For new cardholders, you can earn $150 statement credit after you spend $1,000 or more in purchases with your new American Express Cash Magnet® Card within the first 3 months of card membership.
Other feature include an unlimited 1.5% cashback, NO ANNUAL FEE, and more! If you’re interested in this card, then read on!
Author’s note: American Express isn’t as widely accepted internationally as Visa or Mastercard, so consider your choices carefully when choosing an Amex card.
Table of Contents
Amex Cash Magnet Card Summary
Amex Cash Magnet – $150 Statement Credit
After spending $1,000 in the first 3 months of opening your account, you can earn a $150 statement credit. There are many ways to go about this. Down below are several options to acquiring these points.
• Plastiq - Using Plastiq allows you to pay for your personal expenses such as rent, tuition, mortgage, auto lease etc. Although they charge a 2.5% processing fee for using your credit card, this will contribute to the card bonus that you will receive. There is also a referral program that allows you to earn "Free-Free Dollars" that goes towards processing fees as well.
• Funding Checking Accounts - When it comes to funding a checking account, opening your initial deposit with a credit card is the usual way to go about it. However, if you want to have more opportunities, you should open a checking account that offers a sign-up bonus. This allows you to work towards bonuses from not one but two different sources instead. Banks like Chase, Huntington Bank, TD Bank and BBVA offers credit card funding, and for your opening deposit, you can often fund anywhere from $50-$1000 with a credit card, depending on what bank offers it.
• Gift Card Purchases With Using a Credit Card - Another way to acquire the bonus is using your credit card to purchase gift cards. Buying a a gift card or an individual merchant card typically do not require a purchase fee and are used towards leisure, so gift cards are ideal. However, gift cards such as a Visa or American Express do incur purchase fees because they can be spent anywhere, but gift cards that are specifically for a certain online shopping site such as Amazon or eBay don't.
As for a Citi Credit Card, you should call customer service and ask them to lower your Cash Advance limit to $0 before making any purchases because Citi tends to read gift card purchases as a Cash Advance.
Ideally, you should do this with any card just to be safe. Lastly, there is such thing as a discounted gift card which can be purchased on Raise or eBay. If you use a credit card often for everyday purchases, it can build your credit score that will contribute towards paying for things such as bills and taxes.
Earning Reward Dollars
The American Express Cash Magnet® Card cash back program earns you an unlimited 1.5% cash back on your purchases. This simple rewards system allows you to earn the same rate on every purchase. Rewards don’t expire and you don’t have to worry about any sort of rotating categories or enrollment. This is similar to other Amex cards such as the Blue Cash Everyday Card from American Express and the Blue Cash Preferred Card from American Express.
Redeeming Reward Dollars
Redeem your rewards for statement credit, merchandise, or gift cards. However, you can only redeem reward dollars for statement credits when your available reward dollars balance is $25 or more. I highly recommend redeeming for statement credit to get the most value out of your rewards.
Amex Cash Magnet Cardholder Benefits
Plan ItSM: You can set up a monthly payment plan for large purchases with a fixed monthly fee and no interest charges. Create up to 10 active payment plans for qualifying purchases of $100 or more, subject to a plan fee.
Pay ItSM: Make a payment equal to the amount of a billed purchase less than $100. Payments made with Pay It are applied to your outstanding balance rather than that billed purchase. This feature is available in the American Express Mobile app.
Return Protection: With this benefit, you may refund your eligible purchase(s) charged entirely on an eligible American Express card. Coverage is limited to 90 days from purchase, up to $300 per item and up to a maximum of $1,000 per account per year. Shipping and handling costs for the purchase will not be refunded.
All eligible items must be in the original purchase condition, and items can’t be returned to the merchant from which they were originally purchased. Certain purchases may also not be eligible for refund. Other exclusions apply.
Roadside Assistance Hotline: Get a tow operator or locksmith to assist in an emergency situation with this 24-hour dispatch line, but you will be charged for any goods or services provided.
Tow operators or locksmiths can provide: towing, winching, jump starts, flat tire change when you have a workable spare, lockout service when key is in vehicle, and delivery of up to 2 gallons of fuel. Restrictions apply. You must be present with the eligible vehicle.
Lowest Hotel Rates Guarantee: Book a qualifying prepaid hotel rate on amextravel.com, then, if you find the same room in the same hotel for the same dates, the same number of children and adults, at a lower price online, before taxes and fees, Amex will refund you the difference.
If you’re looking for a simple card with no gimmicks, then the American Express Cash Magnet® Card is the way to go! With this card, you’ll enjoy a great welcome offer. The Amex Cash Magnet card will reward you for making purchases, earn unlimited cash back, and more. This is a straightforward card that offers you many great features.
If you’re interested then you should take advantage of this offer because it’s only for a limited time at the moment.
Provide feedback in the comment section below by telling us your thoughts and experience with this credit card. If you’re just looking for more credit card options in general, then definitely check out our Best Credit Card Deals master post! If you’re interested, check out our Best American Express Cards.
Alternative Credit Cards Options
If you are looking for a card with more reward opportunities, then you might consider these other alternatives that are pretty similar. These cards include the HSBC Cash Rewards Mastercard® credit card and Chase Freedom Unlimited.
The HSBC Cash Rewards Mastercard® credit card offers an Introductory 3% Cash Back on all purchases in the first 12 months from Account opening, up to the first $10,000 in purchases, then an unlimited 1.5% cash rewards on all purchases afterwards.
You'll also earn a 10% Anniversary Bonus on all Cash Rewards earned once a year and protected with $0 liability for unauthorized purchases.
This card comes with no annual fees and no foreign transactions fees. Terms apply.
(Rates & Fees)
The Chase Freedom Unlimited® Card offers double cash back. You'll earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
Learn more about this card and its features here.
• Chase Bank Bonuses. Chase usually offers the most sign-up bonuses out of all the big banks. Read up and enjoy several promotions for their Checking, Savings and Business accounts.
• HSBC Bank Bonuses. HSBC has some big value offers available for their Checking accounts. Some require hefty deposits to qualify. They also have an online Savings account offering a very competitive rate.
• Huntington Bank Bonuses. Huntington has Consumer Checking and Business Checking accounts available throughout the year.
• Discover Bank Bonuses. As an online bank, Discover offers high and competitive rates on their Savings, CD, and Money Market accounts. Enjoy excellent customer service nationwide.
• TD Bank Bonuses. TD Bank consistently offers great Checking account bonuses all year long. Savings account offers are less frequently available.
|Chase SapphireSM Checking||$750 Cash||Review|
|Chase Total Checking® + Chase SavingsSM||$350 Cash||Review|
|Chase Premier Plus CheckingSM||$300 Cash||Review|
|Chase College CheckingSM||$100 Cash||Review|
|Chase Private Client||$1,250 Cash||Review|
|TD Bank Beyond CheckingSM||$300 Cash||Review|
|TD Bank Convenience CheckingSM||$200 Cash||Review|
|Chase Total Business Checking®||$200 Cash||Review|
|Huntington Bank Accelerated Business Checking||$750 Cash||Review|
|Huntington Bank Fast Track Business Checking||$400 Cash||Review|
|Huntington Bank Community Business Checking||$200 Cash||Review|