The new product has no annual fee and pays unlimited 1.5% cashback. There is no cap on the amount of cashback cardholders can earn.
AmEx created the Magnet card partly in response to customer demand for cards with perks that are easy to understand, according to the officials from the company.
A cashback reward is an alternative to the many perks that come with other cards. Some cards, for example, allow users to accumulate and then spend points, but the points can only be used for certain types of purchases. With the Cash Magnet card, consumers can only use their cashback as a credit on their monthly bill. Some cards, such as Chase’s Sapphire Preferred, allow cardholders to deposit the cash into their checking account.
In addition, the AmEx Cash Magnet card will offer a sign-up bonus during its launch. Until July 18, 2018, new cardholders can earn up to USD 300 in additional cashback. They will earn a USD 150 bonus if they spend USD 1,000 on the card within the first three months. They can earn an additional USD 150 if they make an additional USD 6,500 in purchases on the card within the first 12 months.
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