Cash Magnet® Card from American Express

Quick Snapshot

• Annual Fee: $0
• APR: 19.24%-29.99% variable
• Rewards: Unlimited 1.5% cash back on every purchase
• Bonus: $200 statement credit after spending $2,000 in the first 6 months
• Best For: People who want simple flat-rate cash back on everything with no annual fee and no category tracking
• Credit Needed: Good to Excellent (670+)

Overview

The Cash Magnet Card from American Express is a no-frills, flat-rate cash back card that earns an unlimited 1.5% cash back on every purchase. There are no bonus categories to track, no spending caps, and no annual fee. It is the simplest cash back card in the Amex personal lineup and appeals to anyone who wants predictable rewards without complexity.

The card includes a $200 statement credit welcome bonus after spending $2,000 in the first 6 months, which is standard for this tier of no-fee cards. Where it adds extra value is the 0% intro APR for 15 months on both purchases and balance transfers, making it a strong option for anyone planning a large purchase or looking to consolidate existing credit card debt.

While 1.5% flat-rate cash back is competitive, it falls short of the 2% offered by cards like the Citi Double Cash or Wells Fargo Active Cash. The Cash Magnet's advantage lies in the Amex ecosystem: purchase protection, extended warranty, and the generally well-regarded American Express customer service. It also serves as a good companion to a category card, handling all the non-bonus spending at a flat rate.

APR Breakdown

• Purchase APR: 0% intro APR for 15 months on purchases, then 19.24%-29.99% variable
• Balance Transfer APR: 0% intro APR for 15 months on balance transfers, then 19.24%-29.99% variable
• Cash Advance APR: 29.99% variable
• Penalty APR: None

Note: 0% intro APR for 15 months on purchases and balance transfers made within the first 60 days, then a variable rate of 19.24% to 29.99% based on your creditworthiness and the Prime Rate.

Benefits Overview

Simple Flat-Rate Cash Back

• Unlimited 1.5% cash back on every purchase with no caps or tiers
• No bonus categories to track, activate, or optimize
• Cash back earned automatically on all eligible purchases
• No annual spending thresholds or category limits

Introductory APR Offer

• 0% intro APR for 15 months on new purchases
• 0% intro APR for 15 months on balance transfers made within 60 days of account opening
• No annual fee ever
• Transition to standard variable APR after intro period

Amex Protections

• Purchase protection covering eligible purchases against damage and theft for up to 90 days
• Extended warranty adding up to one year to the manufacturer warranty
• Fraud protection with $0 liability for unauthorized charges
• Free additional cards for authorized users

Rewards & Points

• 1.5% unlimited cash back on every purchase

Cash back is earned as Reward Dollars and redeemed as a statement credit. There are no points to transfer, no portals to navigate, and no minimum redemption threshold. Rewards do not expire as long as your account remains open and in good standing.

Welcome Bonus

Earn a $200 statement credit after spending $2,000 on eligible purchases within the first 6 months of card membership. The $2,000 requirement averages just $333 per month, making it one of the easiest welcome bonuses to earn. Combined with no annual fee, the entire $200 bonus is pure value from day one.

Fees Summary

• Annual Fee: $0
• Balance Transfer Fee: 3% (min $5) within the first 60 days, then 4% (min $5)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: 2.7%
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $40

Who This Card Is Best For

Ideal For

• Simplicity seekers who want one card that earns the same rate everywhere with no thinking required
• Balance transfer users who need 15 months of 0% APR to pay down existing debt
• Amex fans who want American Express protections and service at no annual fee
• Companion card users who want a flat-rate card to pair with a category-focused primary card
• New credit builders with good credit who want a simple entry point into the Amex ecosystem

Not Good For

• Reward maximizers since 1.5% is less than the 2% offered by leading flat-rate competitors
• International travelers due to the 2.7% foreign transaction fee that negates cash back abroad
• Category spenders who would earn significantly more with a card offering 3% to 6% on their top categories

Key Pros & Cons

Pros

• Unlimited 1.5% cash back on every purchase with absolutely no caps
• No annual fee keeps the card free to hold indefinitely
• $200 welcome bonus with a very easy $2,000 spending requirement
• 0% intro APR for 15 months on both purchases and balance transfers
• No categories to track, activate, or rotate quarterly
• American Express purchase protection and extended warranty at no cost
• Simple and predictable rewards that never change
• Good companion card for non-bonus spending alongside a category card
• Free authorized user cards

Cons

• 1.5% cash back rate is below the 2% offered by Citi Double Cash and Wells Fargo Active Cash
• 2.7% foreign transaction fee makes it a money-loser abroad
• No bonus categories means leaving value on the table if you spend heavily in one area
• Cash back redeemed only as statement credits, no direct deposit
• No Membership Rewards points or transfer partner access
• No travel protections like trip delay insurance or baggage coverage
• No dining, grocery, or gas bonus of any kind
• Welcome bonus matches competitors but the ongoing rate does not

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

Total estimated first-year value: $560 including the $200 welcome bonus with no annual fee. Ongoing annual value is approximately $360 on $24,000 in total spending. A 2% flat-rate card would earn $480 on the same spend, a $120 difference.

Should You Get This Card?

You Should Get It If...

• You want the simplest possible cash back card with no categories to manage
• You need a 0% intro APR for 15 months on purchases or balance transfers
• You value American Express customer service and purchase protections
• You want a no-fee companion card for non-bonus spending
• You spend broadly across many categories without a single dominant area
• You prefer American Express and do not want a competing bank's card

You Should Skip It If...

• You want the highest flat-rate return and can get 2% with the Citi Double Cash or Wells Fargo Active Cash
• You spend heavily in one category and would earn more with a specialized card
• You travel internationally and need zero foreign transaction fees
• You want Membership Rewards points with airline and hotel transfer partner access
• You prefer a card with bonus categories on dining, groceries, or gas
• You want travel insurance or premium perks included with your card

Apply Now

Apply for Cash Magnet® Card from American Express

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.