NEW YORK—American Express, which was launched as a premium card aimed at higher-income consumers, continues to expand into the broader market.
The company has released the American Express Cash Magnet card. It has no annual fee and pays unlimited 1.5% cashback, MarketWatch reported.
There is no cap on the amount of cashback cardholders can earn. And cardholders earn the cash on all types of purchases, not just ones in certain categories like groceries or restaurant meals.
“AmEx created the Magnet card partly in response to customer demand for cards with perks that are easy to understand,” MarketWatch said.