Amex Cash Magnet
American Express
Welcome Offer
The link opens on the Platinum Card first. Use the Amex page to view currently eligible personal and business cards. Not every Amex product is necessarily included, and offers and eligibility may vary. The referrer may receive a reward if you are approved; this does not influence OpenCard's evaluation.
Full referral termsIs the Amex Cash Magnet right for you?
The Amex Cash Magnet is a no-annual-fee rewards card from American Express. It earns a flat 1.5x on purchases. With no fee, it only needs to beat the flat rate your current card already pays.
Who it's for
- ✓ Anyone who wants flat-rate rewards without paying an annual fee
- ✓ People who want one rate (1.5x) everywhere without tracking categories
First-year value estimate
Year two, without the welcome bonus: about $180 before credits ($180 in rewards minus the $0 fee).
Assumptions
- $12,000 a year of purchases at 1.5x, about $1,000 a month.
- Rewards valued at 1¢ per point or 1% cash back (cash-equivalent).
- Welcome bonus: the $200 bonus at face value ≈ $200.
- No annual fee in any year.
An illustration, not a promise of value. Change the spending to match yours; rewards are not cash until redeemed. Card data reviewed 2026-10-03.
How it compares
Rules and gotchas
- The welcome bonus requires $1,000 in 3 months — roughly $333 a month. That fits inside the $1,000 a month in our illustration.
Frequently asked questions
- Does the Amex Cash Magnet have an annual fee?
- No. Our record lists a $0 annual fee for the Amex Cash Magnet.
- What does the Amex Cash Magnet earn?
- A flat 1.5x on purchases.
- Is the Amex Cash Magnet worth it in the first year?
- Using our illustration ($12,000 of yearly spending), the first year comes out around $380 before credits, including a welcome bonus valued at $200. Year two drops to about $180 before credits.
- What credit do I need for the Amex Cash Magnet?
- Our record lists "Good" credit as the typical target for the Amex Cash Magnet. American Express makes the final decision based on its own criteria.
Earning Rates
Insurance
Sources
Last Updated: Oct 3, 2026