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The information related to the American Express Cash Magnet® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
Citi is an advertising partner.
Do you like earning cash back on everything from groceries and gas to restaurants and rent? Do you like not having to choose categories to earn elevated rewards each quarter? The American Express Cash Magnet® Card might be for you.
This card offers a simple, unlimited flat-rate cash back rewards program, $0 annual fee and intro offers on both new purchases and balance transfers. There’s also the potential to get an instant credit card number, making it perfect for financing a large purchase in a pinch.
However, you’ll find many cash back cards with better rewards rates. You can also find cards with longer intro periods for balance transfers and purchases, if that’s your goal. Plus, American Express cards aren’t as widely accepted as Visa and MasterCard, especially overseas.
Intro Purchase APR
0% introductory APR for the first 15 months from the date of account opening
Regular Purchase APR
19.24% to 29.99% variable
Intro BT APR
0% introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening
Regular BT APR
19.24% to 29.99% variable
Annual Fee
$0
Cash Advance Fee
Either $10 or 5% of the amount of each cash advance, whichever is greater.
Foreign Transaction Fee
2.7% of each transaction after conversion to US dollars.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater
Easy to earn welcome offer
There’s a welcome offer of $200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership. redeemable for statement credits. You’ll need to spend just over $330 a month on your card to earn it.
This might seem like a high spending requirement, but a LendingTree study did find that Americans spend an average of $260 a week on groceries. So if you switch to this card for grocery spending, you could earn the welcome offer in just a few months.
Long intro APR on purchases and balance transfers
If you have a large expense coming up, like a medical bill or new furniture, the American Express Cash Magnet® Card offers a 0% introductory APR for the first 15 months from the date of account opening on purchases, after which an APR of 19.24% to 29.99% variable applies. It’s a longer time frame than most intro offers, which are usually 12 months.
This means you can make your purchase now and pay for it over the next year without paying interest during the intro offer period — that’s a good deal considering you also earn cash back on purchases.
The same intro APR applies for balance transfers: 0% introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening Then an APR of 19.24% to 29.99% variable. This is a great way to gain traction on paying off high interest debt; however, you’ll need to transfer your balance within 60 days of account opening, but initiate the transfer as soon as you can to reduce the amount of interest you pay.
Flat-rate cash back rewards
The flat-rate cash back rewards program is great if you value simplicity: With the American Express Cash Magnet® Card, you earn an Unlimited 1.5% Cash Back on your purchases. There are no quarterly bonus categories to remember or sign-up for, nor are there different rates of cash back for various categories — and you can easily redeem your rewards as a statement credit.
Optional repayment program
Need more time to pay for large purchases? With the American Express Cash Magnet® Card you can use Plan It to be put on a monthly payment plan. You’ll get a $0 fee for purchases placed on the plan during the first 15 months after account opening. After that, you’ll get a fee up to 1.33%, depending on the purchase, the plan duration, the APR that would otherwise apply and other factors.
Instant card numbers
If American Express is able to instantly authenticate you, you may get an instant card number. This allows you to immediately make purchases while you wait for your physical card to come in the mail. You may be limited to a portion of your credit line until your card arrives, but this can be helpful if you have a car repair and no emergency fund to fall back on.
So-so cash back rate
The card’s cash back rate isn’t bad for those who like simplicity. Still, you can find cash back credit cards with higher cash back rates on purchases — that includes other flat-rate cards like the Wells Fargo Active Cash® Card and the Citi Double Cash® Card.
Limited rewards options
Unless there’s a promotion, the cash back rewards that you earn with the American Express Cash Magnet® Card are only available as a statement credit, which does keep things simple. However, if you prefer gift cards, travel or online shopping, check out these rewards credit cards.
Foreign transaction fee
When your travels take you outside of the United States, leave this card at home — the foreign transaction fee is 2.7% of each transaction after conversion to US dollars..
Reserved for applicants with exceptional credit scores
To be approved for the American Express Cash Magnet® Card you’ll need a credit score that’s considered Good / Excellent. So if your credit isn’t in great shape, spend some time improving your credit score before applying.
The Citi Double Cash® Card is a better $0-annual-fee option for cash back rewards and balance transfers.
You can earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. And while you’ll need to pay at least the minimum due to earn your rewards, it’s always best if you can pay off your credit card each month. Rewards can be redeemed in a variety of ways, including statement credits, transfers to hotel and airline partners, gift cards and more.
While there isn’t an intro offer for new purchases, you can still get an intro APR of 0% intro APR for 18 months on Balance Transfers. After that, an 18.49% - 28.49% (Variable) APR applies. This offer is a few months longer than that offered by American Express Cash Magnet® Card, which is helpful if you’re trying to pay off credit card debt.
The Chase Freedom Unlimited® card is similar to the American Express Cash Magnet® Card, in that it offers a flat rate on most purchases for a $0 annual fee. However, it has the edge over the American Express Cash Magnet® Card, as it gives you a higher rate on certain purchases, including restaurants and drugstores.
Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
If you spend a combined $300 a month at restaurants and drugstores, you’ll earn an extra $4.50 a month with the Chase Freedom Unlimited®. Over a year, that’s $54 — which may not be life-changing, but could cover for your next drive-thru meal.
The Chase Freedom Unlimited® card is good if you need to do a balance transfer because it offers a 0% Intro APR on Balance Transfers for 15 months. After the intro period ends, the regular APR will be 19.99% - 28.74% Variable. There’s a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Annual Fee | |
|---|---|---|---|---|---|
|
American Express Cash Magnet® Card*
|
$200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership. | Unlimited 1.5% Cash Back on your purchases | $0 | ||
Chase Freedom Unlimited®*
|
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. | Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases | $0 | ||
Citi Double Cash® Card*
|
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. | $0 | ||
Capital One Quicksilver Cash Rewards Credit Card*
|
Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) | $0 |
| Credit Cards | Our Ratings | Intro Balance Transfer Length | Rewards Rate | Welcome Offer | |
|---|---|---|---|---|---|
AT&T Points Plus® Card from Citi*
Review Coming Soon
|
N/A | N/A | 1X - 3X points
| $100 statement credit
Earn a $100 Statement Credit after spending $1,000 in eligible purchases in the first 3 months of account opening.
| Review Coming Soon |
Discover it® Secured Credit Card*
|
6 months
10.99% Intro APR for 6 months; after that, a 27.74% Variable APR applies.
| 1% - 2% cash back
| N/A | ||
Citi Custom Cash® Card*
|
0% intro APR for 15 months on Balance Transfers; after that, a 18.49% - 28.49% (Variable) applies. | 1% - 5% cash back
| 20,000 points
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
| ||
|
Citi Double Cash® Card*
|
0% intro APR for 18 months on Balance Transfers; after that, a 18.49% - 28.49% (Variable) applies. | 2% - 5% cash back
| $200 cash back
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
| ||
Citi Simplicity® Card*
|
0% intro APR for 21 months on Balance Transfers; after that, a 18.49% - 29.24% (Variable) applies. | N/A | N/A |
The American Express Cash Magnet® Card is a solid, no-frills rewards card, a good option if you want to get into the American Express ecosystem. It could also work if you want to carry just one card and log in to your account once a month to redeem your cash back. However, if you want to earn the most rewards possible, it may not be the best American Express credit card for you. You’ll need to consider whether the rewards fit your spending habits, or if a bonus category card (like the Blue Cash Preferred® Card from American Express is a better fit.
And if you don’t mind a bit more effort, you could earn better rewards with a card that offers elevated earnings in rotating or select categories. In addition, the best credit cards tend to offer better redemption options, including bonus points for redemptions through their travel portals.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the American Express Cash Magnet® Card, Wells Fargo Active Cash® Card, Citi Double Cash® Card, Chase Freedom Unlimited®, Capital One Quicksilver Cash Rewards Credit Card, AT&T Points Plus® Card from Citi, Discover it® Secured Credit Card, Citi Custom Cash® Card, Citi Simplicity® Card and Blue Cash Preferred® Card from American Express has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
