AmEx Cash Magnet, EveryDay Credit Cards Closed to New Applicants
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Three American Express rewards credit cards are off the market. As of Sept. 25, 2024, the American Express Cash Magnet® Card, the Amex EveryDay® Credit Card and the Amex EveryDay® Preferred Credit Card are no longer accepting applications, according to American Express.
Existing cardholders can continue using their cards and will not be affected, American Express said. Here’s what the now-unavailable cards offered, along with alternative options for those who might have been interested in them.
American Express Cash Magnet® Card
When the American Express Cash Magnet® Card hit the market in 2018, it was one of several credit cards offering a flat 1.5% cash back on all eligible purchases, which at the time was an industry standard. (Terms apply.) Others offering nearly identical products included Chase, Capital One, Wells Fargo and Barclays. These days, though, a growing number of cards are paying better flat-rate rewards.
For instance, the $0-annual-fee Wells Fargo Active Cash® Card earns an unlimited 2% cash back on all eligible purchases. The Citi Double Cash® Card also earns 2% cash back on purchases: 1% back for every dollar spent and 1% back for every dollar paid off. It charges an annual fee of $0.
Amex EveryDay® Credit Card
The Amex EveryDay® Credit Card isn't a rewards-earning powerhouse, but it's the only $0-annual-fee consumer card that earns valuable, travel-friendly American Express Membership Rewards points: 2 points per $1 spent at U.S. supermarkets on up to $6,000 per year in purchases; 2 points per $1 spent on eligible travel purchases booked through American Express Travel; and 1 point per $1 spent on all other purchases. Holders also receive a 20% points bonus for each billing period in which they use the card at least 20 times. Terms apply.
Several other American Express consumer cards earn Membership Rewards, but they tend to charge annual fees in the triple digits. The American Express® Gold Card, for example, has a $325 annual fee. Terms apply; see rates and fees.
If you're a small-business owner, though, you may have a less expensive option in The Blue Business® Plus Credit Card from American Express, which has a $0 annual fee and earns 2 Membership Rewards points on the first $50,000 in purchases per year, then 1 point per dollar thereafter. Terms apply; see rates and fees.
And if you're OK with earning cash back instead of points, you could consider the Blue Cash Everyday® Card from American Express. The annual fee is $0, and it earns 3% cash back at U.S. supermarkets, at U.S. gas stations and on U.S. online retail purchases (on up to $6,000 per year in spending in each category), and 1% back on other purchases.* Terms apply; see rates and fees.
The Amex EveryDay® Credit Card was also once a top balance transfer card, one of the few on the market that featured the rare "triple-zero" combo: a $0 annual fee, a 0% intro APR and a $0 balance transfer fee. The card's terms changed, however, in 2020.
The Amex EveryDay® Preferred Credit Card
Like its $0-annual-fee cousin, the $95-a-year Amex EveryDay® Preferred Credit Card earns Membership Rewards points: 3 points per $1 spent at U.S. supermarkets on up to $6,000 per year in purchases; 2 points per $1 spent at U.S. gas stations; 2 points per $1 spent on eligible travel purchases booked through American Express Travel; and 1 point per $1 spent on other eligible purchases. Terms apply.
As an alternative, consider the Chase Sapphire Preferred® Card, which rewards holders for travel and everyday spending. You'll get 5 points per $1 spent on all travel purchased through Chase; 3 points per dollar on online grocery purchases; 3 points per dollar on dining; 3 points per dollar on streaming services; 2 points per dollar on travel not purchased through Chase; and 1 point per dollar on all other purchases. It, too, charges an annual fee of $95.
To view rates and fees of the American Express® Gold Card, see this page. To view rates and fees of The Blue Business® Plus Credit Card from American Express, see this page. To view rates and fees of the Blue Cash Everyday® Card from American Express, see this page.
All information about the American Express Cash Magnet® Card has been collected independently by NerdWallet. The American Express Cash Magnet® Card is no longer available through NerdWallet.
All information about the Amex EveryDay® Credit Card has been collected independently by NerdWallet. The Amex EveryDay® Credit Card is no longer available through NerdWallet.
All information about The Amex EveryDay® Preferred Credit Card from American Express has been collected independently by NerdWallet. The Amex EveryDay® Preferred Credit Card from American Express is no longer available through NerdWallet.
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