AMEX Cash Magnet Card
The AMEX Cash Magnet Card is a newer addition to the AMEX family. This card joins the Blue Cash Everyday and Blue Cash Preferred in the American Express cash back credit cards. It earns a flat rate of cash back similar to most other cards on the market such as the Capital One Quicksilver and Wells Fargo Cash Wise Visa.
The AMEX Cash Magnet Card does not feature any bonus categories. It instead earns cash back at a flat rate for all purchases. There is no limit to the amount of cash back you can earn with the Cash Magnet Card.
1.5% All Purchases
The AMEX Cash Magnet Card offers a flat rate of 1.5% cash back per $1 spent on all purchases made on the card. There is no limit to the amount of cash back you can earn with the Cash Magnet Card. Earning 1.5% cash back on purchases is nothing new in the credit card world, but AMEX was missing from this picture until they released this card. There's nothing special about this card that puts it ahead of other similar cards, but it works well if you're trying to earn cash back under the American Express umbrella of credit cards. Pair this card with the Blue Cash Everyday or Blue Cash Preferred and you have yourself a solid card combo!
Perks and Benefits
Standard AMEX Benefits
There are no special perks or bonuses specific to the AMEX Cash Magnet Card, but it does come with the standard AMEX perks such as AMEX offers, roadside assistance, travel accident insurance, extended warranty, shoprunner membership, return protection, and more.
Sign Up Bonus
The standard Cash Magnet Card sign up bonus is $250 cash back. Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership and earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months. These bonuses will be in the form of a statement credit.
The Cash Magnet Card also has a 0% intro APR period on purchases and balance transfers for 15 months.
Credit Card Fees
|Authorized User Fee|
|Foreign Transaction Fee|
The Cash Magnet Card does not have an annual fee. This means you will always earn a 1.5% return and don't have to worry about trying to spend enough across the card to make it worth having.
Authorized User Fee
There is no fee to add authorized users to the Cash Magnet Card. Adding friends and family can help you build your cash back with American Express faster.
Authorized User Fee
The Cash Magnet Card has a foreign transaction fee of 2.7%. This means spending outside of the United States will drain the value of your cash back at almost double the rate. Do not use this card overseas. I would recommend using either a flat rate cash back card such as the Capital One Quicksilver or a card that focuses on bonus categories such as restaurants like the Capital One SavorOne Card and the Barclay Uber Card.
You can use this rewards calculator to calculate how many points, miles, or cash back you can earn based on your spend per category. This calculator will also give you the dollar value of the card based on rewards earned and how much each benefit is worth to you minus the fees. You can click the Compare A Card button to compare this card against another card in the same calculator.
All category spend entered in the primary card's column will carry over to all credit card pages on the site so you don't have to re-enter the same information over again.
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About These Calculators: These calculators are provided to help you estimate the value of points, miles, and cash back you can earn with various rewards programs and using reward earning credit cards. These calculators are meant to provide an estimate of rewards earned and are not meant to reflect the exact amount of points you may receive. Be sure to read the terms and conditions of any credit card before you apply as benefit and perk changes may not be reflected immediately on this website.
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