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  American Express Cash Magnet

American Express Cash Magnet

in Personal Credit Cards from American Express National Bank

Claimed

American Express Cash Magnet

Claimed

in Personal Credit Cards from American Express National Bank

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Highlights
Highlights
Balance Transfer APR  (Variable APR) 14.74% - 25.74%
Credit Score Range 700 - 850
Annual Fee $0
Purchase APR  (Variable APR) 14.74% - 25.74%
Rewards Rates Every Purchase

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.

  • Up to 1.5 points for every dollar spent on everyday purchases. 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 variable purchase APR of 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 rental insurance, emergency support, extended warranty protection on purchases, purchase protection, travel accident insurance, travel assistance, and fraud protection.
  • Good or better credit required. You should probably try with another card if your credit score is below 700.
The Good The Bad
  • 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.
  • Has an introductory APR rate on balance transfers of 0%.
  • Multiple credit card perks.
  • Earn rewards on every purchase.
  • American Express Cash Magnet reports to multiple credit bureaus.
  • Offers auto rental collision damage waiver.
  • Extended warranty on purchases.
  • Travel accident and travel assistance insurance.
  • 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

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:

  • 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 up to $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 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?

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.

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Introductory Rate 0%
Purchase Intro APR Period (Variable APR) 15 months
No Annual Fee  
Annual Fee $0
Over-Limit Fee $0
No Interest Grace Period for Late Payment 25 days
Cash Advance Fee Minimum $10
Cash Advance Fee (%) 5%
Foreign Currency Transaction Fee 2.7%
Returned Payment Fee Up to $39
Late Fee Amount Up to $39
Customer Type Personal
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range 700 - 850
Card Type
  • Cashback
  • Charge Card
  • Low Interest
  • Zero Percent
Card Network American Express
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Emergency Support  
Travel Insurance  
Fraud Liability  
Extended Warranty  
Credit Card Benefits
  • Auto Rental Collision Damage Waiver
  • Cellular Telephone Protection
  • Emergency Support
  • Extended Warranty Protection
  • Fraud Liability
  • Purchase Protection
  • Travel Accident Insurance
  • Travel Assistance
Bonus Rewards Earn $175 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $175 back in the form of a statement credit.
Rewards Rates Every Purchase
Signup Bonus $175
Rewards Type Points
Cash Advance APR (Variable APR) 26.99%
Balance Computation average daily balance (including new purchases)
Penalty APR (Variable APR) 29.99%
Purchase APR (Variable APR) 14.74% - 25.74%
Balance Transfer Introductory APR (Variable APR) 0%
Balance Transfer Intro APR Period (Variable APR) 15 months
Balance Transfer APR (Variable APR) 14.74% - 25.74%
Balance Transfer Fee Minimum $5
Balance Transfer Fee % 3%

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