American Express introduces new cashback credit card to appeal to millennials
AmEx created the card for customers who want perks that are easy to understand
American Express AXP, +1.56% once an exclusive credit-card company only available to the biggest spenders, is making its cards even easier to get.
On Thursday, the company released the American Express Cash Magnet card. It has no annual fee and pays unlimited 1.5% cashback. 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, said Liz Bergman, the vice president of proprietary lending product management at American Express.
“Cashback is one of the most popular categories out there,” she said. “This card is for people with busy, complicated lives, and we wanted a product that can simplify that complexity.”
Those customers aren’t necessarily millennials, she said, but it’s likely that many of them they are. Millennials have a “mindset” of wanting flexibility on how they can use rewards without jumping through hoops to redeem them, she said.
By MARIA LAMAGNA
Published: June 14, 2018 7:59 a.m. ET
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