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New No-Fee American Express Card Offers Cash Back On Every Purchase

[Saturday, June 30th, 2018]

A new credit card from American Express offers 1.5 percent cash back on every purchase and has no annual fee.

The American Express Cash Magnet card has a number of features that are designed to give consumers maximum choice and control over the way they make purchases. The “Pay It Plan It” tool lets cardholders split large purchases into installments that they pay over time, with a fixed fee-per-month and no interest charges.

Using the Amex Mobile App, cardholders can also pay off smaller chunks of their balance as soon as they come up on their bill, thus lowering the statement total at the end of the billing cycle.

Often, no-fee credit cards don’t give the same high-value rewards that cards with annual fees do. However, the Cash Magnet card gives more than the standard 1 percent cash back on all purchases that many cards with modest or no fees offer.

Plus, the card is kicking off by offering $300 cash back to new customers. After spending $1,000 on purchases in the first three months of card membership, cardholders will get $150 cash back. If they spend an additional $6,500 on purchases in the first year of having the card, they’ll earn another $150 cash back. Cash back is given in the form of a statement credit.

Free shipping and other benefits

Other benefits include a complimentary ShopRunner membership, which gives customers free two-day shipping from stores such as Bloomingdales, Neiman Marcus, Ann Taylor and Brooks Brothers. The membership is valued at $79 a year. Cardholders will also have access to Amex Offers, which gives them rewards for shopping, travel and dining.

Kartik Mani, executive vice president of global consumer lending at American Express, said the Cash Magnet card “offers compelling, unlimited cash back on purchases, with the exceptional experience and backing of American Express.”

The Cash Magnet card also offers roadside assistance benefits, return protection—which will refund cardholders for eligible purchases—and zero liability for fraudulent use of the card. It also gives customers a 0% interest rate on purchases and balance transfers for 15 months.

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