American Express is no longer accepting applications for the Cash Magnet, so this is a card to understand rather than one to go get. The pitch was as simple as flat-rate cash back gets: 1.5% unlimited on all eligible purchases, no annual fee, and no categories to activate or track. If you already hold one it remains a fine home for spending that does not fit a bonus category, though 1.5% is no longer a standout rate. There are no ongoing credits or protections attached beyond that flat rate, so its main value now is the account age it carries. Before you consider closing it, check whether Amex will let you move the line to a card still open to new applicants.
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.