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All information about the American Express Cash Magnet Card has been collected independently by MoneysMyLife. The American Express Cash Magnet Card is no longer available through MoneysMyLife.
The American Express Cash Magnet® Card has an offer for $150 cash when you spend $1,000 within the first 3 months. This is a competitive offer for a no-annual-fee cash back card.
The Cash Magnet card is a great cash back option if you want to keep your rewards simple. You’ll earn unlimited 1.5% cash back on all purchases, regardless of merchant category. But, you can’t redeem your rewards as cash back to your bank account. You’ll need to redeem as statement credits.
This card also features Plan It®, an option available to cardholders to split select purchases of $100 or more into monthly payments with a fixed fee.
CHASE FREEDOM UNLIMITED®
The Chase Freedom Unlimited® credit card has an offer for $200 bonus cash after you spend $500 on purchases in your first 3 months from account opening.
This card also earns 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
The Chase Freedom Unlimited® earns Ultimate Rewards points. Points can be pooled with those from other eligible Chase cards, such as the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® and Ink Business Preferred® Credit Card. More on this here.
Cash Magnet Card $150 Bonus Offer
Take advantage of the Cash Magnet card’s $150 bonus cash offer. To qualify, charge at least $1,000 to your card within the first 3 months of opening your account.
Here are some ideas on meeting the spending requirement.
Redeeming Your Reward Dollars
Cash Magnet rewards come in the form of Reward Dollars. This is similar to the Blue Cash Everyday® Card from American Express and Blue Cash Preferred® Card from American Express. You can use them for:
- Statement credits
- Gift cards
- Merchandise
Redeem in increments of $25, with a minimum of $25. As mentioned before, you can’t redeem your Reward Dollars as deposits to your bank account. Most other cash back cards offer this feature.
Bottom Line
The American Express Cash Magnet Card is a decent everyday credit card with simple rewards. But it does have one big issue: its 2.7% foreign transaction fee. You’ll want to avoid using this card abroad.
If you plan on traveling internationally, bring a rewards card that doesn’t penalize you for spending outside the United States. Make it a Visa or Mastercard as well. They’re more widely accepted globally than American Express.
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Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.