American Specific Money Magnet Card evaluation: Not fairly the cash-back king

Editor’s be aware: It is a recurring publish, commonly up to date with new info and provides.

American Specific Money Magnet® Card Overview

If simplicity is your factor, the American Specific Money Magnet® card is among the best playing cards to wrap your head round, with its flat 1.5% money again incomes fee on the whole lot bought. There aren’t any bonus classes to recollect or factors to determine how you can redeem. Nevertheless, there are higher choices for actually maximizing your spending. Card Score*: ⭐⭐⭐

*Card score relies 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 underneath 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’d like a one-card pockets the place you don’t need to suppose too arduous in regards to the card you’re utilizing, the Money Magnet could make quite a lot of sense. Nevertheless, this isn’t essentially the most profitable cash-back card, so it would pay to take a look at different choices.

It has no annual payment and a really useful credit score rating of 670.

Let’s take a more in-depth take a look at the Amex Money Magnet.

The knowledge 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 nasty welcome bonus for a card with no annual payment.

Apart from 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 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 purpose to keep away from carrying a stability and incurring curiosity costs.

Amex Money Magnet advantages

This card additionally comes with a wide range of advantages as a part of the American Specific card community. For no annual payment, cardholders are eligible for a stable variety of advantages, together with:

• Automotive 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 whole rental along with your card.
• World Help Hotline: Out there to help you in journey planning 24/7
• Amex Provides: Earn extra rewards on some purchases with focused Amex Provides

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 have to first be deemed eligible per your credit score historical past. You’ll handle your plan by way of the American Specific app should you qualify.

Associated: Finest 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 part. With this card, you’ll obtain 1.5% money again on each buy, with no restrict.

There aren’t any bonus classes to maintain monitor of or spending caps to recollect.

On the draw back, bonus classes supplied on different playing cards can assist you to earn far more money again than incomes the identical proportion on each buy.

This card is finest for these searching for an easy cash-back expertise, however you doubtless gained’t maximize your worth on each buy.

Redeeming money again with the Amex Money Magnet

Money Magnet cardholders are rewarded with money again referred to 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 stability.

Notice that you simply can’t earn or redeem Amex Membership Rewards factors with this card — a draw back should 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 stated for simplicity, there are higher money again choices on the market.

• If you’d like a greater incomes fee: 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 by way of one other qualifying Citi card. For extra info, learn our full evaluation of the Double Money.
• If you’d like bonus classes: The Chase Freedom Limitless® provides the identical 1.5% money again on purchases, plus 5% again on journey booked via the Final Rewards portal and three% on eating and drugstores. Cardholders can even convert their money again to Chase Final Rewards factors with the correct card pairing. For extra info, learn our full evaluation of the Freedom Limitless.
• For those who’re keen to pay an annual payment: Contemplate the Capital One Savor Money Rewards Credit score Card. With this card, you’ll earn 4% money again on eating, leisure and on in style streaming providers, 3% at grocery shops (excluding superstores like Walmart and Goal) and 1% on the whole lot else. If eating and leisure are your most-used classes, you could possibly simply make up for the $95 annual payment. For extra info, learn our full evaluation of the Capital One Savor.

For added choices, try our full checklist of one of the best cash-back playing cards.

The knowledge 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 based mostly on provide historical past

Is the Amex Money Magnet price 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 numerous 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 fee is disappointing in comparison with direct rivals.

You possibly can nonetheless get some substantial worth from this card, but when your purpose is just to land a no-annual-fee common cash-back card, you are able to do higher than the Amex Money Magnet.

Associated: Finest American Specific bank cards