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Cash Magnet® Card review

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Advertiser Disclosure

Annual Fee
Interest Rate: Purchases
17.74% ‐ 28.74% (Variable) (0% for the first 15 months)
Interest Rate: Purchases
17.74% ‐ 28.74% (Variable) (0% for the first 15 months)
Balance Transfer
Balance Transfer
1.5% cashback
1.5% cashback
Signup Bonus
$200 after spending $2,000
Signup Bonus
$200 after spending $2,000

Informr score
The Cash Magnet® Card currently has an Informr score of 8.1 out of 10. This score is based on our evaluation of 23 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...


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

For those who want a straightforward version of the American Express credit card experience, Cash Magnet may be a solid choice. The card offers 1.5% cash-back rewards on all purchases, has a $0 annual fee and comes with a solid, 15-month introductory annual percentage rate.

- Thomas Streissguth, GOBankingRates

Some credit cards require you to put in extra effort and do some complex math to be sure you’re maximizing your rewards, but we’re happy to say that’s not the case with the Cash Magnet card. You can enjoy a simple flat cash back rate on all your purchases without worrying about tracking spending or...

- Holly Johnson,
Upgraded Points
Upgraded Points

Those who are looking for a simple and straightforward cash-back credit card will love the American Express Cash Magnet® Card. With no annual fee to worry about and no bonus categories to fuss over, you can have the peace of mind knowing that you’re earning cash-back rewards on every purchase — with...

- Jarrod West, Upgraded Points

American Express is a reputable brand that offers plenty of perks: rewards program, travel benefits, shopping benefits, and competitive rates. Before applying for this card, however, keep in mind that American Express isn’t accepted everywhere. So consider where you shop the most, and then see wheth...

- Valencia Patrice Higuera, MyBankTracker


Interest Rates
Regular APR Interest Rate 17.74% ‐ 28.74% (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 28.99% (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


Sign up bonus $200 after spending $2,000
  • On purchases within the first 6 months.
  • You will receive the $200 back in the form of a statement credit.
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
Minimum Security Deposit $0
Minimum Age 18
Minimum Personal Income
Temporary Residents No
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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