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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
Annual Fee $0
Purchase APR  (Variable APR) 14.74% - 25.74%
Balance Transfer APR  (Variable APR) 14.74% - 25.74%
Credit Score Range 700 - 850
Rewards Rates 1.5% on 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.
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 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

    Annual Fee $0
    No Annual Fee  
    No Interest Grace Period for Late Payment 25
    Over-Limit Fee $0
    Balance Transfer Fee % 3%
    Balance Transfer Fee Minimum $5
    Cash Advance Fee (%) 5%
    Cash Advance Fee Minimum $10
    Foreign Currency Transaction Fee 2.7%
    Late Fee Amount Up to $39
    Returned Payment Fee Up to $39
    Customer Type Personal
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Supported Income Types
    • 1099 Misc. Income
    • Cash
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    Card Network
    • American Express
    Card Type
    • Cashback
    • Charge Card
    • Zero Percent
    Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
    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
    Emergency Support  
    Extended Warranty  
    Fraud Liability  
    Travel Insurance  
    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
    • 1.5% on Every Purchase
    Signup Bonus $175
    Cash Advance APR (Variable APR) 26.99%
    Purchase APR (Variable APR) 14.74% - 25.74%
    Balance Computation average daily balance (including new purchases)
    Introductory Rate 0%
    Penalty APR 29.99%
    Balance Transfer APR (Variable APR) 14.74% - 25.74%
    Intro APR period 15
    Introductory Rate 0%

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