[Confirmed, Now Live] American Express To Launch ‘Cash Magnet’ Credit Card (Chase Freedom Unlimited Competitor)

Card now live, more information here.

Update 05/09/18: This card will be called cash magnet.

American Express is rumored to be launching a competitor to the Chase Freedom Unlimited card. The card basics are as follows:

• 1.5% rewards dollars on all purchases with no cap
• No annual fee

I’ve filed this under rumor because we don’t have any official confirmation, but I’m 99% sure this will be happening. Overall this card isn’t super attractive, you’ve already got the American Express Blue Business Plus offering 2x points on all purchases, it does have a $50,000 spending cap and is a business card. Another option would be the AmEx Everyday Preferred card, this offers 1x on all purchases but you get a 50% boost (making it 1.5x on all purchases) if you make 30 purchases within a month. That card does come with an annual fee of $95. Also keep in mind this new card earns rewards dollars and not Membership Rewards points, there are plenty of cards that offer 2% cash back or more on all purchases with no caps.

It’ll be interesting to see what sign up bonus if any will come with the card. If I was making predictions I’d guess we’d see a bonus of $200 at card launch. Or maybe we will see something like double cash back first year? Personally I’d prefer American Express to launch a competitor to the Chase Freedom card with rotating 5% categories but I certainly won’t complain if this new card has a decent sign up bonus.