American Express Cash Magnet
By Alex Compton · Last verified
Amex's 1.5% flat card. Closed to new applicants since 2024.
Welcome Bonus
$200
≈$200 value
Spend Requirement
$2,000
in 6 months
Annual Fee
$0
2.7% FTF
Credit Score
670+
(Good)
Current offer note: Last public offer, $200. Closed to new applicants 9/25/24
Common Questions
Is the American Express Cash Magnet discontinued?
Yes. Last public offer, $200. Closed to new applicants 9/25/24. Amex's 1.5% flat card. Closed to new applicants since 2024.
What can I use instead of the American Express Cash Magnet?
The closest open alternatives we track are the Capital One Savor, Bilt Mastercard, Chase Freedom Unlimited. Each links to our full review with its current offer and complete breakdown.
Open Alternatives
The Cash Magnet is gone, but these cards do a similar job and are still accepting applications.
3% on dining, groceries, entertainment and streaming. No fee.
The only card that earns points on rent with no fee.
1.5x on everything, and a points multiplier when paired with a Sapphire.
Historical Offers Chart
Every public offer change we've tracked. Hover for details, timing your application is worth hundreds of dollars.
Apply now or wait?
Apply nowThis is the best public offer this card has ever had. In 3 tracked offers going back to 2019, nothing has beaten $200.
Current offer
$200
All-time high
$200
Typical offer
$200
In place since
January 2021
Last verified 2026-06-10 · spot an outdated offer? Tell us in the comments.
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Earning Rates
- 1.5xAll purchases
Credits
No statement credits, this card wins on earn rates, not coupons.
Benefits
- ✦Amex Offers
- ✦Purchase protection
- ✦Intro APR offers historically
Why it earns its spot
- +Simple unlimited 1.5% with no fee
- +Amex Offers add real value on a free card
Where it costs you
- −Closed to new applicants since September 2024
- −1.5% flat is below the 2% bar set by Citi Double Cash and others
The Compound Verdict
Amex quietly shelved this card in September 2024 and nothing of value was lost for new applicants. If you hold one it still works fine, but a 2% card beats it for every dollar of unbonused spend.
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