Rewards:


Costs:

Annual fee

$0

Rewards rate

1.5% cash back on every purchase

Terms apply

Introductory Bonus

$150 if you spend $1,000 in first 3 months

Average Yearly Rewards Value ($1,325 monthly spend)

$288

Purchases Intro APR

0% on purchases for 15 months

Balance Transfers Intro APR

0% on balance transfers for 15 months


Customer Experience

J. D. Power 2019 customer satisfaction rating: 838 (12% of issuers ranked higher)

24/7 customer service?: Yes

Online chat available?: Yes

Google Play Store mobile app rating: 4.3/5

Apple Store mobile app rating: 4.9/5


Other Notable Features

Plan It, Pay It, car rental insurance, purchase protection, ShopRunner, presale tickets, $0 liability, Destination Family, lowest hotel rates guarantee, car purchasing program, year-end summary

American Express Cash Magnet Card: More Details

The American Express Cash Magnet Card may be the best fit for consumers who yearn for the utmost simplicity. This cash back credit card offers 1.5  percent cash back for every dollar you spend – with no limits or earning caps. Plus, there’s no annual fee.


How much cash back you’ll earn with this card within a year – and how those earnings compare to what you might receive with competing cards – depends on your personal spending style.


Other benefits

The Cash Magnet card has a robust selection of perks, including travel-related perks, that go above and beyond the average cash back credit card:

Car rental loss and damage insurance – Receive up to $50,000 in coverage per rental agreement if your rental car sustains damage or theft or you’re on the hook for other covered charges.

Global Assist hotline – Call into this hotline 24 hours a day for help coordinating your travel plans.

Purchase protection – Qualify for $1,000 per incident (up to $50,000 per year) in purchase protection when an item you’ve purchased in the last 120 days (90 days for New York residents) needs to be repaired or replaced.

Complimentary ShopRunner membership – Get free shipping with select online stores.

Access to exclusive entertainment – Qualify for limited access seating for concerts, sporting events and more.

Zero fraud liability – You’re not on the hook for fraudulent purchases made with your credit card.

These benefits make the Cash Magnet card considerably more valuable. However, you’ll want to pay for all major purchases – including travel – with your card to take advantage of most of these perks.

American Express Cash Magnet® Card

From good To exceptional ( Credit Recommended Good )

American Express Cash Magnet® Card

This card’s perks are especially impressive considering it charges no annual fee. Among other benefits, you’ll enjoy free shipping at dozens of online stores with a complimentary ShopRunner membership and a chance at no-interest financing through Amex’s “Pay It Plan It” program.

Read More

01

pros and cons

Offering unlimited 1.5% cash back on every purchase, the Amex Cash Magnet should be a great fit if you’re looking for a hassle-free, “set-it-and-forget-it” cash back card. It also comes with a respectable introductory bonus of $150 when you spend $1,000 in the first 3 months and a competitive 0% intro APR offer on both balance transfers and new purchases (0% for 15 months, then 12.99%-23.99% Variable).

This card only earns cash back, not points, so you’re out of luck if you’re hoping to earn Amex Membership Rewards. Even worse, you can’t redeem until you’ve earned a minimum of $25 in cash back.

Cost

Annual Fee

$0

Purchase APR

12.99% - 23.99%

Foreign Transaction Fee

None

Cash Back

1.5%

Credit Score

Good

Business Credit Cards For Bad Credit

Whether you're looking to build credit from scratch or rebuild credit after a bad setback, a secured credit card can be an invaluable tool. Secured cards require you to provide a cash security deposit, usually equal to your credit line. The issuer holds the deposit in case you don't pay your bill; you get the deposit back when you upgrade to a regular "unsecured" card or close the account in good standing. Because the deposit protects the issuer from losing money, secured cards are easier for people with bad credit or no credit to qualify for.

Signup Bonus Credit Card

The signup bonus — one of the most valuable and coveted credit card features, with the potential to put a huge dent in your spending or help you score free flights and hotel stays. Many rewards cards come with signup bonuses, also known as introductory bonuses or welcome bonuses. These bonus offers can provide a surprising amount of value, with returns on spending ranging from around 20% on average to more than 50% in some cases.

Business Credit Cards For Business Travel Rewards

The spending required to keep your small business or side hustle humming can also give you a boost toward your next trip — if you put those expenses on a credit card that offers travel rewards. Although entrepreneurs can use consumer travel cards for business expenses, a card specifically designed for business use can be more lucrative.

Business Credit Cards For Varied Business Spending

Sometimes you may not know what your business expenses will be from month to month. If that’s your situation, you may like a card with many different bonus categories, or categories that are flexible in some way.

Business Credit Cards For No Annual Fee

Avoiding annual fees on a business credit card can help eliminate the cost of owning a credit card. You should consider using a fee-free card if you own a startup or new business, want to issue free employee credit cards, or don’t need top-tier perks like airport lounge access.

Sponsored Links

Related Credit Card/Article

American Express® Business Gold Card
The American Express® Business Gold Card is a pricey ($295 annual fee), yet highly rewarding business credit card that’s great for chief executives with good or excellent credit who plan to pay most charges in full by the due date each month. Amex Business Gold is not a full-on charge card, as cardholders have the option to pay for purchases of $100 or more over time. But it’s not as flexible financing-wise as general-purpose credit cards. The American Express Business Gold Card is best for earning bonus rewards in popular corporate spending categories.
American Express® Business Gold Card

Capital One® Spark® Cash for Business
The Spark Cash gives business owners a straightforward way to earn easy cash back. You’ll earn decent rewards on all your spending, no matter what expenses you have from month to month, and get some helpful business perks.
Capital One® Spark® Cash for Business

Capital One® Spark® Miles for Business
For business owners who travel frequently, the Capital One® Spark® Miles for Business is a simple but valuable choice. You'll earn double miles on your purchases, and that rate increases for hotel and rental car bookings made via Capital One Travel. Those miles are easy to redeem, too. You can use them toward various kinds of travel purchases — flights, hotels, vacation packages and more — or you can opt to transfer your miles to more than a dozen travel partners.
Capital One® Spark® Miles for Business

Citi® Double Cash Card
The Citi® Double Cash Card is a no-annual-fee favorite. With a flat cashback rate on all purchases and a bonus amount added as you pay them off, you’ll find simple and strong rewards. Citibank occasionally offers an intro APR on balance transfers. When it does, you’ll typically find an impressive promotion.
Citi® Double Cash Card