As you begin your search for the best cash credit card that will give you more, you may want to check out the American Express Magnet card or the Discover It card (American Express Magnet Card vs. Discover It). Not sure which one to choose? We’ve broken down exactly what each card offers and the type of spending power you’ll have with each, so you can pick the best credit card for your spending needs.
Quick Hit Summary (for those who hate reading)
American Express Magnet Card vs. Discover It Bonus Winner: American Express Magnet
American Express Magnet Card vs. Discover it Cash Back Winner: Discover IT
Annual Fee Winner: Tie (both come with $0 annual fee)
APR 0% Offer Winner: American Express
American Express Magnet Card vs. Discover It Overall Winner: American Express Magnet Card
American Express Magnet Card
If you are looking for a credit card that truly gives you more, you’ll find the American Express Magnet card is the one for you. This card offers you a variety of ways to earn cash back on all your purchases. Spend $1000 in the first three months of owning the card, and you’ll receive $150 cash back just for using the card as you normally would.
Earn another $100 cash back when you spend $6500 in purchases in the first 12 months of owning the card. This is a great offer for those big purchases you intend to make. Cash back rewards are paid back to you through a statement credit.
After the introductory period, you’ll still continue to earn with the American Express Magnet card. Every purchase you make will give you 1.5 percent back. These Reward Dollars are redeemable as a statement credit, or you can trade them for gift cards, travel, or other merchandise and service offers from American Express.
The American Express Magnet card has no annual fee and features zero percent APR on your purchases and balance transfers for the first 15 months of signing up with the card. APR moves to 14.74 to 25.74 percent following the introductory period, depending on credit rating.
Other features of the American Express Magnet card include a Roadside Assistance Hotline, so you’ll never have to worry about being stranded with a broken-down vehicle on the side of the road. The card also provides car rental loss and damage insurance as well as travel accident insurance. The card’s Global Assist Hotline will provide you help no matter where you are located in the world.
You’ll also be able to buy with confidence with the American Express Magnet card. It includes purchase protection, an extended warranty, return protection, and dispute resolution. Entertainment access is also offered with the card.
Discover It Card
For even more cash back options, you’ll want to check out the Discover It card. This credit card offers 5 percent cash back at a variety of locations you already shop. Use the card at gas stations, grocery stores, restaurants, Amazon.com, or any wholesale club, and you’ll rack up the cash back rewards.
All other purchases made with the Discover It card will provide you with 1 percent cash back rewards. This is in addition to the cash back mash that Discover offers on your first year of purchases.
Redeeming cash back rewards with the Discover It card is simple as they never expire and can be used in a variety of ways. You can use your rewards towards cash back on your statement as they can be redeemed at any time in any amount.
There are also plenty of nice add-on features with the Discover It card. You’ll have free monitoring of your social security number in case of a threat or fraud. Notifications are sent directly your phone, making it easy to stay on top of your personal information. Additional security is provided with the credit protection, which monitors if something suspicious shows up on your credit report.
The Discover It card gives you the ability to freeze your account at any time to prevent future purchases. You’ll also benefit from the $0 Fraud Protection option. With this feature, you’ll never be responsible for unauthorized purchases on your credit card.
The Discover It card has no annual fee and has eliminated the overage fee. Your first late payment is waived, and your APR will never increase. There is also no foreign transaction fee, so you can use this card no matter where your travels take you.
There is a zero percent APR for 14 months on all purchases and balance transfers. APR after the introductory period is 13.74 to 24.74 percent. There is also a 3 percent fee for balance transfers after 14 months.
Other enhancements from the Discover It card include free credit card reporting of your FICO score, U.S. based customer service, and the ability to make a payment on your card until midnight the day it is due without penalty.
Choosing between the American Express Magnet card and Discover It card doesn’t have to be difficult as they both offer plenty of cool features that you can easily take advantage of.
American Express Magnet Card vs. Discover it VERDICT
Choose the American Express Magnet card if you are looking for a strong cash back program that will help you earn as soon as you open your account.
The Discover It card is ideal for those that want some additional security options with having to pay for them. The choice is yours!