American Express Cash Magnet
American Express · Cashback review
Existing Amex cardmembers who want a no-annual-fee flat 1
Sorted by score, never commission
Annual fee
$0
No annual fee, every year
Ongoing APR
Variable APR — verify current range at americanexpress.com
Variable — verify the current range at the issuer
Intro APR
0% intro APR on purchases for 15 months (verify at americanexpress.com)
Then the ongoing APR applies
As of July 8, 2026
Best for
Existing Amex cardmembers who want a no-annual-fee flat 1.5% cash-back card that keeps them inside the Amex ecosystem — purchase protection, return protection, and Amex customer service without a fee, plus a 15-month 0% intro APR on purchases.
Not for
Anyone chasing the highest flat rate — a 2% card (Citi Double Cash, Wells Fargo Active Cash) out-earns it on every dollar — and frequent international travelers, since Amex acceptance abroad is narrower than Visa/Mastercard.
The catch
At 1.5% flat, the earn rate trails the 2% no-fee leaders. You're paying for Amex's protections and service, not for rewards. The once-per-lifetime welcome-bonus rule also means prior Cash Magnet holders may not qualify for the intro offer.
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% intro APR on purchases for 15 months (verify at americanexpress.com)
- Ongoing APR
- Variable APR — verify current range at americanexpress.com
- Schumer Box verified
- July 8, 2026
How we scored this card
See our published methodology — 5 dimensions, 0–20 each, 100-point total.
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 8, 2026. Rates change — confirm the current terms at the issuer.
What APR does the American Express Cash Magnet charge?
Variable APR — verify current range at americanexpress.com. There is also an intro rate: 0% intro APR on purchases for 15 months (verify at americanexpress.com). 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 Amex cardmembers who want a no-annual-fee flat 1.5% cash-back card that keeps them inside the Amex ecosystem — purchase protection, return protection, and Amex customer service without a fee, plus a 15-month 0% intro APR on purchases.
Who should skip the American Express Cash Magnet?
Anyone chasing the highest flat rate — a 2% card (Citi Double Cash, Wells Fargo Active Cash) out-earns it on every dollar — and frequent international travelers, since Amex acceptance abroad is narrower than Visa/Mastercard.
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 whether an honest weakness is 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.
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