American Categorical Money Magnet Card overview: Not fairly the cash-back king

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American Categorical Money Magnet® Card Overview

If simplicity is your factor, the American Categorical Money Magnet® card is likely one of the best playing cards to wrap your head round, with its flat 1.5% money again incomes charge on every little thing bought. There are not any bonus classes to recollect or factors to determine the way to redeem. Nevertheless, there are higher choices for really maximizing your spending. Card Score*: ⭐⭐⭐

*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 below 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 must suppose too exhausting concerning the card you’re utilizing, the Money Magnet could make loads of sense. Nevertheless, this isn’t essentially the most profitable cash-back card, so it’d pay to take a look at different choices.

It has no annual payment and a beneficial 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

Amex Money Magnet welcome provide

New Amex Money Magnet cardholders will obtain a $200 assertion credit score after spending $2,000 throughout the first six months of account opening. That’s not a foul welcome bonus for a card with no annual payment.

Moreover 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 really want to buy larger-ticket objects and want the time to pay the price off in full. In fact, those that use bank cards to earn rewards ought to at all times purpose 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 automotive once you decline the collision harm waiver on the counter and pay for the complete rental together with your card.
• International Help Hotline: Out there to help you in journey planning 24/7
• Amex Presents: Earn extra rewards on some purchases with focused Amex Presents

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 characteristic, you need to first be deemed eligible per your credit score historical past. You’ll handle your plan through the American Categorical app in case you qualify.

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Incomes money again with the Amex Money Magnet

The Money Magnet’s most notable characteristic 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 monitor of or spending caps to recollect.

On the draw back, bonus classes provided on different playing cards can help you earn far more money again than incomes the identical share on each buy.

This card is finest for these on the lookout for a simple cash-back expertise, however you probably 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 present playing cards.

Reward {Dollars} can be utilized towards your paying your bank card steadiness.

Notice that you just can’t earn or redeem Amex Membership Rewards factors with this card — a draw back in case you’re seeking 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 charge: The Citi Double Money® Card (see charges and charges) takes middle stage with a whopping 2% money again on all purchases (1% once you make purchases, 1% when as you pay your invoice). Cardholders can even convert the money again they earn to ThankYou Factors through one other qualifying Citi card. For extra data, learn our full overview of the Double Money.
• If you need bonus classes: The Chase Freedom Limitless® affords the identical 1.5% money again on purchases, plus 5% again on journey booked by the Final Rewards portal and three% on eating and drugstores. Cardholders can even convert their money again to Chase Final Rewards factors with the best card pairing. For extra data, learn our full overview of the Freedom Limitless.
• When you’re prepared to pay an annual payment: Think about the Capital One Savor Money Rewards Credit score Card. With this card, you’ll earn 4% money again on eating, leisure and on common streaming companies, 3% at grocery shops (excluding superstores like Walmart and Goal) and 1% on every little thing else. If eating and leisure are your most-used classes, you would simply make up for the $95 annual payment. For extra data, learn our full overview of the Capital One Savor.

For extra choices, take a look at our full checklist of one of the best 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 perfect time to use for these Chase playing cards primarily based on provide historical past

Is the Amex Money Magnet value it?

The Amex Money Magnet is an honest possibility 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 make sure to analysis your choices earlier than deciding on a cash-back card.

Backside line

Whereas the Amex Money Magnet’s simplicity is good for some, its incomes charge is disappointing in comparison with direct opponents.

You’ll be able to nonetheless get some substantial worth from this card, but when your objective is solely to land a no-annual-fee normal cash-back card, you are able to do higher than the Amex Money Magnet.

Associated: Greatest American Categorical bank cards