American Express Cash Magnet
American Express · Cashback review
Existing Cash Magnet cardholders keeping the card for its no-annual-fee flat 1
Sorted by score, never commission
Annual fee
$0
No annual fee, every year
Ongoing APR
18.74% – 29.74% variable
Variable — verify the current range at the issuer
Intro APR
0% on purchases and balance transfers for 15 months, then 18.74%–29.74% variable (existing cardholders only — closed to new applicants since 2024-09-25)
Then the ongoing APR applies
As of July 17, 2026
Best for
Existing Cash Magnet cardholders keeping the card for its no-annual-fee flat 1.5% cash back and Amex purchase/return protections. American Express closed Cash Magnet to new applicants on 2024-09-25, so this review exists for current holders and this-card-vs-that comparisons — nobody can newly apply for it today.
Not for
Anyone trying to open this card new — it isn't obtainable; the Citi Double Cash and Wells Fargo Active Cash are the live 2% no-fee alternatives — and, among existing holders, anyone chasing the highest flat rate, since 1.5% trails both of those.
The catch
This card can't be applied for anymore. Amex closed Cash Magnet, along with EveryDay and EveryDay Preferred, to new applicants on 2024-09-25; existing cardholders keep their terms and can keep using the card, but the application no longer exists. We keep this review live for existing-holder reference, not as an active pick.
Card facts
Sourced from the issuer's published Schumer Box and terms — confirm current numbers at the issuer.
Product specs
- Annual fee
- $0
- Intro APR
- 0% on purchases and balance transfers for 15 months, then 18.74%–29.74% variable (existing cardholders only — closed to new applicants since 2024-09-25)
- Ongoing APR
- 18.74% – 29.74% variable
- Balance transfer fee
- 3%, min $5
- Schumer Box sourced
- July 17, 2026
How we scored this card
See our published methodology — 5 dimensions, 0–20 each, 100-point total.
Get an email when American Express Cash Magnet's offer changes.
We track American Express Cash Magnet's current offer and terms. We'll email you the moment they change — no checking back.
Frequently asked
Does the American Express Cash Magnet charge an annual fee?
No. The American Express Cash Magnet carries a $0 annual fee, sourced from the issuer's published Schumer Box as of July 17, 2026. Rates change — confirm the current terms at the issuer.
What APR does the American Express Cash Magnet charge?
18.74% – 29.74% variable. There is also an intro rate: 0% on purchases and balance transfers for 15 months, then 18.74%–29.74% variable (existing cardholders only — closed to new applicants since 2024-09-25). APRs are variable and set by the issuer — confirm the current range on the issuer's Schumer Box before you commit.
Who is the American Express Cash Magnet best for?
Existing Cash Magnet cardholders keeping the card for its no-annual-fee flat 1.5% cash back and Amex purchase/return protections. American Express closed Cash Magnet to new applicants on 2024-09-25, so this review exists for current holders and this-card-vs-that comparisons — nobody can newly apply for it today.
Who should skip the American Express Cash Magnet?
Anyone trying to open this card new — it isn't obtainable; the Citi Double Cash and Wells Fargo Active Cash are the live 2% no-fee alternatives — and, among existing holders, anyone chasing the highest flat rate, since 1.5% trails both of those.
How did ClearValue score the American Express Cash Magnet?
American Express Cash Magnet scored 79/100 — "Worth considering". We score every card across five dimensions (effective rewards, fee structure, audience fit, transparency, and the weakness named), 0–20 each. Scores are never influenced by commission. See our methodology for the full rubric.
Alternatives to the American Express Cash Magnet
Other cashback cards we've scored, ranked by our methodology.
- DiscoverCanon
Discover it Secured
90/100Annual fee$0Ongoing APR26.49%Intro APR10.99% · 6 moBest forCredit-builders who want a $0 AF secured card that reports to all three bureaus, earns rotating-category cashback, AND g
Fees sourced from issuer terms · 2026-08-15
- Capital OneSolid pick
Capital One Quicksilver Secured
89/100Annual fee$0Ongoing APR28.99%Foreign txn feeNoneBest forCredit-builders who want a secured card that reports to all three bureaus AND earns 1
Fees sourced from issuer terms · 2026-07-15
- CitiSolid pick
Citi Double Cash
89/100Annual fee$0Ongoing APR17.49–27.49%Intro APR0% · 18 moBest forReaders who want one flat-rate no-fee cashback card and aren't interested in tracking categories
Fees sourced from issuer terms · 2026-07-15
