Cash Magnet® Card review

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Advertiser Disclosure

Interest Rate: Purchases
13.99% ‐ 23.99% (Variable) (0% for the first 15 months)
Balance Transfer
-
Rewards
1.5% cashback
Signup Bonus
$200 after spending $1,000


8.2/10
Informr score
The Cash Magnet® Card currently has an Informr score of 8.2 out of 10. This score is based on our evaluation of 18 sources including reviews from users and the web's most trusted critics.

Am I eligible?


Cash Magnet® Card is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be a permanent or temporary resident of USA

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


The Wirecutter

The American Express Cash Magnet Card is tough to dislike: It offers 1.5% cash back on all purchases and a 0% intro APR on purchases for 15 months. The problem? It has no outstanding qualities, and you may be able to get a better cash back card.

- Sally French, The Wirecutter
FinanceBuzz

If you don’t want to juggle multiple earning categories and rewards limits, you might find the American Express Cash Magnet Card to be an easy companion. Its flat-rate structure makes earning rewards painless, and cardholders also benefit from the card’s added travel and purchase perks. Also, the in...

- Jennifer Calonia, FinanceBuzz
NextAdvisor

Rightfully named, this card is a true cash magnet with its $150 intro bonus opportunity and unlimited 1.5% cash back on all purchases. On top of that, it comes with a 15-month 0% intro APR on purchases and balance transfers and has no annual fee.

- NextAdvisor
MagnifyMoney

For those who are loyal to American Express-branded cards, the new American Express Cash Magnet® Card could be a good proposition. It offers simple cashback rewards with a $0 annual fee. It has a limited time welcome offer that can put extra rewards in your pocket if you spend the amount required to...

- Benét J. Wilson, MagnifyMoney
Credit Cards Explained

Overall, the American Express Cash Magnet Card isn’t a bad card. It offers a higher welcome bonus than other no annual fee cash back credit cards and it offers 1.5% cash back on every purchase. Its biggest downside is that it doesn’t offer the ability to transfer cash back to the American Express Me...

- Sean Bryant, Credit Cards Explained

Details


Interest Rates
Regular APR Interest Rate 13.99% ‐ 23.99% (Variable) (0% for the first 15 months)

This APR will vary with the market based on the Prime Rate.

Balance Transfer Interest Rate

Not available

Cash Advance Interest Rate 25.24% (Variable)

This APR will vary with the market based on the Prime Rate.

Rates & Fees
Annual Fee $0.00
Balance Transfer Fee
Cash Advance Fee 5%

Minimum of $10

Foreign Transaction Fee 2.7%

Of each transaction in U.S. dollars.

Over Limit Fee $0.00
Late Payment Fee $40.00

Maximum

Promotions
Sign up bonus $200 after spending $1,000
  • On purchases within the first 3 months.
  • You will receive the $200 back in the form of a statement credit.
Rewards
All Purchases 1.5% cash back
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance No
Car Rental Insurance Yes
Car Rental Discount No
Extended Warranty No
Purchase Protection Yes
Zero Liability No
No Foreign Transaction Fees No
Emergency Assistance Yes
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments No
Virtual Cards Yes
Eligibility
Minimum Security Deposit $0
Minimum Age 18
Minimum Personal Income
Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
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Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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