Amex's no-fee 1.5% card — Amex purchase protections without the annual fee.
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Good–Excellent credit — 670+ FICO typical; Amex once-per-lifetime welcome bonus rule applies
ClearValue Rating: 4.2 / 5 — our editorial assessment (how we rate)
Editorial confidence (30%), cost (25%), value (25%), accessibility (20%) — scored consistently across every product, independent of compensation.
Existing Amex cardmembers or people who want Amex's purchase protection and customer service at no annual fee.
The American Express Cash Magnet Card has no annual fee. The intro APR is 0% for 15 months on purchases (verify whether balance transfers are included and the current regular APR at americanexpress.com). Ongoing, it earns 1.5% unlimited cash back on all purchases. Amex purchase protection and extended warranty are included — verify current benefit limits at the issuer. A welcome bonus is typically available; the Amex once-per-lifetime rule applies.
| Year 1 value | Ongoing value |
|---|---|
| Welcome bonus (verify at americanexpress.com) + 1.5% cash back + 15-month 0% intro APR on purchases | 1.5% unlimited; no annual fee; Amex purchase + return protections |
| Verify current welcome bonus and full benefits at americanexpress.com | |
American Express Cash Magnet® Card — Amex's no-fee 1.5% card — Amex purchase protections without the annual fee. Best for: Existing Amex cardmembers or people who want Amex's purchase protection and customer service at no annual fee.. Compare it against alternatives before applying; the right fit depends on your situation, credit, and goals.
As disclosed by American Express (verify current benefit terms at americanexpress.com), the Cash Magnet includes purchase protection against damage or theft for a limited time after purchase, return protection on eligible items, and extended warranty coverage on eligible items. These are among the strongest consumer protections available on a no-annual-fee card. Terms and coverage limits apply.
American Express generally allows product changes within the card family, but the Cash Magnet and the Amex Gold/Platinum are different product lines — a direct product change may not be available. Typically, you would apply for the Gold Card as a new product. Amex's once-per-lifetime welcome bonus rule means you can only earn a welcome bonus on a given card once — factor this in before applying for a new Amex card.
No. ClearValue Lending is not a bank, card issuer, lender, or financial advisor. The American Express Cash Magnet® Card is issued and operated by American Express National Bank. APRs, fees, and terms are determined solely by American Express and may change — verify current terms at americanexpress.com before applying.
Verify the current foreign transaction fee at americanexpress.com before using this card internationally. Additionally, American Express acceptance internationally is narrower than Visa or Mastercard — particularly in parts of Asia, Latin America, and smaller merchants in Europe. If you travel abroad frequently, carrying a Visa or Mastercard as a backup is advisable. Confirm all current fees and acceptance details at americanexpress.com.
How we rate
Every pick gets a 1–5 ClearValue Rating computed from four weighted factors: Editorial confidence (30%), Cost (25%), Value (25%), and Accessibility (20%).
Scored consistently across every product and independent of any compensation. Full methodology →
See all picks, methodology, and side-by-side comparison in Best No-Annual-Fee Credit Cards 2026.
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