Blue Cash Everyday vs. Amex Cash Magnet

Name: Blue Cash Everyday® Card From American Express vs. American Express Cash Magnet® Card
Item: Blue Cash Everyday® Card From American Express vs. American Express Cash Magnet® 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.

While both the Blue Cash Everyday and the Amex Cash Magnet offer enticing cash back rewards with similar introductory APR periods and no annual fees, the Blue Cash Everyday edges ahead with higher cash back rates for purchases at U.S. supermarkets, online retailers, and gas stations.

However, the Amex Cash Magnet’s uniform cash back rate on all purchases makes it a strong contender, especially for those who value simplicity in their rewards.

Neither card is a co-branded or store card, ensuring that rewards are not tied to specific retailers.

Blue Cash Everyday® Card From American Express

American Express Cash Magnet® Card

MoneyGeek Rating

3.7/ of 5

Rates & Fees

MoneyGeek Rating

3.8/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

REVIEW & APPLY

On Issuer's Site

Regular APR
18.49%-29.49% variable
18.99% – 29.99% variable
0% APR Offer
0% for 15 months on purchases
0% introductory APR for the first 15 months
Intro Offer
Earn $200 statement credit
Earn $150 statement credit
Rewards Summary
Earn 1%–3% cash back
Earn 1.5% cash back
Balance Transfer Offer
0% for 15 months on balance transfers
0% introductory APR for the first 15 months
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater
Either $5 or 3% of the amount of each transfer, whichever is greater
Annual Fee
$0
$0
Recommended Credit
670–850 (Good to Excellent)
670–850 (Good to Excellent)
Penalty APR
29.99% variable, can last over six months
29.99%
Not sure?
The Blue Cash Everyday is tailored for those who spend regularly on groceries, gas, and online shopping, offering 3% cash back in these categories. In contrast, the Amex Cash Magnet is ideal for simplicity, providing an unlimited 1.5% cash back on all purchases. Both cards have no annual fee and identical introductory APR offers, but the Blue Cash Everyday has the potential for greater rewards in its bonus categories, making it the better choice for targeted 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 1.5% cash back on all purchases and no annual fee, this card offers consistent savings without the need to track spending categories. It's a straightforward choice for those who prefer a no-fuss cash back experience.

You might prefer the Blue Cash Everyday if your spending aligns with its bonus categories. With higher cash back rates at U.S. supermarkets, online retailers, and gas stations, this card maximizes rewards for targeted spending. It's for those who frequently shop in these categories and can benefit from the card's tailored rewards structure.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards, and other features will illuminate which card aligns with your financial needs. For example, if maximizing cash back on groceries is a priority, Blue Cash Everyday may appeal to you, whereas Amex Cash Magnet offers consistent rewards across all purchases.

Regular APR: Blue Cash Everyday

The Blue Cash Everday features a slightly better APR range at 18.74% to 29.74% variable.

Annual Fee: Tie

Both the Blue Cash Everyday and the Amex Cash Magnet offer a $0 annual fee, making them equally appealing for those looking to avoid extra costs.

Introductory 0% APRs: Tie

Both the Blue Cash Everyday and the Amex Cash Magnet offer a 0% introductory APR for the first 15 months on purchases and balance transfers, with a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. This makes them equally appealing for those seeking a card with an introductory 0% APR offer.

Rewards: Blue Cash Everyday

The Blue Cash Everyday is better for rewards, offering 3% cash back in specific categories like U.S. supermarkets, online retail purchases, and gas stations, up to $6,000 per year, then 1%, compared to the Amex Cash Magnet's unlimited 1.5% cash back on all purchases.

Welcome Offers: Blue Cash Everyday

The Blue Cash Everyday offers a better welcome bonus, providing a $200 statement credit after spending $2,000 in the first six months, compared to the Amex Cash Magnet's $150 credit for $1,000 spent in three months.

Recommended Credit Score: Tie

Both the Blue Cash Everyday and the Amex Cash Magnet require a credit score range of 670–850, indicating they are accessible to individuals with Good to Excellent credit. There is no difference between the two cards in terms of the recommended credit score.

Penalties and Fees: Tie

Both the Blue Cash Everyday and the Amex Cash Magnet impose up to $40 for late payments, a penalty APR of 29.99%, a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is greater, and a foreign transaction fee of 2.7%. Given these similarities, there's no clear winner based on penalties and fees alone.

Issuer Satisfaction: Tie

Since both cards come from American Express National Bank, they have the same issuer satisfaction scores, making this feature a tie.

Other Features & Perks: Tie

Both the Blue Cash Everyday and Amex Cash Magnet offer unique perks. Blue Cash Everyday provides up to $15 back on Home Chef subscriptions and a $7 monthly credit for The Disney Bundle. Amex Cash Magnet features the Plan It option, travel assistance via Global Assist Hotline, car rental loss and damage insurance, and exclusive Amex Offers. Given the variety of benefits, the best card depends on your personal preferences and lifestyle needs.

Rewards Comparison

The Blue Cash Everyday card stands out for those who spend regularly on groceries, online shopping, and gas, offering 3% cash back in these categories. This targeted approach to rewards can yield significant returns for the right consumer. On the other hand, the Amex Cash Magnet card provides a consistent 1.5% cash back across all purchases, a straightforward rewards structure that may appeal to those who prefer simplicity and flexibility.

While the Blue Cash Everyday card offers higher cash back rates in specific categories, the Amex Cash Magnet card's flat-rate reward is competitive for non-category spending.

The table below outlines the bonus categories for each card to help you compare their rewards programs at a glance.

Category	Blue Cash Everyday	Amex Cash Magnet
U.S. supermarkets	3% for the first $6,000 annually/1% thereafter	1.5%
U.S. online retail purchases	3% for the first $6,000 annually/1% thereafter	1.5%
U.S. gas stations	3% for the first $6,000 annually/1% thereafter	1.5%
All other purchases	1%	1.5%

Redeeming Rewards

After accumulating rewards, the next step is redemption. The Blue Cash Everyday offers the flexibility to redeem cash back as a statement credit or directly at Amazon.com checkout, with no expiration or minimum redemption amount.

The Amex Cash Magnet allows you to redeem your cash back for statement credits, merchandise or gift cards, with no expiration or cap on earnings.

Both cards offer straightforward redemption without rotating categories to track.

Methodology

MoneyGeek evaluates credit cards like the Blue Cash Everyday and Amex Cash Magnet using a tailored scoring system for various use cases. In this comparison, both cards are assessed based on their performance in the 'Cash back' category. The largest factors influencing their scores include the cash back value of the rewards program and the return on investment for card offers.

FAQ: Blue Cash Everyday vs. Amex Cash Magnet

What are the cash back rewards for each card?

The Blue Cash Everyday offers up to 3% in specific categories, while the Amex Cash Magnet provides unlimited 1.5% on all purchases.

Do either of the cards have an annual fee?

No, both cards come with no annual fee.

What are the introductory APR offers for these cards?

Both cards have the same introductory APR offers at 0% for 15 months on purchases and balance transfers.

Which card is better for everyday spending?

The Amex Cash Magnet may be better for flat-rate rewards, while the Blue Cash Everyday benefits category-specific spending.

What credit score is needed for these cards?

A credit score of 670 to 850 is recommended for both cards.

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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Blue Cash Everyday® Card From American Express
vs. American Express Cash Magnet® Card