Comparison between American Express Blue Cash Everyday Card and American Express Cash Magnet Card in Detail
In the world of cash-back credit cards, two contenders stand out: the American Express Blue Cash Everyday Card and the American Express Cash Magnet Card. Both cards offer rewards on everyday purchases, but they differ in their rewards structures and earning potential.
American Express Blue Cash Everyday® Card
The Blue Cash Everyday Card is a powerhouse when it comes to earning cash-back on everyday purchase bonus categories. It offers 3% cash back at U.S. supermarkets, gas stations, and online retailers, up to a total of $6,000 in each category per year. For all other purchases, the card offers a flat 1% cash back. With no annual fee, this card is ideal for those spending heavily in those categories.
American Express Cash Magnet® Card
On the other hand, the American Express Cash Magnet card is a simple and straightforward option, providing a flat 1.5% cash-back on every purchase. This makes it an attractive choice for those who prefer simplicity in earning and redeeming rewards.
The biggest difference between the Amex Blue Cash Everyday card and the Amex Cash Magnet card lies in their earnings structure. Unless your spending is mostly on non-bonus categories, such as furniture purchases, you could earn more cash-back with the Blue Cash Everyday card. However, the Cash Magnet card holds its own when it comes to non-bonus category purchases by earning 1.5% cash-back on every purchase.
Comparing Earning Potential
Let's compare the earning potential of both cards in three spending scenarios:
- Spending Scenario #1: In this scenario, the Amex Blue Cash Everyday Card earned $340 in cash-back, while the Amex Cash Magnet Card earned $240.
- Spending Scenario #2: In this scenario, the Amex Blue Cash Everyday Card earned $270 in cash-back, while the Amex Cash Magnet Card earned $150.
- Spending Scenario #3: In this scenario, the Amex Blue Cash Everyday Card earned $150 in cash-back, while the Amex Cash Magnet Card earned $225.
Other Factors to Consider
When choosing a cash-back card, key factors to consider include the categories where you spend most, whether you prefer a flat-rate versus bonus categories, the presence of an annual fee, and any welcome offers or intro APR periods.
Both the Amex Blue Cash Everyday and the Amex Cash Magnet cards do not have annual fees. The Blue Cash Everyday Card, however, offers a welcome bonus of a $200 statement credit after spending $2,000 in purchases within the first 6 months.
In addition to cash-back rewards, both cards offer access to Amex Premium Car Rental Protection and Amex Offers. If you purchase an eligible item with either card, you may be able to receive a benefit of up to $1,000 per item, with a maximum of $50,000 per card. The cash-back earned from both cards can be redeemed for cash-back statement credits, gift cards, or merchandise.
In conclusion, if you want straightforward, broad cash back, the Amex Cash Magnet or Chase Freedom Unlimited offer simple flat-rate rewards. For stronger rewards on common everyday categories like groceries and gas, the Amex Blue Cash Everyday or Citi Custom Cash provide higher bonus rates. For maximized earnings in specific bonus categories, cards like Chase Freedom Flex with rotating categories can be very rewarding if you are able to activate categories quarterly.
- In the realm of cash-back credit cards, the American Express Blue Cash Everyday Card and the American Express Cash Magnet Card are notable contenders, offering rewards on everyday purchases.
- The American Express Blue Cash Everyday Card is a strong choice for individuals who spend heavily in categories like supermarkets, gas stations, and online retailers, providing 3% cash back, up to a certain limit.
- Conversely, the American Express Cash Magnet card offers a flat 1.5% cash-back on every purchase, making it an appealing option for those who prefer simplicity in earning and redeeming rewards.
- When comparing the earning potential of both cards, the Blue Cash Everyday card may offer more cash-back in scenarios where spending is concentrated in bonus categories, while the Cash Magnet card holds its ground when it comes to non-bonus category purchases.
- Other factors to consider when choosing a cash-back card include the categories where you spend most, whether you prefer a flat-rate versus bonus categories, the presence of an annual fee, and any welcome offers or intro APR periods.
- Both the Amex Blue Cash Everyday and the Amex Cash Magnet cards do not have annual fees but offer additional benefits like Amex Premium Car Rental Protection, Amex Offers, and the ability to redeem earned cash-back for statement credits, gift cards, or merchandise.
