American Express Launches New, No Annual Fee Cash Magnet Card

American Express Launches New, No Annual Fee Cash Magnet Card

American Express Launches New, No Annual Fee Cash Magnet Card

The FINANCIAL -- NEW YORK, June 14, 2018 -- American Express today announced the newest addition to its cash back portfolio — the no annual fee American Express Cash Magnet Card. Designed for people who enjoy earning rewards in a way that fits their busy lifestyle, the Card offers unlimited 1.5% cash back on purchases from a cup of coffee to a new couch.

The Cash Magnet Card also features Pay It Plan It, an innovative payment tool that gives Card Members control and flexibility over how they pay for the things they buy. With the Cash Magnet Card, Card Members will be rewarded on purchases, while having options for how they chose to pay. With Plan It™, Card Members can split up big purchases over time with a fixed monthly fee and no interest. With Pay It™, Card Members can pay off smaller purchase amounts as soon as they appear on their bill, thus lowering their monthly statement balance. All of this can be done simply in the Amex Mobile App.

“Our award-winning cash back products have always kept our customers’ needs front and center,” said Kartik Mani, Executive Vice President, Global Consumer Lending, American Express. “We are excited to introduce the Cash Magnet Card, which offers compelling, unlimited cash back on purchases, with the exceptional experience and backing of American Express.”

The American Express Cash Magnet Card Offers:

Unlimited 1.5% Cash Back — no caps, no categories

No annual fee (rates and fees)

Pay It Plan It, an innovative payment feature from American Express that gives Card Members control over how they pay for the things they buy

Special launch offer: Today through July 18, new Card Members will have the opportunity to earn up to $300 Cash Back. New Card Members can earn $150 back after they spend $1,000 on purchases in their first 3 months of Card Membership. Plus, earn an additional $150 back after spending an additional $6,500 on purchases within the first 12 months of Card Membership. Cash back will be received in the form of a statement credit.

The Card also features many of the benefits and services that Card Members have come to expect from American Express, including a complimentary ShopRunner membership and Amex Offers, which rewards Card Members at places they like to shop, travel and dine.