American Express no longer accepts applications for the Cash Magnet, so this take is for existing cardholders deciding whether to keep it. Its appeal was always simplicity: 1.5% unlimited cash back on all eligible purchases with no annual fee. That flat rate is still a reasonable baseline, and with no fee there is little cost to keeping the account open for your credit history. The tradeoff is there are no bonus categories and no other perks in the data to make it stand out. If you have it, keep it as a fee-free catch-all, but do not expect it to be your top earner.
Earn rates & credits
| Category | Rate |
|---|---|
Everything Else 1.5% unlimited cash back on all eligible purchases | 1.5% |
Approval odds
Product changes
Where cardholders came from before landing on this card, and what they moved it to afterwards. Thicker flows carry a larger share of the changes in that direction.
Cash MagnetBased on 1 reported product change. Percentages are shares of each direction, not of all cardholders, and a small sample can swing a long way.