American Express® National Bank Cash Magnet® Credit Card

American Express® National Bank Cash Magnet® Credit Card Review

Key Takeaways

• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 15 months.
• Earn a $200 statement credit after you spend $2,000 or more on eligible purchases on your Card within your first 6 months of Card Membership starting from the date your account is approved.
• Competitive APRs. American Express® National Bank Cash Magnet® Credit Card has a variable purchase APR that ranges from 16.99% up to 26.99%.
• No annual fee. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• 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 Auto Rental Collision Damage Waiver, emergency support, identity theft protection, travel assistance, and fraud protection.
• Good or better credit required. You will have low approval odds if your credit score is below 700.

Pros & Cons of American Express® National Bank Cash Magnet® Credit Card

American Express® National Bank Cash Magnet® Credit Card FAQ

Does American Express® National Bank Cash Magnet® Credit Card have a cash back or rewards program?

No, it does not offer a rewards program. This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1.5% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $15 back in cash.

What are the American Express® National Bank Cash Magnet® Credit Card benefits?

It provides the following benefits:

• Auto Rental Collision Damage Waiver
• Emergency Support
• Zero fraud liability
• Travel Assistance
• Reports to major credit bureaus

What are the relevant APRs for American Express® National Bank Cash Magnet® Credit Card?

What are the fees for American Express® National Bank Cash Magnet® Credit Card?

The following fees apply:

• There is no overlimit fee

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does American Express® National Bank Cash Magnet® Credit Card report your account activity to credit bureaus?

Yes, American Express® National Bank Cash Magnet® Credit Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

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® National Bank Cash Magnet® Credit Card

• Visit the American Express® National Bank Cash Magnet® Credit Card 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 your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.