AmEx’s Cash Magnet™ card offers a $250 bonus and 1.5 percent back on every purchase

American Express Cash Magnet card

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American Express has launched a flat-rate cash back card that lets cardholders earn up to $250 back. In addition to the introductory bonus, the no-fee Cash Magnet card offers an unlimited 1.5 percent cash back on every purchase.

Bonus offer

New Cash Magnet cardholders will earn a $150 statement credit when they spend $1,000 in the first three months, and an additional $100 statement credit when they spend an extra $6,500 in the first 12 months – for a total of $250 in the first year.

American Express Cash Magnet card

Rewards rate
  • 1.5% cash back on general purchases
  • Terms apply
Introductory bonus
  • $150 statement credit when you spend $1,000 in the first 3 months
  • Additional $100 statement credit when you spend an extra $6,500 in the first 12 months
  • Terms apply

Why use it?

Cardholders who want a simplified approach to earning rewards can benefit from the Cash Magnet card’s flat-rate rewards structure. Additionally, if you plan to transfer or carry a balance, the card’s long introductory APR on purchases and balance transfers make it ideal.

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Estimated Yearly Rewards Value ($15,900 spend)
Annual Fee

At first glance, $7,500 may appear to be a high spend requirement to receive the total bonus. However, since we estimate that the standard cardholder spends $15,900 each year on dining, gas, clothes and general purchases, the average consumer shouldn’t have a difficult time reaching the spend threshold.

Cash Magnet benefits

Cash Magnet cardholders can take advantage of a variety of benefits and services available to American Express card members, including:

  • Pay It – With this payment tool, cardholders can lower their statement balance by paying off smaller purchase amounts as soon as they appear on their bill.
  • Plan It – The Plan It feature lets you set up monthly payments for large purchases for a fixed monthly fee instead of incurring interest charges.
  • Travel benefits – Card members have access to a variety of travel perks, including car rental loss and damage insurance, the Global Assist Hotline, emergency roadside assistance and travel accident insurance.
  • Shopping benefits – Shopping perks include extended warranties, purchase protection, return protection and complimentary ShopRunner membership.

Should you apply?

If you’re interested in earning rewards on every purchase but don’t want the hassle of dealing with rotating bonus categories or complicated rewards structures, the Cash Magnet card could be a good fit for you. In addition to its generous 1.5 percent cash back rate on every purchase, the opportunity to earn a $250 bonus is icing on the cake. 

See related: Earn 17,500 bonus points with the Chase Freedom cards, Wells Fargo boosts the sign-up bonus for the Cash Wise Visa to $200

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Updated: 01-16-2019