American Express Cash Magnet® Card
vs. Wells Fargo Active Cash® Card

Both the American Express Cash Magnet Card and the Wells Fargo Active Cash Card offer enticing cash back rewards and no annual fees. However, the Wells Fargo Active Cash edges ahead with its unlimited 2% cash rewards on purchases, compared to the Cash Magnet's 1.5%. While the Amex Cash Magnet does offer a 0% intro APR for 15 months, which is a strong feature, the higher cash back rate of the Well's Fargo Active Cash card may provide more long-term value. Nevertheless, the Amex Cash Magnet's introductory APR offer and the flexibility of its rewards redemption can still make it a strong contender for those who value those features.

You might prefer the Amex Cash Magnet if you value the flexibility of a flat cash back rate on all purchases without categories to track. Its 1.5% unlimited cash back and the variety of American Express exclusive benefits, such as the Global Assist® Hotline and car rental loss and damage insurance, are beneficial if you travel frequently and prefer the American Express network.

You might prefer the Wells Fargo Active Cash if you're looking for a higher cash back rate on every purchase. With an unlimited 2% cash rewards on purchases and additional perks like cell phone protection, this card offers a straightforward rewards program. Plus, the Visa network's wide acceptance could make this card a more convenient option for everyday use.

Evaluating APRs, fees, credit requirements, rewards, introductory offers and other features will illuminate which card aligns with your financial landscape. For instance, if you prioritize a higher cash back rate, Wells Fargo Active Cash offers 2% compared to Cash Magnet's 1.5%. Use this section to match card benefits with your spending habits and financial goals.

The Wells Fargo Active Cash edges out the Cash Magnet with its 2% cash rewards on all purchases, compared to the Cash Magnet's 1.5%. This approach to earning makes the Wells Fargo Active Cash the better option for those who prefer a higher rewards rate across the board without category restrictions.

While the Amex Cash Magnet may not match the Well's Fargo Active Cash's rewards rate, its simplicity in offering unlimited 1.5% cash back on all purchases is still appealing for those who value American Express benefits and may prefer its customer service or other cardholder perks.

Please refer to the following table for a visual comparison of the bonus categories for each card.

The Amex Cash Magnet offers the flexibility to use cash back as statement credits, merchandise or gift cards, with the assurance that your rewards won't expire. On the other hand, the Wells Fargo Active Cash extends redemption to checks, direct deposits and even ATM withdrawals, in addition to the standard options, also without an expiration date as long as your account is active. Both cards provide straightforward redemption processes, but the Wells Fargo Active Cash offers a slightly broader range of options.

MoneyGeek evaluates credit cards like the Amex Cash Magnet and Wells Fargo Active Cash based on their performance in various use cases, such as cash back and balance transfers. For this comparison, each card's highest scoring use case is 'cash back'. The evaluation process considers factors such as the value of rewards and the benefits of introductory offers.

The largest factors in the cash back score are the effective reward rate, which carries the most weight, and the return on investment for offers. For a detailed understanding of our ranking process, you can review our ranking methodology.