American Express Cash Magnet Card ⏬👇

The American Express Cash Magnet® Card is a straightforward cash-back credit card that offers unlimited 1.5% cash back on all eligible purchases, with no annual fee. This makes it an attractive option for those seeking a simple rewards structure without the need to track bonus categories.

Cash Back Rewards: Earn 1.5% cash back on every purchase, with no caps or categories to monitor. Cash back is received in the form of Reward Dollars, which can be redeemed as statement credits.

Introductory APR Offer: Enjoy a 0% introductory APR on purchases for the first 15 months from account opening. After this period, a variable APR of 19.24%–29.99% applies.

Additional Benefits:

Car Rental Loss and Damage Insurance: Provides secondary coverage for damage or theft of rental vehicles when you use your card to pay for the rental and decline the rental company's collision damage waiver.

Global Assist Hotline: Access to emergency assistance services when traveling more than 100 miles from home.

Purchase Protection: Coverage for eligible items against accidental damage or theft within 90 days of purchase, up to $1,000 per incident and $50,000 per year.

Considerations:

Foreign Transaction Fees: The card charges a 2.7% fee on transactions made outside the U.S., which may not make it ideal for international use.

Redemption Options: Cash back is primarily redeemable as statement credits. Other redemption options, such as gift cards or merchandise, may offer less value.

Current Availability:

As of recent updates, the American Express Cash Magnet® Card is no longer accepting new applications. Existing cardholders can continue to use their cards and enjoy the associated benefits.

Alternative Options:

If you're seeking similar cash-back credit cards, consider the following:

Citi® Double Cash Card: Offers 2% cash back on all purchases—1% when you buy and an additional 1% as you pay off those purchases. This card has no annual fee.

Chase Freedom Unlimited®: Provides 1.5% cash back on all purchases, plus 5% on travel purchased through Chase Travel℠ and 3% on dining and drugstore purchases. It also comes with no annual fee.