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.

Pros & Cons of American Express Cash Magnet

The Good

The Bad

Lower than average purchase APRs. No annual fee. Has an introductory APR rate on balance transfers of 0%. Multiple credit card perks. Offers auto rental collision damage waiver. Includes emergency support. Extended warranty protection on purchases. Purchase Protection. Travel Accident Insurance. Travel Assistance. Earn rewards on every purchase. American Express Cash Magnet reports to multiple credit bureaus.

Does not offer rewards or cash back. Charges a foreign transaction fee of 2.7%.

Is there a American Express Cash Magnet cash back or 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.

American Express Cash Magnet Rewards

Rewards rate (all purchases)	1.5%
Max rewards rate	N/A
Annual rewards limit	N/A
Signup Bonus ($)	$175
Signup Bonus Spend Requirement	$1000

What are the American Express Cash Magnet benefits?

American Express Cash Magnet provides the following benefits:

• Auto Rental Collision Damage Waiver
• Emergency Support
• Extended Warranty Protection
• Zero fraud liability
• Travel Accident Insurance
• Cellular Telephone Protection
• Travel Assistance
• 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 American Express Cash Magnet fees?

The following fees apply to American Express Cash Magnet:

• There is no overlimit fee

American Express Cash Magnet Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	2.7%
Balance Transfer Fee	3%
Minimum Balance Transfer Fee	$5
Returned Payment Fee	up to $39
Late Payment Fee	up to $39

Does American Express Cash Magnet report your account activity to credit bureaus?

American Express Cash Magnet 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 can help improve your credit score.

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.