Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
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 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.
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.
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