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Blue Cash Everyday® Card From American Express
vs. American Express Cash Magnet® Card
Updated: November 17, 2024
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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.
The Blue Cash Everyday® Card from American Express and the American Express Cash Magnet® Card both offer appealing cash back rewards, no annual fees, and introductory APR offers. The Blue Cash Everyday edges ahead with higher cash back rates in categories like U.S. supermarkets, making it particularly valuable for everyday family spending. Cash back is received as Reward Dollars, which can be redeemed as a statement credit or at Amazon.com checkout.
But the Cash Magnet Card's simplicity with unlimited 1.5% cash back on all purchases shouldn't be overlooked, especially if you prefer a straightforward rewards structure. Cash back is received as Reward Dollars, which can be redeemed as a statement credit or at Amazon.com checkout.
Blue Cash Everyday® Card From American Express
American Express Cash Magnet® Card
On Issuer's Site
On Issuer's Site
Which Card Is Better for You?
You might prefer the Amex Cash Magnet if you appreciate simplicity in a rewards program. With a flat 1.5% cash back rate on all purchases and no annual fee, it's straightforward and predictable. The introductory APR offer and the recommended credit score of Good to Excellent make it accessible for many consumers.
You might prefer the Blue Cash Everyday if your spending is concentrated in categories like groceries, where the card may offer higher cash back rates. This card could provide more value if your budget aligns with its reward structure, and like the Cash Magnet Card, it also offers an introductory APR period and has no annual fee.
Head-to-Head Comparison: Card Details and Features
Evaluating features like APRs, fees, credit requirements, rewards and introductory offers will clarify which card is for you. For example, the Blue Cash Everyday offers 3% cash back at supermarkets, whereas the Amex Cash Magnet has a flat 1.5% cash back on all categories.
Regular APR: Tie
The Blue Cash Everyday has a slightly lower range of APR at 18.74% to 29.74%.
Annual Fee: Tie
Both the Blue Cash Everyday and the Amex Cash Magnet have no annual fee.
Introductory 0% APRs: Tie
The Blue Cash Everyday and the Amex Cash Magnet both offer the same introductory 0% APRs, offering a 0% rate for the first 15 months on both purchases and balance transfers, with a balance transfer fee of either $5 or 3% of the transfer amount, whichever is greater.
Rewards: Blue Cash Everyday
The Blue Cash Everyday offers higher cash back in categories like U.S. supermarkets and gas stations but has caps. But if you prefer simplicity, the Amex Cash Magnet provides a straightforward, unlimited 1.5% cash back across all spending.
Welcome Offers: Amex Cash Magnet
The Cash Magnet card is better for welcome offers, providing a $150 statement credit after spending $1,000 in the first three months, a greater return on investment than the $200 bonus from the Blue Cash Everyday for $2,000 within six months.
Recommended Credit Score: Tie
Both the Blue Cash Everyday and the Amex Cash Magnet are designed for people with good to excellent credit scores, typically ranging from 670 to 850. Either card is accessible to consumers with good credit histories.
Penalties and Fees: Tie
Given their common issuer, the Blue Cash Everyday and the Amex Cash Magnet Card likely share penalties and fees, including late fees up to $40, a penalty APR of 29.99%, cash advance fees of either $10 or 5% of the advance amount and a foreign transaction fee of 2.7%.
Issuer Satisfaction: Tie
Because both cards come from American Express, they have the same issuer satisfaction score of 5.0.
Other Features & Perks: Tie
Both cards offer unique perks. The Cash Magnet Card provides benefits like the Global Assist Hotline, car rental loss and damage insurance, and access to Amex Offers. The Blue Cash Everyday offers $7 statement credit per month after you spend $9.99 or more each month on an eligible subscription.
Rewards Comparison
The Cash Magnet card keeps it straightforward with an unlimited 1.5% cash back on all purchases, so you don’t need to worry about bonus categories. But the Blue Cash Everyday card offers tiered rewards, with 3% cash back at U.S. supermarkets (up to $6,000 per year, then 1%), 2% back at U.S. gas stations and select U.S. department stores, and 1% on other purchases. If your spending aligns with these categories, the Blue Cash Everyday card could be more lucrative.
The table below outlines the bonus categories for both cards, allowing you to visually compare them and make a decision.
Category | Blue Cash Everyday | Amex Cash Magnet |
|---|---|---|
U.S. Supermarkets | 3% for the first $6,000 annually/1% | 1.5% |
U.S. Gas Stations | 2% | 1.5% |
Select U.S. Department Stores | 2% | 1.5% |
All Other Purchases | 1% | 1.5% |
Redeeming Rewards
Both cards offer redemption for statement credits, which can directly offset your card balance. You can also opt for gift cards or merchandise, giving you a variety of choices. The Amex Cash Magnet stands out with its non-expiring cash back, ensuring you won't lose rewards over time. With the Blue Cash Everyday, you also have flexible redemption options, but review expiration policies to ensure you maximize benefits.
Methodology
MoneyGeek analyzes credit cards like the Blue Cash Everyday and the Amex Cash Magnet using a tailored scoring system for various use cases. This approach ensures that the score reflects the card's performance in the scenario where it provides the most value.
For cash back cards, the primary factors we consider are the effective reward rate and the return on investment for offers. These elements — along with annual fees, introductory purchase rates and issuer satisfaction — contribute to a card's overall score.
FAQ: Blue Cash Everyday vs. Cash Magnet Card
What are the cash back rewards for each card?
The Blue Cash Everyday is among the best cash back cards, with high cash back in categories like groceries, while the Cash Magnet provides unlimited 1.5% on all purchases.
Do either of the cards have an annual fee?
No, the Blue Cash Everyday and Amex Cash Magnet are cards with with no annual fee, making them cost-effective options.
What are the introductory APR offers for these cards?
The Blue Cash Everyday and the Amex Cash Magnet offer the same introductory 0% APRs, offering a 0% rate for the first 15 months on both purchases and balance transfers, with a balance transfer fee of either $5 or 3% of the transfer amount, whichever is greater.
How do the cards compare in terms of acceptance?
American Express cards are widely accepted, but not as universally as Visa or Mastercard.
Can the rewards on these cards be used for statement credits?
Yes, with the Blue Cash Everyday and Amex Cash Magnet, rewards can be redeemed for statement credits.
For rates and fees of the American Express Cash Magnet® Card, please click here.
For rates and fees of the Blue Cash Everyday® Card From American Express, please click here.
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.