Amex Cash Magnet vs. Freedom Flex Credit Card Comparison

Name: American Express Cash Magnet® Card vs. Chase Freedom Flex® Card
Item: American Express Cash Magnet® Card vs. Chase Freedom Flex® Card
Author: Doug Milnes, CFA

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NOTE

As of Sept. 25, 2024, the American Express Cash Magnet® Card is no longer accepting applications, according to American Express. Existing cardholders can continue using their cards without any changes. American Express confirmed that current users will not be affected.

Both the American Express Cash Magnet® Card and the Chase Freedom Flex® Card offer enticing cash back rewards and no annual fees, appealing to those seeking value and simplicity. The Amex Cash Magnet edges ahead due to its slightly higher cash back score and the flexibility of its 0% introductory APR for 15 months.

However, the Freedom Flex is a strong contender with its cash bonus for new cardholders, making it a worthy option for those who can maximize its rotating rewards categories.

Neither card is co-branded, ensuring broad appeal for a range of consumers.

American Express Cash Magnet® Card

Chase Freedom Flex® Card

MoneyGeek Rating

3.8/ of 5

Rates & Fees

MoneyGeek Rating

3.6/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

REVIEW & APPLY

On Issuer's Site

Regular APR
18.99% – 29.99% variable
19.99%-28.74% variable
0% APR Offer
0% introductory APR for the first 15 months
0% intro APR for 15 months
Intro Offer
Earn $150 statement credit
Earn a $200 bonus
Rewards Summary
Earn 1.5% cash back
Earn 1% – 5% cash back
Balance Transfer Offer
0% introductory APR for the first 15 months
0% for 15 months on balance transfers
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater
3% of the amount of each transfer (minimum $5)
Annual Fee
$0
$0
Recommended Credit
670–850 (Good to Excellent)
670–850 (good to excellent)
Penalty APR
29.99%
Up to 29.99% variable
Not sure?
The Amex Cash Magnet and the Freedom Flex both offer appealing rewards without an annual fee. The Amex Cash Magnet provides a simple, flat-rate cash back on all purchases, which is ideal for those who prefer a straightforward rewards program. In contrast, the Freedom Flex card caters to those who can maximize cash back in rotating categories.
While both cards have similar introductory APR offers, the Amex Cash Magnet's higher regular APR post-introductory period could be a deciding factor for those who carry a balance. Ultimately, the best card for you depends on whether you value simplicity or the potential to earn more through category spending.

Which Card Is Better for You?

You might prefer the Amex Cash Magnet if you value simplicity in your rewards program. With a flat cash back rate on all purchases and no annual fee, it's a straightforward card that offers consistent value without the need to track rotating categories or spending limits. Cash back is received as Reward Dollars, which can be redeemed as a statement credit or at Amazon.com checkout.

You might prefer the Freedom Flex if you spend regularly in the card's higher earning categories and can take advantage of the rotating cash back offers. With no annual fee and the ability to earn higher rewards on travel, dining and drugstore purchases, it's a card that rewards strategic spending.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards and other features will help you determine which card aligns with your financial landscape. Gauge how each card's specifics fit your spending habits, like the Amex Cash Magnet's unlimited 1.5% cash back or the Freedom Flex's rotating 5% categories.

Regular APR: Amex Cash Magnet

The Amex Cash Magnet is better for those seeking potentially lower APRs, with a range starting at 19.24%, compared to the Freedom Flex's starting APR of 20.49% variable.

Annual Fee: Tie

Both the Amex Cash Magnet and the Freedom Flex have no annual fee, making them equally appealing to those looking to avoid extra costs.

Introductory 0% APRs: Tie

Both the Amex Cash Magnet and Freedom Flex offer a 0% introductory APR on purchases and balance transfers for 15 months, making them equally appealing for those looking to make a large purchase or transfer balances. Each card imposes a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.

Rewards: Freedom Flex

The Freedom Flex is better for rewards, offering 5% cash back on rotating categories and travel purchased through Chase, plus 3% on dining and drugstores. The Amex Cash Magnet provides unlimited 1.5% cash back on all purchases. Both cards offer flexible redemption options and rewards that don't expire.

Welcome Offers: Freedom Flex

The Freedom Flex offers a better welcome bonus: a $200 bonus for a lower spend requirement in the first three months compared to the Amex Cash Magnet's $150 statement credit.

Recommended Credit Score: Tie

Both the Amex Cash Magnet and the Freedom Flex require a credit score range of 670 to 850, indicating they are accessible to individuals with good to excellent credit. There is no difference between the two cards in terms of the credit score needed for approval, making this feature a tie.

Penalties and Fees: Amex Cash Magnet

When comparing penalties and fees, the Amex Cash Magnet Card is slightly better due to its lower foreign transaction fee of 2.7% than Freedom Flex's 3%. Both cards have similar late fees and penalty APRs, making the Amex Cash Magnet Card a marginally better choice for those concerned with foreign transaction costs.

Issuer Satisfaction: Amex Cash Magnet

The Amex Cash Magnet leads in issuer satisfaction, with a rating of 5.0 for American Express compared to Chase's 4.1.

Other Features & Perks: Tie

Both the Amex Cash Magnet and Freedom Flex offer unique perks. Amex Cash Magnet provides the Plan It feature, Global Assist Hotline, car rental loss and damage insurance and exclusive Amex Offers. Freedom Flex offers cell phone protection and Zero Liability Protection. Each card's perks cater to different spending habits and lifestyle preferences.

Rewards Comparison

The Freedom Flex stands out with its rotating categories offering 5% cash back, which can be highly rewarding for those who maximize these categories. The rotating categories need to be activated quarterly. Past categories have included gas stations, grocery stores and online shopping. These categories cap at $1,500 in combined purchases each quarter. Freedom Flex also offers 3% on dining and drugstore purchases and 1% on all other purchases.

The Amex Cash Magnet provides a flat 1.5% cash back on all purchases, making it a straightforward choice for those who prefer simplicity over managing rotating categories.

The table below outlines the bonus categories to help you compare each card's rewards program at a glance.

Category	Amex Cash Magnet	Freedom Flex
Rotating Categories	1.5%	5% for the first $1,500 quarterly/1% thereafter
Travel	1.5%	5% if purchased through Chase Travel/1% all other
Dining	1.5%	3%
Drugstores	1.5%	3%
All Other Purchases	1.5%	1%

Redeeming Rewards

The Amex Cash Magnet allows you to redeem rewards as statement credits, merchandise or gift cards. Your cash back rewards never expire.

The Freedom Flex offers diverse redemption options, including cash, gift cards and travel. Points also do not expire as long as your account is active.

Methodology

MoneyGeek provides in-depth reviews of credit cards like the Amex Cash Magnet and Freedom Flex for various use cases, with each card receiving scores for different scenarios. This comparison focuses on their highest-scoring use case: cash back. The evaluation considers factors such as the effective reward rate and the return on investment for offers, which significantly contribute to the overall score.

FAQ: Amex Cash Magnet vs. Freedom Flex

What are the sign-up bonuses for each card?

The Amex Cash Magnet offers a $200 statement credit, while the Freedom Flex provides a $200 bonus after spending $500 in the first three months.

How do the APRs compare between the two cards?

Amex Cash Magnet has a regular APR of 19.24% to 29.99%, while Freedom Flex has a range of 20.49% to 29.24% variable. Both offer a 0% introductory APR for 15 months.

Which card offers better cash back rewards?

Earning cash back varies for each card. Amex Cash Magnet provides unlimited 1.5% cash back on all purchases. Freedom Flex offers up to 5% on rotating categories.

Are there any annual fees for either card?

No, both cards have no annual fee.

What credit score is required for each card?

Both cards recommend a credit score of 670 to 850, which is considered good to excellent.

For rates and fees of the American Express Cash Magnet® Card, please click here.

All information about the American Express Cash Magnet Card has been collected independently by Moneygeek.com. The issuer did not provide the content, nor is it responsible for its accuracy. The American Express Cash Magnet Card is no longer available through Moneygeek.com.

All information about the Chase Freedom Flex has been collected independently by Moneygeek.com and has not been reviewed by the issuer.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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American Express Cash Magnet® Card
vs. Chase Freedom Flex® Card