Cash Magnet Card review

Compare Compare  
Advertiser Disclosure

Interest Rate: Purchases
15.24% ‐ 26.24% (0% for the first 15 months)
Balance Transfer
15.24% ‐ 26.24% (0% for the first 15 months)
Rewards
1.5% cashback
Signup Bonus
$150 after spending $1,000


7.9/10
Informr score
The Cash Magnet Card currently has an Informr score of 7.9 out of 10. This score is based on our evaluation of 10 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...


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
CreditCards.com

The 1.5 rewards rate on the American Express Cash Magnet card is nothing special, but the introductory offer is generous if you can manage to meet the spend threshold.

- Robin Ratcliff, CreditCards.com
Dough Roller

If you’re looking for a card that combines good first year bonus rewards, easy-to-qualify-for ongoing rewards, and a 0% introductory APR–along with no annual fee–the American Express Cash Magnet Card is one of the better choices.

- Kevin Mercadante, Dough Roller
Business Insider

The Cash Magnet Card from American Express is about as straightforward a rewards card as they come. With the ability to earn 1.5% cash back on all purchases and a decent introductory bonus, it’s a good option for users who want a simple cash back card. Cardholders get a nice suite of perks, includin...

- Kat Tretina, Business Insider
MyBankTracker

Compared to other credit cards with similar benefits, the American Express Cash Magnet card has some good features and some not-so-good features. The card offers a wealth of cardmember perks from a cash back bonus to shopping incentives. This is impressive considering that there’s no annual fee. Thi...

- Valencia Patrice Higuera, MyBankTracker

Details


Interest Rates
Regular APR Interest Rate 15.24% ‐ 26.24% (0% for the first 15 months)

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

Balance Transfer Interest Rate 15.24% ‐ 26.24% (0% for the first 15 months)

- Intro rate applies on balances transferred within the first 60 days of account opening.

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

Cash Advance Interest Rate 27.49%

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

Rates & Fees
Annual Fee $0.00
Balance Transfer Fee 3%

Minimum of $5

Cash Advance Fee 3%

Minimum of $5

Foreign Transaction Fee 2.7%

Of each transaction in U.S. dollars.

Over Limit Fee $0.00
Late Payment Fee $38.00

Maximum

Promotions
Sign up bonus $150 after spending $1,000

On purchases within the first 3 months.

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 Yes
Car Rental Insurance Yes
Car Rental Discount No
Extended Warranty Yes
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
Additional Benefits

- Roadside Assistance

- Return Protection

Eligibility
Minimum Security Deposit $0
Minimum Age 18
Minimum Personal Income
Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
Suggest a correction

Disclaimer: All products, logos, images and trademarks are the property of their respective owners. Content is not provided or commissioned by any company mentioned. Any views, analyses, or recommendations expressed here are those of the author's alone, and may not have been reviewed, approved or otherwise endorsed by any company mentioned.

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.

The Informr is an independent, advertising supported website and may receive compensation for sponsorships or when you click on certain affiliated links.

Use this card?

Help inform others by sharing your experience with Cash Magnet Card

Rate It:

Critic Reviews


Credit Cards Explained

No annual fee, attractive welcome bonus

from 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 Membership Rewards program.

Read full review

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 Membership Rewards program.

Read full review

Less

CreditCards.com

Simple rewards scheme

from CreditCards.com

The 1.5 rewards rate on the American Express Cash Magnet card is nothing special, but the introductory offer is generous if you can manage to meet the spend threshold.

Read full review

The 1.5 rewards rate on the American Express Cash Magnet card is nothing special, but the introductory offer is generous if you can manage to meet the spend threshold.

Read full review

Less

Dough Roller

One of the most user-friendly offers

from Dough Roller

If you’re looking for a card that combines good first year bonus rewards, easy-to-qualify-for ongoing rewards, and a 0% introductory APR–along with no annual fee–the American Express Cash Magnet Card is one of the better choices.

Read full review

If you’re looking for a card that combines good first year bonus rewards, easy-to-qualify-for ongoing rewards, and a 0% introductory APR–along with no annual fee–the American Express Cash Magnet Card is one of the better choices.

Read full review

Less

Business Insider

Offers solid rewards to cardholders

from Business Insider

The Cash Magnet Card from American Express is about as straightforward a rewards card as they come. With the ability to earn 1.5% cash back on all purchases and a decent introductory bonus, it’s a good option for users who want a simple cash back card. Cardholders get a nice suite of perks, in...More

The Cash Magnet Card from American Express is about as straightforward a rewards card as they come. With the ability to earn 1.5% cash back on all purchases and a decent introductory bonus, it’s a good option for users who want a simple cash back card. Cardholders get a nice suite of perks, including travel and shopping protections and the Amex Offers benefit. For a card without an annual fee, that’s a fairly robust offering.

Read full review

Less

MyBankTracker

A great cash back card to have with you at all times

from MyBankTracker

Compared to other credit cards with similar benefits, the American Express Cash Magnet card has some good features and some not-so-good features. The card offers a wealth of cardmember perks from a cash back bonus to shopping incentives. This is impressive considering that there’s no annual fee...More

Compared to other credit cards with similar benefits, the American Express Cash Magnet card has some good features and some not-so-good features. The card offers a wealth of cardmember perks from a cash back bonus to shopping incentives. This is impressive considering that there’s no annual fee. This makes the card a strong contender even if you’re unable to take full advantage of the card’s benefits. The cash back percentage is also attractive.

Read full review

Less

CreditDonkey

Great all-around cashback card

from CreditDonkey

We're glad that AMEX has introduced an all-around cashback card to their lineup. The Cash Magnet is good for those who want a simple cashback card without needing to keep track of categories. 1.5% cash back is above average, though there are other no-annual-fee cashback cards with better reward rates.

Read full review

We're glad that AMEX has introduced an all-around cashback card to their lineup. The Cash Magnet is good for those who want a simple cashback card without needing to keep track of categories. 1.5% cash back is above average, though there are other no-annual-fee cashback cards with better reward rates.

Read full review

Less

Finder

A simple cash back credit card

For those who want a simple, no-annual-fee card, the Cash Magnet Card could be a good choice. You could earn unlimited 1.5 cash back on all purchases and you get one of the longest intro APR periods for balance transfers and purchases.

Read full review

For those who want a simple, no-annual-fee card, the Cash Magnet Card could be a good choice. You could earn unlimited 1.5 cash back on all purchases and you get one of the longest intro APR periods for balance transfers and purchases.

Read full review

Less

NerdWallet

Offers a decent, straightforward return on all eligible spending

from NerdWallet

If you’re not interested in keeping track of multiple rewards tiers or bonus categories and just want an uncomplicated cash-back system, the American Express Cash Magnet Card fits the bill. Just keep in mind that there’s no shortage of flat-rate cash-back cards on the market — many offering...More

If you’re not interested in keeping track of multiple rewards tiers or bonus categories and just want an uncomplicated cash-back system, the American Express Cash Magnet Card fits the bill. Just keep in mind that there’s no shortage of flat-rate cash-back cards on the market — many offering at least 1.5% back on all purchases — so evaluate your options to find the one that works best for you.

Read full review

Less

Money Crashers

Llots of value-added perks and benefits

from Money Crashers

Straightforward cash back credit card that’s ideal for frugal cardholders seeking the predictability of flat, unlimited cash back. A long 0% APR introductory promotion and generous sign-up bonus sweeten the deal for new applicants planning major purchases.

Read full review

Straightforward cash back credit card that’s ideal for frugal cardholders seeking the predictability of flat, unlimited cash back. A long 0% APR introductory promotion and generous sign-up bonus sweeten the deal for new applicants planning major purchases.

Read full review

Less

ValuePenguin

An excellent cash back credit card

from ValuePenguin

The American Express Cash Magnet Card makes for a great everyday card and its bonus makes it an excellent pick for short-term rewards for those able to meet the spending requirements.

Read full review

The American Express Cash Magnet Card makes for a great everyday card and its bonus makes it an excellent pick for short-term rewards for those able to meet the spending requirements.

Read full review

Less

User Reviews


Darn, there are no reviews yet for this credit card. Be the first to write a review.