Cash back · American Express · No annual fee
Last verified 2026-09-09. Review issuer source
American Express Cash Magnet is a no-annual-fee cash back card from American Express. It earns 1.5% on every purchase with no categories to track.
On our reference budget of $24,600 a year it returns about $369, an effective 1.5% back. The welcome bonus, $200 after $2,000 in 6 months, is the strongest reason to open it in a given year.
It is a fine only card. It loses to category cards for people who spend heavily on one thing, and even then it belongs in the wallet for everything else. It charges 2.7% on foreign purchases, so leave it home when you travel abroad.
Earn $200 Back after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $200 back in the form of a statement credit.
Getting into your Rental Vehicle can be the start of a great vacation. When you use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver at the rental Company counter, you can be covered for Damage to or Theft of a Rental Vehicle in a Covered Territory. Please read important exclusions and restrictions. Not all vehicle types or rentals are covered. Coverage is not available for vehicles rented in Australia, Italy, and New Zealand. This product provides secondary coverage and does not include liability coverage.
Whenever you travel more than 100 miles from home, Global Assist Hotline is available for 24/7 medical, legal, financial and other select emergency assistance and coordination services, such as medical and legal referrals, emergency cash wires, and missing luggage assistance. Card Members are responsible for the costs charged by third-party service providers. Other terms and conditions apply.
Benefit descriptions are the issuer’s and network’s own wording, trimmed for length. Limits and exclusions are in the guide to benefits.
| Card | Annual fee | Rewards earned | Net after fee | Rank |
|---|---|---|---|---|
| Cash Magnet®This card · 1.5% on everything | None | $369 | +$369 | 467th of 1,291 |
| American Express® GoldAmerican Express's most-held other card · 4x on dining | $325 | $594 | +$269 | 547th of 1,291 |
| Savor RewardsThe strongest no-fee card on this budget · 3% on dining | None | $642 | +$642 | 4th of 1,291 |
| Robinhood Gold CardHighest net return on this budget · 3% on everything | $50 | $798 | +$748 | 1st of 1,291 |
Reference budget: groceries $6,000, dining and restaurants $3,600, gas and ev charging $2,400, travel and transit $3,000, online shopping $2,400, entertainment and streaming $1,200, everything else $6,000. Points are valued at 1¢ unless the program is worth less; statement credits, welcome bonuses, and perks are left out. Run it with your own spending.
