AmEx Cash Magnet® Credit Card Review

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American Express Cash Magnet® Credit Card Review

This article discusses the features, benefits, and pros and cons of the AmEx Cash Magnet® Credit Card, which has a flat cash back rate of 1.5% on all purchases and no annual fee.

American Express has various credit cards, and one of the best options is the AmEx Cash Magnet® Credit Card. It gives users a flat cash back rate that applies to all purchases. Also, it has a solid welcome bonus of $200 after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $200 cash back in the form of a statement credit. All these benefits come with no annual fee attached.

The AmEx Cash Magnet® Credit Card is an ideal option for users who want simple cash back rewards for their purchases.

American Express has a 0% introductory APR period for 15 months on purchases and balance transfers. After the first 15 months, the APR of 19.24% - 29.99% Variable.

To get the AmEx Cash Magnet® Credit Card, you need an excellent credit score.

AmEx Cash Magnet® Credit Card: Pros and Cons

Here are the perks and downsides of using the AmEx Cash Magnet® Credit Card for your everyday purchases:

Rewards System in a Nutshell

With the AmEx Cash Magnet® Credit Card, you can earn 1.5% cash back on all purchases. The cashback is displayed as reward dollars on your account.

You can redeem these reward dollars as a statement credit. A minimum of $25 reward dollars is required to redeem.

Sometimes, AmEx provides users with other ways of redeeming rewards, such as merchandise or gift cards.

After opening the credit card account, users earn a $200 welcome bonus as long as they spend $2000 within the first 6 months. You will receive the $200 cash back in the form of a statement credit. Also, cardholders enjoy a 0% introductory APR for the first 15 months, after that the variable APR will be 19.24% - 29.99%. A minimum payment has to be made monthly to avoid revoking this APR.

Who Can Benefit From the American Express Cash Magnet® Credit Card?

This card is ideal for customers who prefer flat-rate cash back. Since the AmEx Cash Magnet® Credit Card offers a 1.5% cash back on purchases, users don’t have to calculate how to use the card across different tiers for maximum rewards. It’s straightforward and a solid option for consumers seeking low fees and predictable cash back.

You can only earn the welcome bonus once. American Express provides this opportunity solely to new users. Also, there are tight restrictions on those people who routinely open credit card accounts. Before submitting an application, AmEx notifies you whether you are eligible for the welcome bonus or not.

Are There Any Other Benefits?

Besides the welcome bonus and cash back rewards, this card has a wide array of benefits. They include:

• Secondary Car Damage and Rental Loss Insurance

AmEx Cash Magnet® Credit Card users get complimentary rental car insurance. If you pay for car rental with this card, AmEx provides secondary damage cover in case the rental car is damaged or stolen. Since this insurance is secondary, it pays for any extra charges after personal insurance coverage.

• Complimentary ShopRunner Membership

American Express has a partnership with ShopRunner that offers free membership to the service. With this card, users benefit from 2-day shipping on items purchased in ShopRunner’s network of over 140 online stores.

• Pay It Plan It Program

To help finance your purchases after the introductory period, the AmEx Cash Magnet® Credit Card has a Pay IT Plan IT program that allows users to pay balances over time. You can pay off small balances below $100 through the AmEx app. This program also allows you to break down larger purchases into small installments with a fixed fee.

• Dispute Resolution

AmEx commits to working with cardholders to resolve issues such as fraudulent transactions.

• Lowest Hotel Rates Guarantee

American Express guarantees users the lowest rates on hotel booking at the time of booking. If you book a hotel via the company’s booking channel, but find another lower rate for the same property within 24 hours, AmEx refund you the difference. All you need is to fill a claim, and AmEx will send you an email with instructions on how to provide your booking information.

All your claims must be submitted prior to your check-in date. This policy excludes discounts that aren’t available to the public as well as promotional packages.

• Purchase Protection

AmEx Cash Magnet® cardholders enjoy limited purchase protection on items stolen or damaged within 90 days of purchase. This protection is limited to $1000 per occurrence, meaning users can only claim $1000 of damage at a go. Also, it limits users to $50,000 per calendar year.

• Global Assist Hotline

Cardholders can call the company’s hotline when in need of help, such as emergency legal referrals, lost luggage, translation services, and much more. This hotline helps users to arrange for these services. However, the user is responsible for any cost incurred.

• Terms Apply

Conclusion

The AmEx Cash Magnet® is a handy option for users who want to earn fixed cash back without having to worry about tiers. The cashback reward system is simple and straightforward. It’s easier to calculate, unlike the AmEx Blue Cash Everyday® card that has shopping categories and a spending capping.

The 0% intro APR for 15 months helps customers to manage large purchases effortlessly. Since this card has no annual fee, the 1.5% flat-rate cash back isn’t bad after all. Also it offers purchase protection benefits, so you are assured of cover in case of damages.

This card comes with a variety of benefits, such as the Pay It Plan It program that allows users to plan how to finance both small and large purchases. If you are interested in a card with a good welcome bonus and no annual fee, the AmEx Cash Magnet® might be a great option.