AMEX Cash Magnet Credit Card Review

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Full review

AMEX Cash Magnet Credit Card

1.5% cash back on all purchases; no annual fee

  • Rewards: 1.5% cash back on all purchases
  • Redemption: Redeem for cash
  • Annual fee: $0
  • Apply now>>

Benefits Analysis

  • [New] $200 home furnishing statement credit: If you apply for this card through a referral link now, you can get an extra $200 home furnishing statement credit. Eligible merchants include The Home Depot, Lowe's, The Container Store, Bed Bath & Beyond, Crate and Barrel, Crate and Kids, CB2, Anthropologie and Terrain, among others. Purchases made in store, online, and in the app should all qualify. However, the terms say gift cards are not eligible. My guess is that real purchases should reimburse fine, though if AMEX wants to be strict, it is possible they could claw it back.

AMEX Card Perks

  • AMEX offer: Spend 20 at Amazon, get 20 back? Walmart 15 back on 5? Pay your phone bill, spend 75 get 10 back? Generous AMEX often gives cardholders some very nice offers, letting you earn cash rewards while you spend. See AMEX OFFER Guide for details.
  • High credit limits: AMEX is often very generous with customers and frequently gives much higher credit limits than other banks.
  • 3x credit limit increase: Starting on day 61 of card membership, you may be able to request a credit limit increase to 3x your original limit through the official website.
  • Free ShopRunner membership: You can enjoy free 2-day shipping at many online stores. For details, see: official link
  • Extended warranty: Items purchased in full with an AMEX card get the manufacturer warranty automatically extended by one year.
  • Free credit score: Cardholders can check their EX credit bureau credit score for free each month.

My Take

AMEX has finally launched a credit card that earns more than 1% cash back on all purchases. At this point, Chase, Citi, and Discover all have cards that earn 1.5% cash back or better. That said, this card is a bit underwhelming, because other than the 1.5% return, there is not much else especially compelling about it. Citi Double Cash earns 2% cash back and has a built-in edge; Chase Freedom Unlimited earns 1.5x UR points, and if you also have a premium card, those points can be redeemed for even higher value; Discover Miles also has first-year Cashback Match, making it effectively 3% cash back in the first year.

Overall, if you like AMEX and cannot get approved for the other cards above that earn more than 1% cash back on all purchases, this card is still a decent choice. After all, as a no-annual-fee starter card, it is one you can keep for the long term.

Application

  • AMEX official application status check link
  • For the same AMEX credit card, the public welcome bonus is generally available only once (once-per-lifetime restriction)
  • You can call the reconsideration line (800-528-4800, 877-399-3083, 866-314-0237) to speed up credit card approval or request a review of a denied application.
  • AMEX limits you to 4 credit cards and 10 charge cards total.
  • You can apply for a total of two AMEX credit cards every 90 days, excluding charge cards.
  • After you submit your application, a pop-up may appear telling you that you are not eligible for the welcome bonus. In that case, it is usually best not to continue with the application (detailed analysis)
  • More about applying for AMEX credit cards

Application Link