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American Express Cash Magnet® Card

American Express Cash Magnet® Card
American ExpressCash BackNo annual fee
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on American Express's website

Annual Fee
$0
Welcome offer
No current welcome offer

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Pros & Cons

Pros

  • +Purchase protection included
  • +No annual fee

Cons

  • –Foreign Transaction Fee (2.7%)

Our Review

No Longer Accepting Applications

Rewards

All Spending

1.5x

Cash Back pts per dollar

Credit Card Rewards Calculator

See how much you could earn with this card based on your spending.

¢/ point
0.50¢3¢
Groceries1.5x
$700/mo
Gas & EV1.5x
$200/mo
Transit1.5x
$100/mo
Restaurants1.5x
$300/mo
Pharmacy1.5x
$50/mo
Travel1.5x
$150/mo
Bills & recurring payments1.5x
$250/mo
Telecom1.5x
$150/mo
Entertainment & streaming1.5x
$100/mo
Office supplies1.5x
$0/mo
All other spending1.5x
$500/mo

Points Earned

45,000

Cash Back/yr

Estimated Value

$450

After Fees

+$450

1st Year Value

$450

incl. welcome bonus

Breakdown

Groceries$8,400/yr × 1.5x12,600 pts
Gas & EV$2,400/yr × 1.5x3,600 pts
Transit$1,200/yr × 1.5x1,800 pts
Restaurants$3,600/yr × 1.5x5,400 pts
Pharmacy$600/yr × 1.5x900 pts
Travel$1,800/yr × 1.5x2,700 pts
Bills & recurring payments$3,000/yr × 1.5x4,500 pts
Telecom$1,800/yr × 1.5x2,700 pts
Entertainment & streaming$1,200/yr × 1.5x1,800 pts
All other spending$6,000/yr × 1.5x9,000 pts
Total annual spend$30,000
Total monthly spend$2,500
Average earn rate on spend per year1.5x
Total points earned45,000 pts
Value of points accumulated in the first year≈ $450

Additional Benefits

Global Assist Hotline: available 24/7 for coordination and assistance with services such as lost passport replacement assistance, translation services, missing luggage assistance and emergency legal and medical referrals while traveling more than 100 miles from home; the coordination and assistance services are offered at no additional charge, but Card Members are responsible for the costs charged by third-party service providers (Global Assist Hotline Benefit Guide).

Purchase Protection

Purchase Protection

Up to $1,000 / 90 days

Auto Rental Collision (secondary)

Up to $50,000 / 30 days

View the insurance certificate (PDF)

Fees and interest rates

  • Annual Fee
    $0
  • Foreign currency conversion fee
    2.7%

Terms & Conditions

Card Features

No Longer Accepting Applications

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Conditions apply. All information is believed accurate but not guaranteed. Card details, rewards, and offers are subject to change at any time. Always verify the latest terms on the issuer’s website before applying. Milesopedia USA may receive compensation through affiliate links. This does not affect our editorial choices or card rankings. © 2026 American Express. All trademarks are property of their respective owners.