All New American Express Cash Magnet Card – Unlimited 1.5% Cash Back

Today American Express officially launched the newest addition to their award-winning Cash Back credit card portfolio, the no annual fee American Express Cash Magnet Card. This Card is designed for people who love earning Cash Back rewards in a way that fits their busy lifestyle — the Card is simply rewarding.

Key features of the American Express Cash Magnet Credit Card include:

• Unlimited 1.5% Cash Back

• No caps, no categories, no annual fee and with all of the backing that comes with an American Express Card Membership

• Pay It Plan It, a first-of-its-kind payment feature that gives Card Members more control and flexibility over how they pay for the things they buy

Cash Back products are some of the most popular American Express Cards and based on this increased demand for them, they’re further investing in this category. This is also the first new U.S. Card product designed end-to-end on our new global brand platform that was unveiled in April.

The card comes with a generous $300 sign-up bonus cash back offer.

• Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
• Plus, earn an additional $150 back after you spend an additional $6,500 in purchases within your first 12 months. You will receive the $300 back as a statement credit.

You’ll also get 0% intro APR on purchases and balance transfers for 15 months, then a variable APR, 14.49% to 25.49%.

Some additional benefits of the card:

• Shoprunner
  • Get free 2-day shipping* on eligible items at a growing network of 140+ online stores with ShopRunner. Enroll in complimentary membership as a benefit of your eligible Card. Enroll now at shoprunner.com/americanexpress. *Min purchase may be required. Terms apply.
• Return Protection
  • If you try to return an eligible item purchased with your Card within 90 days from the date of purchase and the merchant won’t take it back, Return Protection‡ may provide a refund. Limited to $300 per item and $1,000 per calendar year. Purchases must be made in the U.S. and its territories.
• Purchase Protection
  • When you use your Card for eligible purchases, it’s nice to know that theft and accidental damage can be covered by Purchase Protection. Up to 90 days and $1,000 per occurrence, $50,000 per calendar year.

More information on the Cash Magnet card is available here

Bottom Line:

I don’t know if I love this card. It seems that you’ll earn “Rewards Dollars” and not membership rewards that you can combine with other cards earning membership rewards points which you can then transfer to Amex’s travel partners. Sort of like how the Chase Freedom Unlimited works. So if this is strictly 1.5% cash back then a card like the Citi Double Cash can be better for you since you’ll earn a straight 2% cash back on everything.

If you have any questions, comment below or tweet me @pointspointers or email me at ramy@pointspointers.com

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