Last updated: 8/3/2021

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American Express Cash Magnet

Earns: Cash Back

GigaTake:

A very solid cash-back card, especially for lower spenders. Its 1.5% cash back on purchases isn’t the highest rate available, but it’s close. Plus, this card has a decent sign-up bonus ($175 for spending $1,000 in the first three months) and no annual fee.

Here’s how much you would earn with this card

(Based on spending from {{earliestTransactionDate | date}} through {{latestTransactionDate | date}})

You could earn Worth Plus Welcome Bonus Total
{{totalPointsYouCouldEarn | number}} Cash Back
per year
${{totalPointsYouCouldEarnValue | number}} {{welcomeBonus | number}} points
worth ${{welcomeBonusValue | number}}
${{totalValueToUser | number}}

How’d we figure that out?

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${{annualFeeAmount | number}}Annual Fee

${{basePointsAmount | number}} All Other ({{card.card.earning_rate}}%x) All Spending ({{card.card.earning_rate}}%x)

${{merchantBonusAmount | number}}{{ merchantsBonusLabels | commaSeparate }} ({{merchantsBonusAmounts[0].multiplier}}%x)

${{categoryBonusAmount.bonus | number}}{{categoryBonusAmount.category }} ({{categoryBonusAmount.multiplier}}%x)

${{categoryDiscount.discount | number}}{{categoryDiscount.category}} Credit

${{merchantCreditAmount | number}}Merchant Discounts

${{welcomeBonusAmount | number}}Welcome Bonus


Annual Fee${{annualFeeAmount | number}}

All Other ({{card.card.earning_rate}}%x) All Spending ({{card.card.earning_rate}}%x) ${{basePointsAmount | number}}

Merchant Bonus ({{merchantsBonusAmounts[0].multiplier}}%x)${{merchantBonusAmount | number}}

{{categoryBonusAmount.category }} ({{categoryBonusAmount.multiplier}}%x)${{categoryBonusAmount.bonus | number}}

Welcome Bonus${{welcomeBonusAmount | number}}

See how the American Express Cash Magnet compares to other credit cards

American Express Cash Magnet Other Cards


Hover the dots to view other Credit Cards

Reward Rate = 1.5x

Value = 1 cent per point
Effective Value = 1.5 %

0%
3%

Welcome Bonus = 15,000

Value = 1 cent per point
Effective Value = $150

$0
$1800

Annual Fee = $0

$0
$995
Welcome Bonus
$150

OK

Bonus Rating

Cash Back

After you spend $1,000 in 3 months

GigaInfo about Welcome Bonuses Welcome Bonuses 101 Article
Spending Rewards
1.5% All Spending

Good

good

Good

In the top 50% of cards.

Is this card right for me?

That depends on your individual spending patterns. We have a tool that figures it out for you. Learn what you could earn.

Program Name
Cash Back
Gigapoints Value
1¢ per point
0.4¢ PER POINT
2¢+ PER POINT
Annual Fee
  • $0
Use this card for…

You can earn more rewards by using different cards for different purchases. We built a tool that tells you which card to use, when. Just plug in your favorite brand, store, or category to find out which card pays the most.

Use the Best Card For tool Go

Additional perks of owning this card

Plan It

Plan It® gives you the option to select a qualifying transaction to pay off over a fixed period of time for a set monthly fee and not be charged interest on purchases as long as you pay your Adjusted Balance each month by the payment due date.

The Fine Print

INTRO APR FOR PURCHASES 0% for 15 months
PURCHASES APR 13.99% to 23.99%
BALANCE TRANSFER FEE Either $5 or 3% of the amount of each transfer, whichever is greater.
CASH ADVANCE APR 25.24%
CASH ADVANCE FEE Either $10 or 5% of the amount of each transaction, whichever is greater.
LATE PAYMENTS Up to $40.
FOREIGN TRANSACTION FEE 2.7%