18
Benefits1
Reward Categories1.5x
Max Reward21.2%
APR FromBasic Information
PENDINGRewards Program (Detailed) 1 Categories
PENDING| Category | Rate | Type | Description | Annual Cap | Status |
|---|---|---|---|---|---|
| General Spending | 1.5x | Cash Back | Earn 1.5% Cash Back on every purchase. | No Cap |
Rewards Summary
PENDINGReward Type: Cash Back
Base Rate: 1.5x
Bonus Rate: 0x
Categories: Flat 1.5% cash back on all eligible purchases. This card does not feature bonus categories or multipliers. (Assumed details for January 2026 based on current program structure, as future changes are not predictable.)
Quarterly Rotating: No
Cap Amount: $0.00
Expiration Policy: Cash back does not expire as long as the account is active and in good standing.
Point Value: 0.01¢
Travel Portal Multiplier: 0x
Transfer Partners: N/A - This card earns cash back, not transferable points.
Redemption Penalties: No penalties for redeeming cash back. Cash back is typically redeemed as a statement credit or direct deposit. This card does not offer enhanced value for travel portal bookings or point transfers.
Benefits & Protections (Detailed) 18 Total
PENDINGBusiness Tools 1
Add Employee Cards
Manage employee spendingAdd Employee Cards to help manage your business spending. You'll earn rewards on their purchases, and you can set spending limits.
Cash Back Rewards 1
Unlimited 1.5% Cash Back
1.5% cash backEarn unlimited 1.5% cash back on every eligible purchase. Cash back is received in the form of Reward Dollars that can be redeemed for statement credits.
Convenience 1
American Express® Mobile App
Account management on mobileManage your account on the go, pay your bill, view statements, and more.
Customer Service 1
Dispute Resolution
Assistance with disputesIf there's a problem with a charge, American Express will work with you to help resolve the issue.
Entertainment & Lifestyle 1
American Express® Experiences
Exclusive accessGet special access to ticket presales and Card Member-only events in your city and around the world.
Financial Benefit 1
No Annual Fee
$0Enjoy all the benefits of the Cash Magnet Card with no annual fee.
Financial Tools 4
Pay It Plan It®
Flexible payment optionsPay It allows you to make small purchases and pay them right away. Plan It lets you split up larger purchases into monthly payments with a fixed fee.
Account Alerts
Customizable notificationsStay on top of your account with custom alerts for purchases, payments, and more.
Connect to QuickBooks®
Integration with QuickBooksEasily download your Card transactions into QuickBooks® to help manage your business expenses.
Year-End Summary
Categorized spending summaryGet a summary of your charges by category, making tax time and budgeting easier.
Purchase Protection 3
Purchase Protection
Up to 90 days coveragePurchase Protection can help protect eligible purchases made on your Card against accidental damage or theft for up to 90 days from the date of purchase.
Extended Warranty
Up to 1 additional yearWhen you charge an eligible item to your Card, Extended Warranty can provide up to one additional year to the original manufacturer's warranty. Applies to warranties of 5 years or less.
Return Protection
Up to $300 per item, $1,000 per yearIf you try to return an eligible item within 90 days from the date of purchase and the merchant won't take it back, American Express may refund the full purchase price, up to $300 per item, up to a maximum of $1,000 per Card Member account per calendar year.
Security 1
Fraud Protection
$0 liability for fraudYou won't be held responsible for fraudulent charges if you use reasonable care in protecting your Card and promptly report unauthorized use.
Shopping Benefits 1
Amex Offers
VariesGet discounts and cash back on things you already buy with Amex Offers. Just add offers to your eligible Card and get rewarded.
Travel Assistance 1
Global Assist® Hotline
24/7 assistanceFor medical, legal, or other emergencies when you're traveling more than 100 miles from home, call the Global Assist Hotline. Available 24/7. Card Members are responsible for the costs charged by third-party service providers.
Travel Insurance 1
Car Rental Loss and Damage Insurance
Coverage for damage/theftWhen you use your eligible Card to reserve and pay for the entire rental and decline the collision damage waiver (CDW) at the rental car counter, you can be covered for damage to or theft of a rental vehicle. Terms, conditions and limitations apply.
Welcome Offer 1
New Cardmember Welcome Offer
$200 statement creditEarn a $200 statement credit after you spend $2,000 in purchases on your new Card in your first 6 months.
Benefits Summary (Flags)
PENDINGExtended Warranty
Purchase Protection
Cell Phone Protection
Travel Insurance
Primary Rental Protection
Airport Lounge Access
Trip Delay Coverage
Lost Luggage Coverage
Price Protection
Concierge Service
No Foreign Fees
ShopRunner
Sign-Up Bonus
PENDING$200
Cash BackRequirement: Spend $2,000 in 180 days
Timing: Statement credits are typically applied to your account within 8-12 weeks after you've met the spending requirement, often appearing on your statement after the billing cycle in which the requirement was met.
Fee Structure
PENDING| Annual Fee: | $0.00 |
| Year 1 Waived: | No |
| Effective Annual Fee: | $0.00 |
| Authorized User Fee: | $0.00 |
| Penalty APR: | 0.30% |
| Min Interest Charge: | $1.00 |
Additional Fees
PENDING| Late Fee: | $40.00 |
| Returned Payment: | $40.00 |
| Balance Transfer: | Either $5 or 3% of the amount of each transfer, whichever is greater. |
| Cash Advance: | Either $10 or 5% of the amount of each cash advance, whichever is greater. |
| Foreign Transaction: | 0.00% |
Interest Rates & APR
PENDINGStandard APR
Purchase APR: 21.24% - 29.24%
Cash Advance APR: 29.99%
Intro APR Offers
Intro Purchase APR: 0% for 15 months
Approval Criteria & Requirements
PENDINGCredit Score Requirements
Application Process
Issuer Rules & Policies
PENDINGRules: American Express enforces a 'one welcome bonus per card per lifetime' rule, meaning you can only receive a welcome bonus for the Cash Magnet card once. Additionally, applicants are subject to the '2/90 rule', limiting new American Express credit card applications to a maximum of two within any 90-day period. Eligibility typically requires a good to excellent credit score (FICO 670+), a stable income, and no recent bankruptcies or excessive credit inquiries.
Max Cards Per Issuer: 5
Min Spend Interval: 3 months
Cliff Effect Rules: The primary 'cliff effect' is the 'one welcome bonus per card per lifetime' rule. This means once you've received a bonus for the Cash Magnet, you are ineligible for future welcome bonuses on the same card, regardless of how long you wait.
International Friendly: No
User Analytics & Insights
PENDINGUser Ratings
Average Rating: 3.9 / 5.0
Top Positive:
Users appreciate the simplicity of flat 1.5% cash back on all purchases, the absence of an annual fee, and the strong customer service and benefits associated with American Express. The introductory APR offer is also a common positive.
Top Negative:
Common criticisms include the relatively low flat cash back rate compared to some competitors (e.g., 2% cards), the presence of foreign transaction fees, and occasional issues with American Express acceptance at some merchants, particularly internationally.
Approval Experience: 75.0 / 100
Recommended Alternatives
- Citi Double Cash Card
- Chase Freedom Unlimited
- Capital One Quicksilver Cash Rewards Credit Card
Card Value Score: 65.0 / 100
Est. Annual Rewards: $450.00
Approval Probability: 85.0%
Version Control
PENDINGVersion ID: v1.0