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.
American Express Cash Magnet® Card
vs. Wells Fargo Active Cash® Card
Updated: November 17, 2024
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American Express Cash Magnet® Card
Wells Fargo Active Cash® Card
On Issuer's Site
On Issuer's Site
Which Card Is Better for You?
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.
Head-to-Head Comparison: Card Details and Features
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.
Regular APR: Amex Cash Magnet
The Amex Cash Magnet offers a slightly lower starting APR starting at 19.24%, compared to the Wells Fargo Active Cash's lower limit of 20.24%.
Annual Fee: Tie
Both the Amex Cash Magnet and the Wells Fargo Active Cash have no annual fee, making them equally attractive for users looking to avoid extra costs.
Introductory 0% APRs: Tie
The Amex Cash Magnet and Wells Fargo Active Cash offer a 0% introductory APR on purchases and balance transfers for 15 months, making them equally attractive for those looking to make a large purchase or transfer a balance. The balance transfer fee for both cards is effectively the same, at 3% of the transfer amount (minimum $5).
Rewards: Wells Fargo Active Cash
The Wells Fargo Active Cash offers better rewards, providing unlimited 2% cash rewards on purchases. Unlike the Amex Cash Magnet, which offers 1.5% cash back, Wells Fargo's rewards do not expire as long as the account remains open, and there are more options for redemption, including direct deposit and Wells Fargo ATM withdrawals.
Welcome Offers: Wells Fargo Active Cash
Wells Fargo Active Cash offers a better welcome bonus: a $200 cash rewards bonus after spending $500 in the first three months, compared to the Amex Cash Magnet's $150 statement credit for spending $1,000 in the same period.
Recommended Credit Score: Tie
Both cards require a credit score range of 670 to 850, indicating they are equally accessible to individuals with good to excellent credit.
Penalties and Fees: Wells Fargo Active Cash
The Wells Fargo Active Cash is better for penalties and fees. It lacks a penalty APR and has similar late and cash advance fees to the Amex Cash Magnet. Both cards charge up to $40 for late payments, but the Amex Cash Magnet has a 29.99% penalty APR and a slightly lower foreign transaction fee at 2.7%, compared to the Wells Fargo Active Cash's 3%.
Issuer Satisfaction: Amex Cash Magnet
American Express, the issuer of the Amex Cash Magnet, leads with a rating of 5.0, compared to Wells Fargo, the issuer of the Wells Fargo Active Cash, which has a rating of 4.0.
Other Features & Perks: Tie
Both cards offer unique perks that cater to different needs. The Amex Cash Magnet provides Plan It for flexible payments, travel assistance via the Global Assist Hotline, car rental insurance and exclusive Amex Offers. The Wells Fargo Active Cash offers benefits like Visa Signature Concierge and up to $600 in cell phone protection. Depending on your priorities, either card could enhance your spending experience.
Rewards Comparison
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.
Category | Amex Cash Magnet | Wells Fargo Active Cash |
|---|---|---|
All Other Purchases | 1.5% | 2% |
Redeeming Rewards
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.
Methodology
MoneyGeek analyzes 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.
FAQ: Amex Cash Magnet vs. Wells Fargo Active Cash
What are the cash back rates for the Amex Cash Magnet and the Wells Fargo Active Cash?
The Amex Cash Magnet offers 1.5% cash back, while the Active Cash Card provides 2% on purchases. There are other examples of the best cash back credit cards that you can investigate.
Do either of the cards have an annual fee?
No, both cards are among the best for no annual fee.
What are the introductory offers for these cards?
Both cards offer a $200 bonus, but terms differ between the Amex Cash Magnet and the Wells Fargo Active Cash.
Can I benefit from a 0% APR period with either card?
Yes, both cards are among the best for offering a 0% APR period for 15 months on purchases.
Are there any unique perks associated with these cards?
The Amex Cash Magnet features Plan It for purchases, while the Active Cash offers cell phone protection. Details on the Amex Cash Magnet and Wells Fargo Active Cash.
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.
*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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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.