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It’s great news when a bank releases a brand new card to the public! More intro bonuses and more ways to earn cash and miles are always welcome.
American Express has just unveiled the no annual fee American Express Cash Magnet™ Card. You’ll earn a flat 1.5% cash back on all purchases, with NO caps. And when you open the card by July 18, 2018, you’ll earn up to $300 cash back after meeting tiered minimum spending requirements!
Here’s what you need to know about the card.
American Express Cash Magnet Mini Review
The American Express Cash Magnet Card is the latest cash back card from AMEX. When you open the card by July 18, 2018, you’ll earn $150 cash back after spending $1,000 on purchases in the first 3 months of card membership. And another $150 cash back after spending an additional $6,500 on purchases within the first 12 months of account opening.
The card also comes with:
- Unlimited 1.5% cash back
- NO annual fee
- Compatible with AMEX Pay It Plan It system
- Terms & Limitations Apply
The card is pretty straightforward, nothing fancy. So it’s good for folks who don’t want to juggle bonus categories or keep track of airline and hotel loyalty programs. You’ll earn cash back at the same rate for all your spending.
Plus, you can add AMEX Offers to this card, which can save you money on purchases you plan to make anyway. Team member Jasmin used AMEX Offers to save nearly $200 with one of her AMEX cards last year!
You’ll also receive a complimentary membership with ShopRunner. So you can save money on shipping (and returns!) for lots of online purchases. An annual membership to ShopRunner costs $79 otherwise.
All things considered, this is a pretty good deal for a card with no annual fee! But it’s worth considering other no-annual-fee cards, like the Chase Freedom Unlimited, Capital One® Quicksilver® Card, or Wells Fargo Cash Wise Visa® Card.
These 3 cards ALSO earn unlimited 1.5% cash back on all purchases. But their welcome bonuses are easier to earn because the cards’ minimum spending requirements are easier to meet.
The brand new American Express Cash Magnet Card is pretty vanilla in its card benefits and welcome offer. No fancy transferable points or spectacular travel benefits. Just a straight 1.5% cash back for all your purchases.
For no annual fee, the card isn’t a bad deal.
Just note that AMEX is putting extra effort into sniffing out folks who open cards solely for the intro bonus. If they think you open AMEX cards too often, or you’re trying to take advantage of their system, they can withhold future welcome bonuses from you. So if you’re not passionate about this card, it may be better to give it a pass to increase your chances of being approved for a more valuable intro bonus later.
What do you think about the new American Express Cash Magnet Card?