American Express® National Bank Cash Magnet® Credit Card Review

If you're wondering whether American Express® National Bank Cash Magnet® Credit Card is the right card for you, read on. This is everything you need to know to make a good choice.

• 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® National Bank Cash Magnet® Credit Card has a variable purchase APR that ranges from 13.99% up to 23.99%.
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your purchases, but you don't have to pay an annual fee for the privilege.
• 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. No balance transfer fee. 0% APR on new purchases during the first 15 months. No annual fee. Multiple credit card perks. Offers auto rental collision damage waiver. Extended warranty on purchases. Travel accident and travel assistance insurance. American Express® National Bank Cash Magnet® Credit Card reports to multiple credit bureaus.

Requires good to excellent credit. Charges a foreign transaction fee of 2.7%.

Is there a American Express® National Bank Cash Magnet® Credit Card cash back or rewards program?

No, American Express® National Bank Cash Magnet® Credit Card does not offer a rewards program. American Express® National Bank Cash Magnet® Credit Card is a cashback card. This means you earn a percentage of your purchase as a cash reward. With American Express® National Bank Cash Magnet® Credit Card 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® National Bank Cash Magnet® Credit Card benefits?

American Express® National Bank Cash Magnet® Credit Card 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® National Bank Cash Magnet® Credit Card?

American Express® National Bank Cash Magnet® Credit Card is a charge card and therefore doesn't have interest charges. You must pay your balance in full every month.

What are the fees for American Express® National Bank Cash Magnet® Credit Card?

The following fees apply to American Express® National Bank Cash Magnet® Credit Card:

• There is no overlimit fee

American Express® National Bank Cash Magnet® Credit Card Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	2.7%

Does American Express® National Bank Cash Magnet® Credit Card report your account activity to credit bureaus?

Yes, American Express® National Bank Cash Magnet® Credit Card 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 may help improve your credit.

How to apply for American Express® National Bank Cash Magnet® Credit Card

• Visit the American Express® National Bank Cash Magnet® Credit Card 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 your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.