Cash Magnet®

Cash Magnet is built for someone who wants a simple cash-back card for everyday spending and does not want to track bonus categories. It works best as a straightforward general-use card, especially for cardholders who value Amex purchase protections and occasional entertainment perks more than chasing the highest rewards rate.

Welcome Offer

$200

Annual Fee

Rec. Credit Score

Excellent

Good For

Simple everyday cash back

How to Apply

All information about Cash Magnet® has been collected independently by MaxRewards. Cash Magnet® is no longer available through MaxRewards.

Is the Cash Magnet® worth it?

This card is great for...

General spending

Amex purchase protections

Event ticket access

Yes, if your priority is simplicity. A $0 annual fee and flat 1.5% cash back make this an easy card to keep in your wallet for purchases that do not fit bonus categories, and the welcome offer is solid for a no-annual-fee cash-back card. If you also value Amex protections like purchase coverage and rental car insurance, the card has a little more substance than a basic flat-rate option.

The tradeoff is that 1.5% cash back is no longer especially strong for a flat-rate card. Many no-annual-fee cards now earn 2% back on everyday purchases, so readers focused purely on cash-back return will likely find better long-term value elsewhere. Cash Magnet makes more sense for someone who prefers Amex, wants a simple backup card, or will actually use the entertainment access and related perks.

MaxRewards Verdict

Cash Magnet fits cardholders who want uncomplicated cash back and like having Amex protections on everyday purchases. Its main limitation is simple: 1.5% back is easy to understand, but not especially competitive for a flat-rate card today.

Welcome Offer

$200 after you spend $2,000 on purchases on your new card in your first 6 months of card membership.

Est. Value

$200

Required Spend

$2,000

Time Frame

6 Months

Est. Value

$200

Required Spend

$2,000

Time Frame

6 Months

What's your average monthly spend?

$400

You should easily hit the bonus threshold with this spend!

Rewards

The rewards setup here is as simple as it gets: 1.5% cash back on purchases. That makes the card easy to use, but the real question is whether that flat rate is enough for how you spend.

CategoryEst. yearly spendRateRewards

Everywhere

Est. yearly spend

Rate1.5%

Rewards

Est. Annual Rewards

Benefits

$0 / $250

There are no major ongoing statement credits to track here, so the practical value comes more from occasional savings and access than from built-in fee offsets.

Enrollment is required for select benefits

$250/yr

Automatically track your credits with MaxRewards

Our app automatically tracks valuable credits so you don't miss any rewards.

Get the app

Venue Collection

Autotracked

of $250Every 12 months

More Benefits

Car Rental Loss and Damage Insurance

Car Rental Loss and Damage Insurance can provide coverage for Damage to or Theft of a Rental Vehicle in a Covered Territory when You use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver (CDW) at the Rental Company counter. Please read important exclusions and restrictions. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Coverage is not available for vehicles rented in Australia, Italy, and New Zealand.

Purchase Protection

Sometimes your favorite new purchase gets stolen or accidentally damaged. But when you use your Eligible Card for Covered Purchases, your Membership can help protect them for up to 90 days from the Covered Purchase date, subject to the Coverage Limits. Up to $1,000 per Covered Purchase, up to $50,000 per calendar year.

Premium Car Rental Protection Enrollment Required

You can save on car rental coverage with Premium Car Rental Protection, exclusive to American Express Card Members. With Premium Car Rental Protection, you receive primary coverage for Damage to or Theft of a rental vehicle and Accidental Death or Dismemberment coverage every time you rent a vehicle using your Enrolled Card. Enroll your eligible Card today in Premium Car Rental Protection. Enjoy the flexibility of two different car rental insurance plans. Terms apply.

Amex Special Ticket Access

Card Members can access Amex Presale Tickets and Amex Reserved Tickets to select can’t-miss events and moments across sports, music, and more. Plus, Card Members can enjoy additional perks when attending select events. While supplies last, not all seats may be offered.

Recommended Minimum Credit

Min: Excellent

Poor

Fair

Good

Excellent

Excellent credit or higher is recommended for this card.

Credit approval is not guaranteed. Meeting the recommended credit range does not ensure approval, and applicants with lower scores may still be considered.

Rates & Fees

Annual Fee

Purchase APR

18.74% - 29.74%

Variable

Transfer APR

18.74% - 29.74%

Variable

Cash Advance APR

29.99%

Variable

Foreign Transaction Fee

$0.027

Balance Transfer

Cash Advance

$10

Late Payment

$40

Return Payment

$40

Opinions, reviews, analyses & recommendations are MaxRewards' alone, and have not been reviewed, endorsed or approved by any of these entities.

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