Credit Cards (US)
American Express® Cash Magnet® review
This American Express Cash Magnet review will show you how this card works so you can decide whether it is worth it or not to apply for one.
All information about the American Express® Cash Magnet® Card has been collected independently by The Mister Finance. The American Express® Cash Magnet® is no longer available through creditcards.com.
Cash Magnet® Card: unlimited 1.5% cash back on this American Express® credit card
American Express® features another fantastic credit card for those who want to earn unlimited cash back on all purchases at a very low cost. Check out this American Express® Cash Magnet® review.
How to apply for an American Express® Cash Magnet?
American Express Cash Magnet Card offers unlimited cash back on all purchases with no annual fee. Check out how to apply!
Besides the rewards, the card offers traditional benefits from Amex that you will definitely enjoy!
So, check out the summary below!
| Credit Score | Good |
| Annual Fee | This card will cost you $0 per year. Rates & Fees |
| Fees | 2.7% foreign transaction fee 3% balance transfer (or at least $5) 5% cash advance fee (or at least $10) $40 late payment fee Rates & Fees |
| Regular APR | 0% introductory APR for the first 15 months from the date of account opening. After that, a variable 18.24% to 29.24% applies. Cash advance APR: 29.49%. Rates & Fees |
| Welcome bonus | You have the chance to earn a $200 statement credit. To get this welcome bonus, you have to spend at least $2,000 within 6 months of owning your American Express® Cash Magnet® card. *Terms apply. |
| Rewards | Unlimited 1.5% cash back on every purchase. *Terms apply. |
Now, keep reading our American Express® Cash Magnet® review to understand how this credit card works!
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How does the American Express® Cash Magnet® work?
Firstly, the American Express® Cash Magnet® card offers a generous welcome bonus in which you earn $200 as a statement credit after spending at least $2,000 in the first six months of membership.
Also, the card offers a 0% introductory APR on purchases for 15 months and the possibility to create a Buy Now, Pay Later Plan It Fees for $0 in the first 15 months after you open an account.
This plan helps you with large purchases that need to be split into monthly installments. After the grace period mentioned above, the fee plan will be up to 1.33%.
Secondly, this card offers unlimited 1.5% cash back on all purchases that can be redeemed for a statement credit.
Furthermore, you may enjoy the traditional package of benefits and security features American Express® provides, including Car Rental Loss and Damage Insurance, Global Assistance, Fraud Protection, and American Express® Experiences, in which you have exclusive access to many events.
Finally, the American Express® Cash Magnet® credit card doesn’t charge annual fees, although it charges a 2.7% foreign transaction fee.
Cash Magnet® Card benefits
This Amex credit card is designed for those who want a simple reward program at a very low cost. Besides the unlimited cash back on all purchases, the Cash Magnet® card provides the traditional security and benefits features of American Express.
Also, it offers an introductory APR and a reasonable welcome bonus.
You may enjoy the fact that it features a prequalification process, as well.
Pros
- The card doesn’t charge an annual fee;
- It offers an introductory APR of 0% on purchases and a Buy Now, Pay Later Plan It Fees for $0;
- It features a $200 welcome bonus;
- It offers the possibility to prequalify;
- It lets you earn unlimited cash back on all purchases;
- It provides the traditional package of security and perks of American Express.
Cons
- It requires at least a good credit score;
- It charges a 2.7% foreign transaction fee.
How good does your credit score need to be?
It is recommended that you have at least a good credit score to apply for this credit card. But your approval odds will certainly be higher with an excellent credit score.
How to apply for an American Express® Cash Magnet®?
After reading this American Express® Cash Magnet® review, do you think this is the right one for you? It surely has a lot of benefits.
You can learn how to apply for this credit card and start earning unlimited 1.5% cash back on all purchases! Just check the following link, and it will take you to the walkthrough.
How to apply for American Express® Cash Magnet®?
American Express® Cash Magnet® Card offers unlimited cash back on all purchases with no annual fee. Check out how to apply!
All information about the American Express® Cash Magnet® Card has been collected independently by The Mister Finance. The American Express® Cash Magnet® is no longer available through creditcards.com.
About the author / Aline Augusto
Reviewed by / Aline Barbosa
Senior Editor
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