American Express has brought a new Cash Magnet Card designed for customers who prefer earning rewards while conducting online transactions.

The new card carries no annual fee and offers unlimited 1.5% cash back on all purchases.

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The Cash Magnet Card also comes with Pay It Plan It tool to allow users greater control and flexibility over their purchases.

Besides rewarding them for purchases, the Cash Magnet Card provides  customers multiple options of payment.

It comes with Plan It feature that will allow the card members to divide the prices of big purchases, thereby enabling them to pay a fixed monthly fee over time with no interest.

The feature can also be used to pay smaller purchases when they appear on  bills to reduce their monthly liability.

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All these payments can be carried out through the Amex Mobile App.

Furthermore, the card offers various other benefits that are usually provided with American Express cards.

American Express Global Consumer Lending executive vice-president Kartik Mani said: “Our award-winning cash back products have always kept our customers’ needs front and centre.

“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.”