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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. It is a very competitive platform for this offer with no annual fees included with your cash back credit card (see rates & fees).
The Cash Magnet card is a good cash back card to have if you want to gain easy rewards. However, you won’t be able to redeem your rewards for cash back into your account. Then you will have to redeem them as statement credit.
Keep in mind, that American Express isn’t accepted internationally for Visa or Mastercards.
Cash Magnet Card Quick Facts
| Bonus Available | $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. |
| Bonus Value | $150 |
| Ongoing Rewards/Benefits | Get unlimited 1.5% cash back for all expenses. |
| Foreign Transaction Fees? | 2.7% (see rates & fees) |
| Annual Fee | $0 (see rates & fees) |
All information about American Express Cash Magnet® Card has been collected independently by BankCheckingSavings.
Recommended Free Credit Score (Get Free Score)
690 – 850 (Good – Excellent)
*Compare this American Express Cash Magnet credit card to other credit card offers.*
Pros
- No annual fee
- Welcome bonus
Cons
- Cannot redeem to bank account
- Limited acceptance globally
- Foreign transaction fees
Editor’s Alternate Pick
 The Chase Freedom Unlimited® Card offers a $250 bonus after spending $500 on purchases in your first 3 months from account opening. Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR. In addition, you can earn: • 6.5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase TravelSM, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases. There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open. This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM. Member FDIC |
Cash Magnet Card $150 Bonus Offer
Make use of the Cash Magnet card’s welcome offer of $150. You must charge your card with a minimum of $1,000 in the first 3 months of having your account open to be able to qualify.
Here are some ideas on meeting the spending requirement:
Redeeming Your Reward Dollars
Cash Magnet rewards will be received as Reward Dollars. This will be very much like the Blue Cash Everyday® Card from American Express and Blue Cash Preferred® Card from American Express. These Reward Dollars can be redeemed towards:
- Statement credits
- Gift cards
- Merchandise
You will be able to redeem your rewards for at least $25. However, you will not be able to redeem your Reward Dollars for deposits into your bank account. Lots of other cash back credit cards will normally offer this in their bonuses.
Cash Magnet Card “Plan It” Feature
Some perks that you would benefit from that makes this card so interesting is that you will be presented with 2 choices to pay your balance such as:
- Pay It: Pay for small expenses by making your payments similar to the amount of your billed expenses that are less than $100.
- Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
Bottom Line
The American Express Cash Magnet Card is a good daily usage credit card with easy to use rewards. However, there is the problem of this card having a 2.7% foreign transaction fee. It would be a better idea not to use this credit card overseas.
If you want to travel internationally, then you should have a rewards credit card that won’t charge you extra to spend money outside of the U.S. It would also be a good idea to have it be a Visa or Mastercard, these cards will be more accepted worldwide rather than an American Express card.
What’s the Competition?
There are some of American Express Cash Magnet credit card’s top competitors listed below.
The Chase Freedom Unlimited® Card offers a $250 bonus after spending $500 on purchases in your first 3 months from account opening. Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR. In addition, you can earn: • 6.5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase TravelSM, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases. There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open. This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM. Member FDIC |
 The Capital One Quicksilver Cash Rewards Card offers $200 Cash Back after spending $500 on purchases within 3 months from account opening. 0% intro APR on purchases and balance transfers for 15 months; variable APR after that; balance transfer fee applies You'll earn: • 1.5% Cash Back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards. • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply. This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card. |
