American Express Cash Magnet® Card
vs. Chase Freedom Unlimited®

Both the American Express Cash Magnet® Card and the Chase Freedom Unlimited® offer enticing cash back rewards, no annual fees and introductory APR periods. However, the Freedom Unlimited is better with its higher cash back potential, especially in the first year, with an additional 1.5% back on all purchases up to $20,000. Despite this, the Amex Cash Magnet remains a strong contender with its $200 statement credit offer, which can be a quick win for new cardholders.

Both cards serve customers well, but Freedom Unlimited may be the way to go for those looking to maximize their cash back in the first year.

You might prefer the Amex Cash Magnet if you value simplicity in your rewards program. This card keeps it uncomplicated with a flat 1.5% cash back rate on all purchases and a straightforward $200 statement credit as an introductory offer. It's a solid choice if you prefer predictable rewards without having to keep track of bonus categories.

You might prefer the Freedom Unlimited if you regularly spend on travel, dining and drugstores. With its tiered rewards system, you can earn up to 6.5% cash back in these categories. The first-year additional cash back offer can be particularly lucrative if you plan on making significant purchases within the $20,000 limit.

Evaluating APRs, fees, credit requirements, rewards, introductory offers and other features will help determine which card aligns with your financial needs. For instance, if you spend heavily in specific categories, Freedom Unlimited's tiered rewards could be more lucrative. Conversely, the Amex Cash Magnet offers simplicity with a flat cash back rate on all purchases.

For rewards, the Freedom Unlimited card stands out with its tiered cash back rates. It offers up to 6.5% on travel through Chase Travel℠ and 4.5% on dining and drugstore purchases. After the first year or after spending $20,000, these rates adjust to 5% and 3% respectively. Users can earn 1.5% on all other purchases. The Freedom Unlimited card's higher reward rates in specific categories make it the superior choice for maximizing rewards.

The Amex Cash Magnet card maintains a straightforward approach, providing unlimited 1.5% cash back on all purchases. This simplicity can appeal to those who prefer a no-fuss rewards program without category tracking.

The table below shows the bonus categories to help you compare the rewards programs of both cards.

The Amex Cash Magnet allows you to redeem your cash back for statement credits, merchandise or gift cards. Users have the assurance that cash back never expires.

Similarly, the Freedom Unlimited provides various redemption choices, including cash back as a statement credit or direct deposit and using points on Amazon. Importantly, your cash back remains valid as long as your account is active.

MoneyGeek evaluates credit cards like the Amex Cash Magnet and Freedom Unlimited based on their performance in various use cases, such as cash back and balance transfers.

For this comparison, we focus on the cash back use case where each card scores highest. The most significant contributors to the cash back score are the effective reward rate and the offer's return on investment. To better understand our process, you can explore our ranking methodology.

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.