with a credit card, depending on the bank.
• Buy gift cards: Consider buying gift cards with your credit card that you can then spend later at your leisure. Individual merchant cards (restaurants, gas stations, supermarkets, etc.) generally don’t have purchase fees, so this is a plus. On the other hand, American Express and Visa gift cards will have purchase fees. Amazon gift cards are a great idea as you can shop for almost anything there with no purchase fees either. Unfortunately, Citi credit cards tend to code gift card purchases as Cash Advances and there’ll be a fee. Call in to customer service and lower your Cash Advance limit to $0 before purchasing gift cards. You can also buy discounted gift cards as well from Raise or find gift cards on eBay.
• Everyday spending & bills: Always using your credit card for everyday spending, such as for dining, gas, groceries, etc. You can also use your credit card to pay for things like insurance bills, property taxes and income taxes. However, you’ll have to consider the convenience fees.
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 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:
- 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.
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
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
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
The Best Bank Offers are updated here. See the below pages to get started with some of the best offers:
• Chase Bank Offers. Chase offers a range of attractive Checking, Savings and Business Accounts. Chase has a great selection of sign-up bonuses in comparison to other big banks.
• HSBC Bank Offers. HSBC Bank has big value offers available through this Checking Accounts. In addition, they are offering an attractive rate for their Online Savings Account.
• Huntington Bank Offers. Huntington Bank has high bonus amounts available through their Checking and Business Checking. Huntington also offers a Business Premier Money Market Account.
• Discover Bank Offers. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs.
• TD Bank Offers. TD Bank consistently offers a fantastic selection of checking accounts to cater to your banking needs. However, savings account offers are less frequently available.
|Discover Bank Online Savings||$200 Cash||Review|
|HSBC Premier Checking Member FDIC||$750 Cash||Review|
|HSBC Advance Checking Member FDIC||$350 Cash||Review|
|Huntington Asterisk-Free Checking®||$150 Cash||Review|
|Huntington 5 Checking||$200 Cash||Review|
|Chase SapphireSM Checking||60,000 Points||Review|
|Chase Total Checking® + Chase SavingsSM||$350 Cash||Review|
|Chase Premier Plus CheckingSM||$300 Cash||Review|
|Chase College CheckingSM||$100 Cash||Review|
|Chase Private Client||$1,250 Cash||Review|
|TD Bank Beyond Checking||$300 Cash||Review|
|TD Bank Convenience CheckingSM||$150 Cash||Review|
|Chase Total Business Checking®||$200 Cash||Review|
|Huntington Bank Unlimited Plus Business Checking||$500 Cash||Review|
|Huntington Bank Unlimited Business Checking||$400 Cash||Review|
|Huntington Bank Business Checking 100||$200 Cash||Review|