The American Express Cash Magnet is a relatively new relative of the company's existing credit-card family of products. But like its older siblings, it has an easy, fixed rate card: You earn 1.5 percent back on all purchases you make. There is no annual fee, and the product carries a very reasonable price tag. So the question then becomes, what makes this a good product? How does it compare to its siblings?
American Express's Cash Magnet features an intro period of 15 months, which is more than most cards of this type offer. During this introductory period, you can basically go crazy. You can spend more money and you will get more perks. American Express offers free gifts like a leather briefcase and duffel bag with your first purchase, and a day at a local spa included in your free annual fee.
This card is not without its quirks, however. You cannot enjoy any cash-back benefits for the first 15 months of your card's life. If you want to benefit from that benefit, you need to pay off your balance before this period is over. Also, this card is not affiliated with any major credit card provider, so you cannot count on it to provide you with any valuable customer support. It also doesn't offer a grace period when it comes to paying your balance, so you should expect to see rates and fees immediately.
American Express is known for its great customer service, and this is apparent in their website. They offer online help guides, FAQs, and even a Frequently Asked Questions section. These resources should be accessible to anyone who needs them, and they are available for free. Unlike many other cards, American Express does not place a limit on the amount of cash-backs that you can earn, so you can get as many or as few cash-backs as you like.
The cash back card offers from American Express customers a choice between two different reward programs. The American Express Blue Cash Preferred Card and the Blue Cash High Rewards Plus Card are both good for making purchases at restaurants, department stores, gas stations, and airline companies. The rewards offered by this card do not expire, so you can use them regularly. The rewards category that the American Express Blue Cash Preferred Card offers includes rebates on dining plans, travel, services, and tickets, and cash back when you make purchases at office buildings, drug stores, and supermarkets.
The American Express Cash Magnet is different from the American Express Blue Cash Preferred Card and the American Express Green Card because it has a single zero percent introductory rate for twelve months after you receive your card. This means that once your introductory period is over, your interest rate will be higher than it would be under the standard terms apply to all other cards. Even with this higher interest rate, the card is still a very good deal since you can accumulate a significant amount of cash back. If you use your card regularly, you can actually pay off your balance in a shorter period of time. However, remember that the longer you use your card, the more you will have to pay interest, so if you do not have to repay your balance for a while, you may want to find another introductory offer before using your cash card to pay off your balance.
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