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American Express Cash Magnet Card Credit Card Review

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This article was last updated Jun 20, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

The American Express Cash Magnet® Card – $150 Welcome Offer is the newest competitor in the cashback category. It gives cardmembers cashback rewards and payment flexibility — all with a $0 annual fee.

Fans of American Express products will be happy that they now have another option in the cashback category. And competitors don’t generally give you flexibility in how you pay your monthly card bill.

If you’re looking for a simple cashback rewards card with good perks, this is a good option. But if you spend more on things like travel and dining, and you don’t need the payment flexibility option, there are more robust cashback card offerings out there.

Where the American Express Cash Magnet® Card – $150 Welcome Offer stands out in its category

  • Earn up to $150 back

  • Unlimited 1.5% Cash Back on your purchases

  • Reward Dollars can be easily redeemed for statement credits, gift cards, and merchandise

Highlights
  • 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 14.49% to 25.49%.
  • 0% introductory plan fee 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.
  • Over 3 million more places in the U.S. started accepting American Express® Cards in 2017 and 2018.
  • No Annual Fee.
  • Terms Apply.
  • See Rates & Fees

See additional details for American Express Cash Magnet® Card – $150 Welcome Offer

More Info

Rewards. The big benefit with this card is that you earn an Unlimited 1.5% Cash Back on your purchases. You don’t have to worry about remembering cashback categories or signing up to get higher rewards every quarter. The cash back earned on the card comes as a statement credit.

Good balance transfer option. The American Express Cash Magnet® Card – $150 Welcome Offer comes with an intro 0% on balance transfers for 15 months balance transfter rate. After that, it goes to 14.49%-25.49% Variable APR. You will pay a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.

Welcome offer. The card launches with a special welcome offer — $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.

Flexible payments. The American Express Cash Magnet® Card – $150 Welcome Offer comes with access to a program called Plan ItSM, which gives you options on how you make card payments. You can either split up large purchases over time with a fixed monthly fee and no interest charges, or pay off smaller balances as soon as they appear on the bill. And you can do it all on the Amex Mobile App.

Low hotel rate guarantee. If you use the card to book a hotel at amextravel.com then find the same room on the same dates with the same number of guests at a lower price online — before taxes and fees — the difference will be refunded. You must file a claim before the date you’re scheduled to check in.

Where the American Express Cash Magnet® Card – $150 Welcome Offer falls short in its category

If you want a card that offers more robust rewards in popular categories like travel and restaurants, the cashback rewards on the American Express Cash Magnet® Card – $150 Welcome Offer may not be worth it. You can’t spend your rewards on travel, gift cards or merchandise. You also can’t spend them at the American Express Membership Rewards® website. Your rewards only come back as a statement credit.

If you use this card outside of the U.S., be prepared to pay a foreign transaction fee of 2.7% of each transaction after conversion to US dollars..

Additional card benefits

  • Car rental loss and damage insurance
  • Global Assist® hotline
  • Purchase protection
  • Entertainment access to things like concerts, sporting events

Compare it with the Citi® Double Cash Card – 18 month BT offer

Another option in the no-fee, cashback rewards credit card segment is the Citi® Double Cash Card – 18 month BT offer. There’s no sign-up bonus, but you can earn 2% cash back on purchases: 1% when you buy plus 1% as you pay.

Your cash back can be redeemed four ways: a check once you’ve earned at least $25; statement credits; as a deposit into your linked Citi savings or checking account or to a checking account where you’ve paid a Citi credit card bill at least twice; and gift cards.

The Citi® Double Cash Card – 18 month BT offer has a better balance transfer offer than the American Express Cash Magnet® Card – $150 Welcome Offer. It offers an intro 0% for 18 months on Balance Transfers; then it goes to 15.49% - 25.49% (Variable) APR. You’ll pay a fee of 3% of each balance transfer; $5 minimum.

While the American Express Cash Magnet® Card – $150 Welcome Offer and the Citi® Double Cash Card – 18 month BT offer are both OK options overall, if you travel or dine out regularly or spend a lot on groceries or gas, there are other cards that may offer up to 6% cash back in these categories. So you may want to consider a credit card that offers more rewards in these categories than either the American Express Cash Magnet® Card – $150 Welcome Offer or the Citi® Double Cash Card – 18 month BT offer.

American Express Cash Magnet® Card – $150 Welcome Offer Citi® Double Cash Card – 18 month BT offer
Annual Fee $0 $0
Regular Purchase APR 14.49%-25.49% Variable 15.49% - 25.49% (Variable)
Rewards Unlimited 1.5% Cash Back on your purchases Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay.
Welcome Offer/Sign-up Bonus $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership No bonus
Foreign Transaction Fee 2.7% of each transaction after conversion to US dollars. 3%

 


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