American Express Co. (NYSE: AXP) announced that it is launching a new cash-back card that offers users even greater flexibility. The card is expected to gain some traction among millennial spenders who simply want a way to earn cash back on their purchases.
American Express Cash Magnet Card is the latest addition to Amex’s portfolio of cards. Designed for people who enjoy earning rewards in a way that fits their busy lifestyle, the card offers unlimited 1.5% cash back on purchases from a cup of coffee to a new couch.
The card also features “Pay It Plan It”, a new payment tool that gives card members control and flexibility over how they pay for the things they buy. With the Cash Magnet card, card members will be rewarded on purchases, while having options for how they chose to pay.
With “Plan It”, card members can split up big purchases over time with a fixed monthly fee and no interest. And with “Pay It”, card members can pay off smaller purchase amounts as soon as they appear on their bill, thus lowering their monthly statement balance. All of this can be done simply in the Amex Mobile App.
Kartik Mani, Executive Vice President, Global Consumer Lending, American Express, commented:
Our award-winning cash back products have always kept our customers’ needs front and center. Today, we are excited to introduce the Cash Magnet Card, which offers compelling, unlimited cash back on purchases, with the exceptional experience and backing of American Express.
Shares of Amex were last seen at $99.96, with a consensus analyst price target of $109.22 and a 52-week range of $80.23 to $103.24.