American Express already offers a variety of cards to its members. Some of its most popular cards include Blue Cash Preferred Card and Blue Cash Everyday Card. Both these cards are competitive with other cash back cards offered by other credit card companies. But that’s not it. AmEx has launched a new cash back card last week called Cash Magnet Card. Considering the card is new, most of the people don’t know what it offers and what’s new about it. This article will give you a closer look into what this new card from AmEx has to offer.
Cash Magnet Card by American Express
Here are some features of cash magnet card.
- There’s a sign-up bonus of $150 once you have spent $1,000 or more shopping with your card during the first three months of your membership. You will be rewarded with another $150 after spending additional $6,500 during the first twelve months.
- There is no annual fee involved.
- There’s an unlimited 1.5% cash back policy on all the purchases you make using the card.
- The two part sign-up bonus that is worth $300 will be given to the cardholder in the form of a statement credit. Terms and conditions apply.
The 1.5% cash that the cardholders get is also returned in the form of Rewards Dollars. This is the same currency of rewards used by the Blue Cash Preferred Card and Blue Cash Everyday Card.
Other Benefits of AmEx Cash Magnet Card
One of the best features of American Express cash magnet card is that it charges 0% APR in the beginning on all your purchases together with 15 months balance transfer. After 15 months, a variable APR of 14.49% to 25.49% is charged. This benefit makes American Express cash magnet card a viable option for financing an expensive purchase over time.
People who are looking for easy to understand rewards structure together with a new card offer that provides more than just sign-up bonuses, then AmEx cash magnet card might be the best thing for you to get your hands on. For more details about the American Express rewards, you can visit Points Bank.
Insurance Perks and Extended Warranty
If you use your American Express cash magnet card for one year, then you can get an extension of one year on its warranty. Aside from this, cash magnet card also offers insurance perks. For instance, you get secondary coverage for car damage insurance.
Considering that cash magnet card does not charge you any annual fees, it is hard to say that the card is not a keeper. On the downside, AmEx cash magnet card has competitors in the market that are either offering 2% cash back on purchases, or more flexible ways of redeeming rewards. Cash magnet card will earn you Rewards Dollars, not Membership Rewards. You can combine those dollars with other cards that earn you Membership Rewards and then transfer them to AmEx’s travel partners. Thus, for many people, AmEx cash magnet card might not be the best option available.