- Editor Rating
- Rated 4 stars
- American Express Cash Magnet Card
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- Published on:
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- Bonus ValueEditor: 80%
- Card BenefitsEditor: 80%
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.
|Bonus available||Get $150 as a statement credit when you make at least $1,000 in purchases within the first 3 months of account opening.|
|Ongoing rewards/benefits||Unlimited 1.5% cash back on all purchases.|
|Foreign transaction fees?||2.7%|
*Bonus value is an estimated value calculated by MoneysMyLife and not the card issuer. Read our card review for more details.
View our latest valuations here.
- No annual fee
- Welcome bonus
- Cannot redeem to bank account
- Limited acceptance globally
- Foreign transaction fees
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
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.
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.
What’s The Competition?
Below are some of the top competitors to the American Express Cash Magnet credit card you should consider.
Good no-annual-fee cash back alternatives include the Chase Freedom Unlimited® and Capital One® Quicksilver® Cash Rewards Credit Card. They both have introductory promotions as well.
|OFFER LINK||OFFER||OUR REVIEW|
|Bank of America Checking||$100 Offer||Review|
|Chase Private Client||$2,000 Cash||Review|
|Chase Total Business Checking®||$300 Cash||Review|
|Chase Premier Plus Checking℠||$300 Cash||Review|
|Chase Total Checking®||$200 Cash||Review|
|Chase Savings℠||$150 Cash||Review|
|TD Bank Beyond Checking||$300 Cash||Review|
|HSBC Premier Checking||$450 Cash||Review|
|HSBC Premier Checking||Up To $600||Review|
|HSBC Advance Checking||$200 Cash||Review|
|HSBC Advance Checking||Up To $240||Review|
|Ally Invest||Up To $3,500||Review|
|Betterment||1 Year Free||Review|