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American Categorical Money Magnet® Card Overview
If simplicity is your factor, the American Categorical Money Magnet® card is among the best playing cards to wrap your head round, with its flat 1.5% money again incomes fee on all the things bought. There are not any bonus classes to recollect or factors to determine the right way to redeem. Nevertheless, there are higher choices for really maximizing your spending. Card Ranking*: ⭐⭐⭐
*Card score is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
It’s nice when bank card rewards come simply. Spend cash on something beneath the solar and see the bonuses roll in. That’s the case for a lot of cash-back playing cards, together with the Amex Money Magnet. If you need a one-card pockets the place you don’t should suppose too arduous in regards to the card you’re utilizing, the Money Magnet could make numerous sense. Nevertheless, this isn’t essentially the most profitable cash-back card, so it’d pay to have a look at different choices.
It has no annual payment and a advisable credit score rating of 670.
Let’s take a more in-depth have a look at the Amex Money Magnet.
The data for the Amex Money Magnet Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
Amex Money Magnet professionals and cons
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Amex Money Magnet welcome provide
New Amex Money Magnet cardholders will obtain a $200 assertion credit score after spending $2,000 inside the first six months of account opening. That’s not a foul welcome bonus for a card with no annual payment.
In addition to the assertion credit score, the Amex Magnet additionally has a 0% introductory APR that lasts for the primary 15 months. That’s useful if you actually need to buy larger-ticket gadgets and wish the time to pay the fee off in full. In fact, those that use bank cards to earn rewards ought to at all times goal to keep away from carrying a steadiness and incurring curiosity costs.
Amex Money Magnet advantages
This card additionally comes with quite a lot of advantages as a part of the American Categorical card community. For no annual payment, cardholders are eligible for a stable variety of advantages, together with:
- Automobile rental loss and harm insurance coverage: You’ll obtain secondary protection for a rental automobile if you decline the collision harm waiver on the counter and pay for the whole rental together with your card.
- International Help Hotline: Accessible to help you in journey planning 24/7
- Amex Gives: Earn extra rewards on some purchases with focused Amex Gives
Moreover, as an Amex cardholder, you’re eligible for the Plan It® program, which lets you repay purchases of $100 or extra in month-to-month installments. To make use of this function, you need to first be deemed eligible per your credit score historical past. You’ll handle your plan by way of the American Categorical app in the event you qualify.
Associated: Greatest bank cards with buy safety
Incomes money again with the Amex Money Magnet
The Money Magnet’s most notable function is its limitless cash-back element. With this card, you’ll obtain 1.5% money again on each buy, with no restrict.
There are not any bonus classes to maintain observe of or spending caps to recollect.
On the draw back, bonus classes provided on different playing cards can permit you to earn far more money again than incomes the identical proportion on each buy.
This card is greatest for these searching for a simple cash-back expertise, however you possible gained’t maximize your worth on each buy.
Redeeming money again with the Amex Money Magnet
Money Magnet cardholders are rewarded with money again known as “Reward {Dollars}” that can be utilized towards assertion credit score, merchandise and reward playing cards.
Reward {Dollars} can be utilized towards your paying your bank card steadiness.
Be aware that you simply can’t earn or redeem Amex Membership Rewards factors with this card — a draw back in the event you’re trying to redeem your rewards for journey like TPG editor Emily Thompson.
Which playing cards compete with the Amex Money Magnet?
Whereas there’s something to be mentioned for simplicity, there are higher money again choices on the market.
- If you need a greater incomes fee: The Citi Double Money® Card (see charges and costs) takes heart stage with a whopping 2% money again on all purchases (1% if you make purchases, 1% when as you pay your invoice). Cardholders can even convert the money again they earn to ThankYou Factors by way of one other qualifying Citi card. For extra info, learn our full assessment of the Double Money.
- If you need bonus classes: The Chase Freedom Limitless® gives the identical 1.5% money again on purchases, plus 5% again on journey booked by way of the Final Rewards portal and three% on eating and drugstores. Cardholders can even convert their money again to Chase Final Rewards factors with the proper card pairing. For extra info, learn our full assessment of the Freedom Limitless.
- In case you’re prepared to pay an annual payment: Take into account the Capital One Savor Money Rewards Credit score Card. With this card, you’ll earn 4% money again on eating, leisure and on widespread streaming providers, 3% at grocery shops (excluding superstores like Walmart and Goal) and 1% on all the things else. If eating and leisure are your most-used classes, you would simply make up for the $95 annual payment. For extra info, learn our full assessment of the Capital One Savor.
For extra choices, try our full listing of the most effective cash-back playing cards.
The data for the Capital One Savor card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
Associated: The very best time to use for these Chase playing cards primarily based on provide historical past
Is the Amex Money Magnet price it?
The Amex Money Magnet is a good choice if you wish to earn money again on purchases you’d be making anyway. Nevertheless, there are lots of higher choices on the market for a cash-back bank card, so be sure you analysis your choices earlier than deciding on a cash-back card.
Backside line
Whereas the Amex Money Magnet’s simplicity is sweet for some, its incomes fee is disappointing in comparison with direct opponents.
You possibly can nonetheless get some substantial worth from this card, but when your aim is solely to land a no-annual-fee basic cash-back card, you are able to do higher than the Amex Money Magnet.
Associated: Greatest American Categorical bank cards