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.
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®
The Chase Freedom Unlimited® (review) sets itself apart with 1.5% back on non-bonus purchases, plus higher rewards in select categories including dining and travel. This flexible rewards card becomes even more valuable when paired with a premium Chase card, allowing you to transfer your rewards to travel partners. Welcome Bonus: bonus_miles_full Earning Cash Back: 5% back on travel purchased through Chase Travel℠; 3% back on dining at restaurants, including takeout and eligible delivery services; 3% back on drugstore purchases; 1.5% back on all other purchases CaBenefits: Purchase protection, extended warranty, trip cancellation and interruption insurance, secondary rental car insurance, and 0% intro APR for 15 months from account opening on purchases and balance transfers, after that reg_apr,reg_apr_type APR applies; 
Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express (review) is designed to maximize cash back on common household expenses. If you spend heavily on groceries, streaming services, transit or gas, you’ll find the card’s bonus categories and earning rates hard to beat. Welcome Bonus: Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months. Earning Rewards: 6% back at US Supermarkets (up to $6,000 per year, then 1% back) and select US streaming subscriptions; 3% back on transit (including rideshare) and at US gas stations; 1% back on all other eligible purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. Card Benefits: Subscription credit (up to a $10 monthly statement credit after using your enrolled card for a subscription purchase, including at disneyplus.com, Hulu.com, or Plus.espn.com U.S. websites), secondary rental car insurance, extended warranty, purchase protection, return protection, and 0% APR on purchases and balance transfers for 12 months from the date of account opening, after that a reg_apr,reg_apr_type APR.
Bilt Mastercard®
The Bilt Mastercard® (review) lets you earn valuable travel rewards on rent payments without fees while offering bonus points on dining and travel purchases. This no-annual-fee card stands out for its unique rent payment feature and strong travel benefits like rental car coverage and trip protection. Earning Rewards: 5x points on Lyft; 3x points on dining; 2x points on travel purchases; 1x points on rent payments without any transaction fees up to 100,000 points per year, and 1x points on everything else. (Five transactions are required per billing cycle to earn points.) Card Benefits: No transaction fees to pay rent and earn 1x points, primary rental car insurance, cell phone protection, trip delay and trip cancellation insurance, purchase protection, and no foreign transaction fees.
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.
