American Express Cash Magnet Review
If you're wondering whether American Express Cash Magnet is the right card for you, read on. This is everything you need to know to make a good choice.
1.5 points for every dollar spent on everyday purchases. Terms and conditions apply.
This is higher than the average reward rate
(1 point per dollar spent) for everyday purchases.
- 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers
for up to 15 months, which is longer than the average 0% APR period of 12 months.
- 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 15 months.
- Signup bonus. Offers a signup bonus of $175 if you spend $1000.
- Competitive APRs. American Express Cash Magnet has a
that ranges from
up to 25.74%.
- No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
- 3% Balance transfer fee. American Express Cash Magnet charges a fee of up to 3% on balance transfers. For example, a balance of $1,000 could cost up to $30 in transfer fees.
The minimum fee is $5.
- Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 2.7% every time you make a transaction outside the U.S.
- Multiple credit card benefits. Includes generous credit card perks, such as
purchase protection, and fraud protection.
- Good or better credit required. You should probably try with another card if your credit score is below 700.
American Express Cash Magnet Pros & Cons
- Lower than average purchase APRs.
- 0% APR balance transfer intro rate on balance transfers for up to 15 months.
- 0% APR on new purchases during the first 15 months.
- No annual fee.
- Multiple credit card perks.
- American Express Cash Magnet reports to multiple credit bureaus.
- Requires good to excellent credit.
- Does not offer rewards or cash back.
- Charges a foreign transaction fee of 2.7%.
- Charges a 3% balance transfer fee.
American Express Cash Magnet FAQ
Is there a American Express Cash Magnet cash back or rewards program?
No, American Express Cash Magnet does not offer a rewards program.
American Express Cash Magnet is a cashback card. This means you earn a percentage of your purchase as a cash reward.
With American Express Cash Magnet you receive 1.5% cash back on every purchase. For example, if you buy a $1,000 laptop, you will receive $15 back in cash.
What are the American Express Cash Magnet benefits?
American Express Cash Magnet provides the following benefits:
- Cellular Telephone Protection
- Reports to major credit bureaus
What are the relevant APRs for American Express Cash Magnet?
American Express Cash Magnet is a charge card and therefore doesn't have interest charges. You must pay your balance in full every month.
What are the fees for American Express Cash Magnet?
The following fees apply to American Express Cash Magnet:
- There is no overlimit fee
American Express Cash Magnet Fees
|Foreign Transaction Fee
|Returned Payment Fee
||up to $39
|Late Payment Fee
||up to $39
Does American Express Cash Magnet have a foreign transaction fee?
American Express Cash Magnet charges a foreign transaction fee of 2.7%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $54. If you travel abroad you may want to leave this card at home and apply for one that doesn't charge a foreign transaction fee.
Does American Express Cash Magnet report your account activity to credit bureaus?
Yes, American Express Cash Magnet reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
How to apply for American Express Cash Magnet
- Visit the American Express Cash Magnet website.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
- Check the information is accurate and submit your application.
- If you're denied click here to find out why your application may have been rejected and what you can do about it.
If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.
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