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.

• Earn 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 variable purchase APR that ranges from 14.74% 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.