The Cash Magnet® Card is a no-annual-fee credit card that earns a flat 1.5% cash back on all purchases with no spending caps or bonus categories.
(All information about the Cash Magnet Card has been collected independently by Deals Points and has not been reviewed or approved by the issuer.)
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let's dive right in.
- Earn a $200 Statement Credit After $2,000 in Eligible Purchases in the First 6 Months.
- Unlimited 1.5% Cash Back on All Eligible Purchases
- Secondary Rental Car Insurance
- No Annual Fee (Rates and Fees)
Welcome Bonus of Amex Cash Magnet
The Cash Magnet Card currently offers the following welcome bonus:
Earn a $200 Statement Credit After $2,000 in Eligible Purchases in the First 6 Months.Earning Cash Back with Amex Cash Magnet
The Cash Magnet Card earns 1.5% cash back on all purchases simplifying your rewards.
No Annual Fee
One of the best aspects of the Cash Magnet card is that it has no annual fee.
Benefits of Amex Cash Magnet
Below are the benefits and perks of the Cash Magnet Card:
0% Intro APR: This card offers 0% APR for 15 months on purchases and balance transfers; after that, a variable APR of 18.99% to 29.99% applies.
Secondary Rental Car Insurance: This card provides backup protection for rental car damage or theft when you charge the full rental to your card. Amex Offers: As an American Express cardholder, you can access Amex Offers. These targeted, limited-time promotions provide discounts or bonus points on purchases with select merchants. Offers are added to your card, and you'll receive either a percentage or dollar amount back as a statement credit when you meet the offer terms. While offers vary and may not always align with your spending habits, this perk can be valuable when an offer matches your preferences. ShopRunner Membership: As a cardholder, you'll enjoy a complimentary ShopRunner membership, which provides free 2-day shipping and free returns at over 100 participating online retailers. This benefit can help frequent online shoppers save on shipping costs and streamline the return process.Pros and Cons of Amex Cash Magnet
Here’s a quick overview of this card’s advantages and disadvantages:
Pros:
- Nice welcome bonus.
- No annual fee.
- Secondary rental car insurance.
Cons:
- Other cards earn more rewards than 1.5% cash back.
- Foreign Transaction Fees.
Alternatives to the Cash Magnet Card
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
Chase Freedom Unlimited®
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- 5% Cash Back on Travel Purchased Via Chase
- 3% Cash Back at Restaurants and Drug Stores
- 1.5% Cash Back on All Other Purchases
- 0% Intro APR for 15 Months (After that, a reg_apr,reg_apr_type APR.)
- Purchase Protection and Extended Warranty
- No Annual Fee
Click Here to Learn How to Apply
The Chase Freedom Unlimited® (review) is a good no-annual fee credit card option that offers 5% cash back on travel booked through Chase Ultimate Rewards, 3% cash back at restaurants, takeout, eligible delivery services, and on drugstore purchases. Plus it offers 1.5% cash back on all other eligible purchases.
The card also offers nice benefits such as purchase protection, extended warranty, trip cancellation/interruption insurance, and secondary rental car insurance.
Blue Cash Preferred® Card from American Express
6% Cash Back at U.S. Supermarkets and on U.S. Streaming
Blue Cash Preferred® Card from American Express
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- 6% Cash Back at U.S. Supermarkets (up to $6,000 per year; 1% thereafter) and on Select U.S. Streaming
- 3% Cash Back on Transit, Ridesharing, Parking, and at U.S. Gas Stations
- $0 Intro Annual Fee for the First Year, then $95 (rates & fees).
Learn More
Our Review
American Express is a Deals Points Advertiser; Terms Apply
The Blue Cash Preferred® Card from American Express (review) offers an outstanding 6% cash back rewards for purchases at U.S. supermarkets (up to $6,000 per year; 1% thereafter) and on U.S. streaming services, making it perfect for anyone who wants to maximize earnings from everyday expenses.
Plus, the card offers 3% cash back on transit, rideshare, parking, and at U.S. gas stations.
Bilt Mastercard®
No Annual Fee
Bilt Mastercard®
- Pay Rent Without Fees and Earn 1 Point Per Dollar on Rent (up to 100,000 Points Per Calendar Year)
- No Annual Fee
- 3x Points on Dining
- 2x Points on Travel
- Transfer Rewards to Airlines and Hotels
- Cell Phone, Primary Rental Car, and Trip Delay Insurance
Bilt Mastercard® (review) is a no-annual-fee credit card that allows you to pay rent without a transaction fee and earn 1 point per dollar on rent (up to 50,000 points per calendar year).
You also earn 3x points on dining, 2x points on travel, and 1x points everywhere else.
The Bilt Rewards card also has great benefits for a no-annual fee card, including cell phone insurance, primary rental car insurance, 90-day purchase protection, trip delay insurance, trip cancellation insurance, and no foreign transaction fees.
Plus, you can transfer your points to airline and hotel partners such as United Airlines, American Airlines, and World of Hyatt. Or redeem the points for travel or at Amazon.
Is the Cash Magnet Worth It?
The Cash Magnet Card is not a good choice for most people since 1.5% cash back with limited other benefits isn’t competitive with other no-annual fee cards.
The alternative cards listed above all offer a better value proposition than the Cash Magnet, making them a better choice for the long-run.
