AmEx’s new Cash MagnetSM card offers a $300 bonus and 1.5 percent back on every purchase


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American Express has launched a new, flat-rate cash back
card that lets cardholders earn up to $300 back for a limited time. In addition
to the introductory bonus, the no-fee Cash Magnet card offers an unlimited 1.5
percent cash back on every purchase.

Limited-time bonus

The Cash Magnet card is running a limited-time promotion for
new cardholders who sign up by July 18, 2018. Cardholders will earn $150 back
when they spend $1,000 in the first three months, and an extra $150 back when
they spend an extra $6,500 in the first 12 months – for a total of $300 in the first

American Express Cash Magnet card

Rewards rate

  • 1.5% cash back on general purchases
  • Terms apply

Introductory bonus

  • $150 back when you spend $1,000 in the first 3 months
  • Additional $150 back when you spend an extra $6,500 in the first 12 months
  • Offer ends July 18, 2018
  • Terms apply

Why use it?

Cardholders who want a simplified approach to earning rewards can benefit from the Cash Magnet card’s flat-rate rewards structure. Additionally, if you plan to transfer or carry a balance, the card’s long introductory APR on purchases and balance transfers make it ideal.

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Estimated Yearly Rewards Value ($15,900 spend)

Annual Fee


At first glance, $7,500 may appear to be a high spend
requirement to receive the total bonus. However, since we estimate that the
standard cardholder spends $15,900 each year on dining, gas, clothes and
general purchases, the average consumer shouldn’t have a difficult time
reaching the spend threshold.

Cash Magnet benefits

Cash Magnet cardholders can take advantage of a variety of benefits
and services available to American Express card members, including:

  • Pay It –
    With this payment tool, cardholders can lower their statement balance by paying
    off smaller purchase amounts as soon as they appear on their bill.
  • Plan It –
    The Plan It feature lets you set up monthly payments for large purchases for a
    fixed monthly fee instead of incurring interest charges.
  • Travel
    benefits –
    Card members have access to a variety of travel perks, including
    car rental loss and damage insurance, the Global Assist Hotline, emergency
    roadside assistance and travel accident insurance.
  • Shopping
    benefits –
    Shopping perks include extended warranties, purchase protection,
    return protection and complimentary ShopRunner membership.

Should you apply?

If you’re interested in earning rewards on every purchase
but don’t want the hassle of dealing with rotating bonus categories or
complicated rewards structures, the Cash Magnet card could be a good fit for
you. In addition to its generous 1.5 percent cash back rate on every purchase,
the opportunity to earn a $300 bonus is icing on the cake. Just be sure to apply
by July 18, 2018, to take advantage of the limited-time offer.

See related: Earn 17,500 bonus points with the Chase Freedom cards, Wells Fargo boosts the sign-up bonus for the Cash Wise Visa to $200

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