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$150
$0
0% on purchases for 15 months, from account opening,Ongoing APR: 13.99%-23.99% variable
Good to Excellent (670-850)
Earn consistent 1.5% cash-back on all purchases, with no caps or changing categories to track, and with no annual fee.
(at Amex's secure site)
The information regarding the American Express Cash Magnet® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Those who are looking for a simple and straightforward cash-back credit card will love the American Express Cash Magnet® Card. With no annual fee to worry about and no bonus categories to fuss over, you can have the peace of mind knowing that you’re earning cash-back rewards on every purchase — without needing to pay anything out of pocket.
The Amex Cash Magnet card is a perfect fit for anyone looking for a no-fuss cash-back card that offers great benefits and does not charge cardholders an annual fee.
When you use your Amex Cash Magnet card to pay for your rental car you can be covered for any damage or theft to the vehicle while it is in your possession. Keep in mind that this is secondary rental insurance, so it will only kick in after for anything not covered by your primary car insurance.
Since the Amex Cash Magnet card does not have any bonus categories and instead earns an uncapped 1.5% back on every purchase you make, the best way for you to earn more cash-back is to make sure your use your card everywhere it is accepted. This way, you’re effectively getting a 1.5% discount on every purchase.
All American Express cards come with dozens of monthly Amex Offers that allows cardholders to receive discounts and deals with many different merchants. Each month, you can add the offers that seem the most appealing to your card, and then earn extra cash-back or statement credits when you shop there and use your Amex Cash Magnet card to pay.
If you add your significant other or a family member to your Amex Cash Magnet account, you will earn cash-back for all of the purchases they make with the card. This can help to double the amount of cash-back you earn if each of you has similar monthly expenses.
When you refer a friend or family member to apply for the Amex Cash Magnet card, you’ll receive a cash-back bonus if they’re approved for the card.
To send out a referral, visit the Refer-a-Friend website and log in using your Amex username and password (or your credit card information).
If you want to optimize the total amount of cash-back you’re able to earn, it might make sense for you to carry more than 1 cash-back credit card.
Take the Blue Cash Everyday® Card from American Express for instance, which earns 3% cash-back at U.S. supermarkets (up to $6,000 in purchases per year), 3% cash-back on U.S. online retail purchases (up to $6,000 in purchases per year), and 3% cash-back at U.S. gas stations (up to $6,000 in purchases per year).
With a 2-card setup of the Blue Cash Everyday card and the Amex Cash Magnet card in your wallet, you could use the Blue Cash Everyday card for its bonus categories at U.S. supermarkets, U.S. online retail purchases, and U.S. gas stations, and the Amex Cash Magnet card to earn 1.5% back on all purchases outside of those categories — all without paying any annual fees.
With the Amex Cash Magnet card, your only redemption option for your cash-back from your card is in the form of a statement credit, and only in increments of $25. Meaning if your current cash-back balance is $15, you’ll have to wait until you’ve earned $25 before you can cash it out. Keep in mind that you cannot use your cash-back to pay your minimum monthly payment.
If you’re in the market for a no-annual-fee cash-back credit card that offers at least 1.5% back on all purchases, then you should definitely consider the Freedom Unlimited card. It also earns 5% back on travel purchased through the Chase Travel Portal, and 3% back on dining and drugstore purchases.
If you’re looking for a cash-back card that optimizes for the categories you spend the most on, and you’re comfortable paying an annual fee, then the Blue Cash Preferred card might be just the card for you. The Blue Cash Preferred card earns a massive 6% cash-back at supermarkets (on up to $6,000 in purchases), 6% cash-back on select streaming services (like Netflix, Hulu, and Spotify), and 3% cash-back on transit purchases.
Hot Tip: We’ve also compared the Blue Cash Everyday Card vs. Amex Cash Magnet Card. These 2 cards earn cash-back on common everyday purchases, but which is best for you? Find out in our detailed comparison.
The information regarding the American Express Cash Magnet® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Chase Freedom Unlimited® was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
For rates and fees of the Blue Cash Everyday® from American Express, click here.
For rates and fees of the Blue Cash Preferred® Card from American Express, click here.
Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.
Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.
2 comments
Ruth Galarza
August 20, 2022
I was submitting an order at Omaha steaks and there was an offer to apply for an American Express Blue card. I was approved but I did not get the card number in order to place my order and get a $50 credit. The card has no annual fee and if you spend $1,000 in the first 3 months you get $150 more. I need the number to complete my purchase. Thank you.
Christine Krzyszton
August 20, 2022
Hi Ruth. Please understand that we are not American Express. We are Upgraded Points, a blog specializing in credit card rewards and travel resources. You will need to contact American Express with your inquiry. There should be a number to reach them in your approval notice or you can try 1 (800) 528-4800.
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