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...
- Natasha Etzel, The AscentBrings one-card wallet versatility with a solid welcome bonus, long 0% intro APR offer for purchases and balance transfers, and unlimited cash back.
- 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...
- Elite Personal FinanceAlthough the American Express Cash Magnet card offers some valuable benefits to its holders, it somehow falls flat. It offers some nice perks like Plan It feature, 0% intro APR and no annual fee. Also, we can’t deny that its rewards, travel benefits, and shopping benefits can really be helpful in va...
- Alene Laney, MoneyGeekIf you are looking for a hassle-free cash back card that does not require category tracking, the American Express Magnet Card is ideal. Since all your purchases will earn at the same reward rate of 1.5%, you do not need to keep track of bonus categories. You will also enjoy access to Amex offers at...
- Thomas Streissguth, GOBankingRatesFor 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.
Details
| Interest Rates | |
|---|---|
| Regular APR Interest Rate |
19.24% ‐ 29.99% (Variable) (0% for the first 15 months) This APR will vary with the market based on the Prime Rate. |
| Balance Transfer Interest Rate |
19.24% ‐ 29.99% (Variable) (0% for the first 15 months) This APR will vary with the market based on the Prime Rate. |
| Cash Advance Interest Rate |
29.99% (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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