American Express Cash Magnet® Card
- Receive a $150 statement credit after spending $1,000 in first three months of account opening.
- Earn 1.5% unlimited cash back on purchases.
- 0% intro APR for 15 months on purchases (13.99% - 23.99% Variable APR applies after).
- No annual fee.
- No bonus categories.
- Few travel and shopping benefits.
This is the simplest cash back rewards card offered by American Express. It comes loaded with valueable benefits and no annual fee. New cardholders begin by earning a $150 statement credit after spending $1,000 within first three months of account opening. This card offers unlimited 1.5% cash back on purchases with no rotating bonus categories. Like the initial welcome bonus, your cash back will come as a statement credit to your account.
New applicants will enjoy 15 months of 0% APR introductory financing on new purchases (13.99% - 23.99% Variable APR applies after). This card comes with the Pay It Plan It® program, which features two ways to control how you pay back your purchases. Use the Pay It® Tap for purchases under $100 in the app to quickly make payments throughout the month. The Plan It® Select program is for purchases of $100 or more, which you can split into monthly payments with a fixed monthly fee instead of incurring interest charges.
Although this card doesn’t come with many of the benefits found on American Express’s premium travel rewards cards, it still includes rental car collision damage waiver coverage, a feature that has disappeared from several popular cards in recent years.
