In a press release, American Express said the credit card is targeted at people who want to earn rewards on everyday purchases, with the cash giving users unlimited cash back of 1.5 percent. The new card also includes the Pay It Plan It feature that enables customers to have control and flexibility on how they pay for the things they purchase.
With Plan It, customers can split the cost of big-ticketed items over time with a fixed monthly fee and no interest. Customers can also pay off small purchase amounts as soon as they show up on the bill, which American Express said can lower their monthly statement balance. What’s more, all of it can be completed from the Amex Mobile App, American Express said in the press release.
“Our award-winning cash back products have always kept our customers’ needs front and center,” said Kartik Mani, Executive Vice President of Global Consumer Lending at American Express. “Today, we are excited to introduce the Cash Magnet Card, which offers compelling, unlimited cash back on purchases, with the exceptional experience and backing of American Express.”
Some of the detail of the new card included unlimited 1.5 percent cash back with no caps, no category requirements, no annual fee, and the Pay it Plan It feature. In addition, from Thursday (June 14) through July 18, new card members can earn up to $300 cash back by spending $1,000 on purchases in their first three months to gain $150, and earn an additional $150 after spending $6,500 on purchases within the first year of the card. American Express said the cash back will be received in the form of a statement credit, and that the card includes a complimentary ShopRunner membership and Amex Offers, which reward card members at the places they like to shop, dine and travel.