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3. American Express® Cash Magnet® Card review: A simple way to earn cash back rewards

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282 reviews from Intuit Credit Karma members

3.2

Rating: 3.2 out of 5.

Great for simple cash back

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their American Express® Cash Magnet® Card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $8,616, with $1,000 being the most common.

Here’s the average credit score of members who matched their American Express® Cash Magnet® Card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 706, with 810 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

27.1%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$100,696

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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No annual fee

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Simple cash back rewards structure

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Introductory purchase APR offer

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Foreign transaction fee

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Limited cash back options

What you should now about the American Express® Cash Magnet® Card

The American Express® Cash Magnet® Card could be a great option for someone who wants a simple cash back card that rewards them for their everyday purchases. Here are some of the card’s highlights.

1. Simple 1.5% cash back rate

Hate keeping track of reward categories? With the American Express® Cash Magnet® Card, earning and redeeming cash back benefits is simple and straightforward. The card offers unlimited 1.5% cash back on all eligible purchases. The cash back will accrue as Reward Dollars, which can then be redeemed as a statement credit.

2. Limited options for redeeming cash back

While simplicity is a key benefit of this card, it can also be a drawback for some cardholders. The card comes with limited options for redeeming cash back. The Reward Dollars you earn can be redeemed only in the form of a statement credit or for eligible items at Amazon checkout. You won’t be able to redeem the Reward Dollars for cash that you can deposit into your bank account, and it also can’t be used to pay your minimum amount due.

3. Finance big purchases with an intro purchase APR and Plan It®

The American Express® Cash Magnet® Card offers two features that can make planning for big purchases easier. The first is an introductory 0% APR for 15 months from account opening on purchases, then a variable purchase APR of 13.99% - 23.99%.

There is another option available if you need to finance a large purchase once that introductory APR period is over: the Plan It® feature, which offers you the ability to create up to 10 payment plans to finance qualifying purchases of $100 or more. With each payment plan, you’ll pay a fixed monthly fee of up to 1.33% for each purchase.

4. $200 welcome offer

If you’re looking for a more immediate cash back reward, the American Express® Cash Magnet® Card comes with a welcome offer that may be easy to reach. When you spend at least $2,000 on eligible purchases within the first six months of card membership, you’ll receive a statement credit of $200. While there are cards that come with a bigger welcome offer, they often require a higher spending level to reach it.

Other things you need to know

Here are some other key features offered by the American Express® Cash Magnet® Card.

• No annual fee.
• Leave this card at home for international travel. It comes with a 2.7% foreign transaction fee.
• Remember to make payments on time. If you don’t, you could be charged a penalty APR of 29.24%.

Who this card is good for

The American Express® Cash Magnet® Card is a great card for someone who wants a very basic and straightforward cash back rewards card. The simplicity of 1.5% cash back for all purchase categories makes it an easy choice for someone who doesn’t want to keep track of rewards categories. Plus, no annual fee means you don’t have to worry about earning enough cash back to make up for the cost of the annual fee.

The card also has features that are helpful for someone who is looking to finance large purchases. Aside from the introductory 0% APR on purchases, the Plan It® feature helps you finance large purchases for a low fixed fee.

But the simplicity comes with drawbacks. The primary way to redeem your cash back — earned in the form of Reward Dollars — is through a statement credit. If you want to use a credit card rewards to pay for other benefits, like travel, this might not be for you.

And while 1.5% is a good cash back rate for a card without an annual fee, if your regular purchases fall into popular spending categories, you could earn more points with a different card. For example, if you primarily use your card when you eat out, you could be missing out on points by not using a card that offers a higher rewards rate in the dining-out category.

Not sure this is the card for you? Consider these alternatives.

• Bank of America® Travel Rewards credit card:
Like the simplicity of earning flat-rate rewards but want to redeem them for travel? This card could be for you.
• U.S. Bank Cash+™ Visa Signature® Card:
If you like the idea of choosing your cash back rewards categories, check out this card.