<bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pointsguy"> </bi-shortcode><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5f4687ccde1e963b8c29ab84" data-type="undefined">American Express Cash Magnet Card</bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><h2 id="review:-is-the-chase-ink-business-cash-credit-card-right-for-you'"><strong>Review: Is the American Express Cash Magnet credit card right for you'</strong></h2><p>If you're looking for an uncomplicated credit card that earns a flat rate of rewards without having to pay an annual fee <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fa4ae1850601dc26aca65">(See Rates)</bi-inline-shortcode>, the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode> is worth considering. The card earns 1.5% cash back on all purchases with no spending caps, and it comes with a welcome bonus of <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">$150 back after you spend $1,000 in purchases on your new Card in your first 3 months</bi-inline-shortcode>, in the form of a statement credit. </p><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84"> Cash Magnet Card</bi-inline-shortcode> also offers a <a href="https://www.businessinsider.com/personal-finance/best-low-interest-credit-cards" target="_blank" rel="noopener">0% introductory APR</a> on purchases for the first 15 months, after which a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">13.99%-23.99% Variable</bi-inline-shortcode> APR applies <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fa4ae1850601dc26aca65">(See Rates)</bi-inline-shortcode>. This could be helpful if you have <a href="https://www.businessinsider.com/personal-finance/best-credit-cards-for-large-purchases" target="_blank" rel="noopener">large purchases</a> coming up you want to pay for over several months without accruing big interest charges. </p><p>Before you decide on the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84"> Cash Magnet Card</bi-inline-shortcode>, there are other no-annual-fee <a href="https://www.businessinsider.com/personal-finance/best-cash-back-credit-cards" target="_blank" rel="noopener">cash-back credit cards</a> to consider that have the same (or better) rate of return, and some also offer an introductory 0% APR on purchases or balance transfers.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5bb7c40993032c65c83fac99" data-title="Chase Freedom Unlimited review: One of the best cash-back credit cardswith perks that many competing cards don't offer" data-url="https://www.businessinsider.com/personal-finance/chase-freedom-unlimited-review" data-thumbnail="https://i.insider.com/5bbcb9d492b3691f0117ec38" data-shortcode-display-text="Related Article Module: Chase Freedom Unlimited review: One of the best cash-back credit cardswith perks that many competing cards don't offer"> </bi-shortcode><p>For example, the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e74250bc4854077bd14edb4">Chase Freedom Unlimited</bi-inline-shortcode> comes with a welcome bonus of <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5e74250bc4854077bd14edb4">$200 after spending $500 in the first three months from account opening</bi-inline-shortcode>, and has an introductory 0% APR on purchases for the first 15 months (then a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e74250bc4854077bd14edb4">14.99%23.74% variable APR</bi-inline-shortcode>). It earns 5% cash back on travel purchased through <a href="https://www.businessinsider.com/personal-finance/guide-earning-using-chase-ultimate-rewards-points" target="_blank" rel="noopener">Chase Ultimate Rewards</a>, 3% cash back on dining and drugstore purchases, and 1.5% cash back on everything else.</p><p>There's also the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e67d8a184159f65c42a8e05">Citi Double Cash Card</bi-inline-shortcode>, which doesn't currently have a welcome bonus, but earns 2% cash back (1% when you buy, and 1% when you pay) on all purchases, plus offers an 18-month introductory 0% APR on balance transfers, then a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e67d8a184159f65c42a8e05">13.99% - 23.99% (Variable)</bi-inline-shortcode> APR.</p><p><strong>Bottom line: Consider the</strong> <strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode></strong> <strong>if you want to earn f</strong><strong>lat-rate rewards instead of points for travel, and if you want to save money on interest for a limited time. Just keep in mind that there are other <a href="https://www.businessinsider.com/personal-finance/best-no-fee-credit-card" target="_blank" rel="noopener">no-annual-fee credit cards</a> with higher welcome bonuses and earning that could be a better fit for your situation.</strong></p><bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pfifinancialresponsibility"> </bi-shortcode><h2>American Express Cash Magnet vs other Amex cash-back credit cards </h2><table style="width: 100%; border-collapse: collapse; height: 126px;" border="1" cellpadding="10px"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode></strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e82478e671de00a8c34aec2">Blue Cash Everyday Card from American Express</bi-inline-shortcode></strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e82417314f18f5a843aa432">Blue Cash Preferred Card from American Express</bi-inline-shortcode></strong></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Annual fee</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_fee_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">$0</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Annual fee</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_fee_display" data-customtext="" data-shouldlink="false" data-pid="5e82478e671de00a8c34aec2">$0</bi-inline-shortcode> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb26b78dac123946900c5">(See Rates)</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Annual fee</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_fee_display" data-customtext="" data-shouldlink="false" data-pid="5f4fb2a7eec8fb21075d530d"> $95 (waived the first year if you apply by 12/10/2020)</bi-inline-shortcode> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb2a7eec8fb21075d530d">(For a limited time the Blue Cash Preferred Card offers a $0 introductory annual fee and $95 after that. Offer expires 12/10/2020. See rates.)</bi-inline-shortcode> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb2a7eec8fb21075d530d">(See rates)</bi-inline-shortcode></p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Rewards rate</strong></p><p>1.5% cash back on all purchases</p><p> </p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Rewards rate</strong></p><p>3% back on the first $6,000 spent each calendar year at U.S. supermarkets, then 1% back</p><p>2% back at U.S. gas stations </p><p>2% back at select U.S. department stores</p><p>1% back on all other purchases</p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Rewards rate</strong></p><p>6% back on the first $6,000 spent each calendar year, then 1% back</p><p>3% back at U.S. gas stations</p><p>3% back on transit</p><p>1% back on all other purchases</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Welcome bonus</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">$150 back after you spend $1,000 in purchases on your new Card in your first 3 months</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Welcome bonus</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5e82478e671de00a8c34aec2">$150 statement credit after you spend $1,000 in the first 3 months from account opening</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Welcome bonus</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5e82417314f18f5a843aa432">$300 statement credit after you spend $3,000 in purchases in the first 6 months from account opening</bi-inline-shortcode></p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Foreign transaction fee</strong></p><p>Yes <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fa4ae1850601dc26aca65">(See Rates)</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Foreign transaction fee</strong></p><p>Yes <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb26b78dac123946900c5">(See Rates)</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Foreign transaction fee</strong></p><p>Yes <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb2a7eec8fb21075d530d">(See rates)</bi-inline-shortcode></p></td></tr><tr><td style="width: 33.3333%; vertical-align: top; text-align: center;"><p><strong>Introductory APR</strong></p><p>0% intro APR for 15 months from account opening, then a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">13.99%-23.99% Variable</bi-inline-shortcode> APR </p></td><td style="width: 33.3333%; vertical-align: top; text-align: center;"><p><strong>Introductory APR</strong></p><p>0% intro APR for 15 months from account opening, then a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e82478e671de00a8c34aec2">13.99% to 23.99% variable APR</bi-inline-shortcode> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb26b78dac123946900c5">(See Rates)</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center;"><p><strong>Introductory APR</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e82417314f18f5a843aa432">0% intro APR on purchases for 12 months from account opening </bi-inline-shortcode>then a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e82417314f18f5a843aa432">13.99% to 23.99% variable APR</bi-inline-shortcode> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4fb2a7eec8fb21075d530d">(See Rates)</bi-inline-shortcode></p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Learn more" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode></strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Learn more" data-shouldlink="true" data-pid="5e82478e671de00a8c34aec2">Blue Cash Everyday Card from American Express</bi-inline-shortcode></strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Learn more" data-shouldlink="true" data-pid="5e82417314f18f5a843aa432">Blue Cash Preferred Card from American Express</bi-inline-shortcode></strong></td></tr></tbody></table><h2>American Express Cash Magnet vs other cash-back credit cards </h2><table style="width: 100%; border-collapse: collapse; height: 126px;" border="1" cellpadding="10px"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode></strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5e67d8a184159f65c42a8e05">Citi Double Cash Card</bi-inline-shortcode></strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e74250bc4854077bd14edb4">Chase Freedom Unlimited</bi-inline-shortcode></strong></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Annual fee</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_fee_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">$0</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Annual fee</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_fee_display" data-customtext="" data-shouldlink="false" data-pid="5e67d8a184159f65c42a8e05">$0</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Annual fee</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_fee_display" data-customtext="" data-shouldlink="false" data-pid="5e74250bc4854077bd14edb4">$0</bi-inline-shortcode></p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Rewards rate</strong></p><p>1.5% cash back on all purchases</p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Rewards rate</strong></p><p>1% cash back when you buy, plus 1% cash back when you pay your bill</p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Rewards rate</strong></p><p>5% cash back on travel purchased through Chase Ultimate Rewards</p><p>3% cash back on dining and drugstore purchases</p><p>1.5% cash back on everything else</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Welcome bonus</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">$150 back after you spend $1,000 in purchases on your new Card in your first 3 months</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Welcome bonus</strong></p><p>N/A</p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Welcome bonus</strong></p><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="intro_bonus_display" data-customtext="" data-shouldlink="false" data-pid="5e74250bc4854077bd14edb4">$200 after spending $500 in the first three months from account opening</bi-inline-shortcode></p><p>5% cash back on up to $12,000 spent at grocery stores* in the first account year</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Foreign transaction fee</strong></p><p>Yes</p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Foreign transaction fee</strong></p><p>Yes</p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Foreign transaction fee</strong></p><p>Yes</p></td></tr><tr style="height: 21px;"><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Introductory APR</strong></p><p>0% intro APR for 15 months from account opening, then a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">13.99%-23.99% Variable</bi-inline-shortcode> APR </p><strong> </strong></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Introductory APR</strong></p><p>0% intro APR on balance transfers for the first 18 months, then <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e67d8a184159f65c42a8e05">13.99% - 23.99% (Variable)</bi-inline-shortcode></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center; height: 21px;"><p><strong>Introductory APR</strong></p><p>0% intro APR on purchases for the first 15 months, then <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5e74250bc4854077bd14edb4">14.99%23.74% variable APR</bi-inline-shortcode></p></td></tr><tr><td style="width: 33.3333%; vertical-align: top; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Learn more" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode></strong></p></td><td style="width: 33.3333%; text-align: center; vertical-align: top;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Learn more" data-shouldlink="true" data-pid="5e67d8a184159f65c42a8e05">Citi Double Cash Card</bi-inline-shortcode></strong></p></td><td style="width: 33.3333%; vertical-align: top; text-align: center;"><p><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="Learn more" data-shouldlink="true" data-pid="5e74250bc4854077bd14edb4">Chase Freedom Unlimited</bi-inline-shortcode></strong></p></td></tr></tbody></table><p>*not including Target or Walmart purchases</p><h2>How to use Amex Cash Magnet rewards</h2><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode> cardholders receive their welcome bonus in the form of a statement credit after they've met the <a href="https://www.businessinsider.com/personal-finance/easy-ways-meet-minimum-spending-requirement-credit-card-signup-bonus" target="_blank" rel="noopener">minimum spending requirement</a>. However, cash back from the card is issued in the form of reward dollars, which you can redeem for a statement credit whenever your reward dollar balance is $25 or more. Amex may give you options to use reward dollars for gift cards or merchandise from time to time.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5bc9ee63f5d5cc2b815cb8eb" data-title="The best cash-back credit cards of December 2020" data-url="https://www.businessinsider.com/personal-finance/best-cash-back-credit-cards" data-thumbnail="https://i.insider.com/5ea73ecc5bd7a52abc19b6e4" data-shortcode-display-text="Related Article Module: The best cash-back credit cards of December 2020"> </bi-shortcode><p>It's important to note that you can't use reward dollars to pay the minimum payment due on your card, or cash them out for a check or bank deposit. Other cash-back cards like the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e67d8a184159f65c42a8e05">Citi Double Cash Card</bi-inline-shortcode> also have a minimum redemption amount, but allow you to use your rewards in more ways. And some, like the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5e839a8b671de027e000749b">Capital One SavorOne Cash Rewards Credit Card</bi-inline-shortcode>, don't have a minimum redemption amount at all.</p><h2><strong>Amex Cash Magnet benefits and features</strong></h2><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84"> Cash Magnet Card</bi-inline-shortcode> doesn't have many cardholder benefits, but that isn't unusual for a cash-back credit card without an annual fee. Here are the main cardholder features you should know about.</p><h3>0% Introductory APR on purchases</h3><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5fb843ab6e5e254b47626541" data-title="Using a 0% APR credit card for holiday shopping can save money on interest, but be sure to avoid these pitfalls that could hurt you in the long run" data-url="https://www.businessinsider.com/personal-finance/should-you-use-0-apr-credit-card" data-thumbnail="https://i.insider.com/5fbbfab250e71a0011556daa" data-shortcode-display-text="Related Article Module: Using a 0% APR credit card for holiday shopping can save money on interest, but be sure to avoid these pitfalls that could hurt you in the long run"> </bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84"> Cash Magnet Card</bi-inline-shortcode> <a href="https://www.businessinsider.com/personal-finance/best-low-interest-credit-cards" target="_blank" rel="noopener">0% introductory APR</a> applies to purchases for the first 15 months, after which a you'll pay a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">13.99%-23.99% Variable</bi-inline-shortcode> APR. Using an introductory APR offer can save you a lot of money on interest if you have a big purchase you'd like to pay for over time, but be sure you have a plan and means to <a href="https://www.businessinsider.com/personal-finance/how-to-pay-off-credit-card-debt" target="_blank" rel="noopener">pay off your debt</a> before the introductory period expires. </p><h3>Pay It Plan It</h3><p>The <a href="https://www.businessinsider.com/personal-finance/pay-it-plan-it-amex-green-gold-platinum-cards-2020-8" target="_blank" rel="noopener">Amex Pay It Plan It</a> program lets you quickly pay off small amounts you charge to your card or plan repayment for big purchases, all while earning rewards. Instead of paying traditional interest payments, you'll pay a fixed monthly fee on purchases you finance with this program.</p><h3>Global Assist Hotline</h3><p>Call into this cardmember hotline if you need help with translation services, missing luggage, emergency legal and medical referrals, lost passport assistance, and more. The Global Assist Hotline will help arrange these services, but you're responsible for any costs incurred.</p><h3>Car rental loss and damage insurance</h3><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5d389acd8813a235575471b9" data-title="If you're hitting the road this summer, using a credit card with primary rental car insurance can save you time, money, and stress" data-url="https://www.businessinsider.com/personal-finance/credit-cards-with-primary-rental-car-insurance" data-thumbnail="https://i.insider.com/5d5198b11a700d7b06236811" data-shortcode-display-text="Related Article Module: If you're hitting the road this summer, using a credit card with primary rental car insurance can save you time, money, and stress"> </bi-shortcode><p>When you charge the entire car rental cost to your <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84"> Cash Magnet Card</bi-inline-shortcode> and decline the rental company's collision damage waiver, you'll receive secondary auto rental coverage. This can kick in to pay for damage or theft to a rental vehicle in covered countries and territories after you have exhausted coverage from other auto insurance policies you have.</p><h3>American Express Experiences</h3><p>American Express Experiences offers presale tickets to concerts and events when you have the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84"> Cash Magnet Card</bi-inline-shortcode>. Cardmember-only events may be available, as well as access to Broadway shows, concerts, sporting events, and more. </p><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="5f4687ccde1e963b8c29ab84" data-type="undefined">American Express Cash Magnet Card</bi-shortcode><h2>American Express Cash Magnet fees and costs</h2><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="5f4687ccde1e963b8c29ab84">American Express Cash Magnet Card</bi-inline-shortcode> doesn't charge an annual fee, but you will pay <a href="https://www.businessinsider.com/personal-finance/best-credit-cards-no-foreign-transaction-fees" target="_blank" rel="noopener">foreign transaction fees</a>, so you shouldn't use it for expenses outside the US.</p><p>Once the 0% introductory APR period on purchases ends, you'll be subject to a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="regular_apr_display" data-customtext="" data-shouldlink="false" data-pid="5f4687ccde1e963b8c29ab84">13.99%-23.99% Variable</bi-inline-shortcode> APR if you carry a balance. And, like other cards, there are fees for cash advances, late payments, and returned payments.</p><bi-shortcode id="related-product-module" class="mceNonEditable" data-type="related-products-credit-cards" data-sheetname="Related Product Credit Cards">Related Product Module: Related Product Credit Cards</bi-shortcode><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-credit-card-coverage" data-sheetname="More Credit Card Coverage">Related Content Module: More Credit Card Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/american-express-cash-magnet-credit-card-review#comments">Join the conversation about this story »</a></p>
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