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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) 15.24% - 26.24%
Balance Transfer APR  (Variable APR) 0% - 26.24%
Credit Score Range 700 - 850

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.

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.

American Express Cash Magnet Rewards
Rewards rate (all purchases) N/A
Max rewards rate N/A
Annual rewards limit N/A
Signup Bonus ($) $200
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
  • 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?

No Annual Fee. American Express Cash Magnet does not charge an annual fee.

2.7% Foreign transaction fees. 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.

The following fees apply to American Express Cash Magnet:

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 $38
Late Payment Fee up to $38

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 and on-time payments on a credit card that reports your account activity to credit bureaus will demonstrate that you consistently manage debt well and can help increase your credit scores.

How to apply for American Express Cash Magnet

  • Visit the American Express® National Bank website.
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
  • 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.
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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

Grace Period for Late Payment 25
Over-Limit Fee $0
Annual Fee $0
No Annual Fee  
Returned Payment Fee Up to $38
Late Fee Amount Up to $38
Balance Transfer Fee % 3%
Balance Transfer Fee Minimum $5
Cash Advance Fee ($) Starting at $5
Cash Advance Fee (%) Starting at 3%
Cash Advance Fee Minimum $5
Foreign Currency Transaction Fee 2.7%
Minimum Age 18
Credit Score Range 700 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Customer Type Personal
Extended Warranty  
Fraud Liability  
Travel Insurance  
Emergency Support  
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 $200 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $200 back in the form of a statement credit.
All Other Purchases 1.5% Cash Back on your purchases
Rewards Categories
  • Every Purchase
Signup Bonus $200
Purchase APR (Variable APR) 15.24% - 26.24%
Cash Advance APR (Variable APR) Starting at 27.49%
Penalty APR 29.99%
Introductory Rate 0%
Balance Transfer APR (Variable APR) 0% - 26.24%
Introductory Rate 0%
Intro APR period 15

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