Am I eligible?
To get this card, you must also:
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...
- Valencia Patrice Higuera, MyBankTrackerCompared 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...
- Jarrod West, Upgraded PointsSince the Amex Cash Magnet card does not have any bonus categories and instead earns an uncapped 1.5% back on every purchase you make, the best way for you to earn more cash-back is to make sure your use your card everywhere it is accepted. This way, you’re effectively getting a 1.5% discount on eve...
- Holly Johnson, CreditCards.comSome 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 D. Johnson, Michael Rosenston, The BalanceIt is a basic, cash back card with a simple rewards structure. If you want a simple card without tracking categories or you're looking to plan out your purchases to keep your debt under control, it could be a good option for you.
- Jennifer Calonia, FinanceBuzzIf 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...
Details
| Interest Rates | |
|---|---|
| Regular APR Interest Rate |
14.74% ‐ 24.74% (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 |
25.99% (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 Maximum |
| Promotions | |
| Sign up bonus |
$200 after spending $2,000
|
| 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 |
| Suggest a correction |
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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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