Cash Magnet

American Express has stopped accepting new applications for the Cash Magnet, so this is really a card for people who already hold one. What it does, it does simply: 1.5% unlimited cash back on all eligible purchases, no annual fee, and no categories to track or activate. That flat rate was never class-leading, and there are no bonus categories, statement credits, or intro APR offer in the mix to make up the difference. If it is already in your wallet, it is a reasonable no-fee backup for spending that does not fit anywhere else, and closing it would shorten your credit history for no real gain. If you are shopping for a new card, you will have to look elsewhere, because this one is closed.