AmEx Cash Magnet® Credit Card Review
Cash Magnet® from American Express® — all information about the credit card.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
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American Express® Cash Magnet® Rewards Calculator
All benefits
- Cash back
- 1.5% Earn unlimited Cash Back on all purchases.
- Travel
- Car Rental Loss and Damage Insurance:
- Getting into your Rental Vehicle can be the start of a great vacation. When you use your Eligible Card to reserve and pay for the Entire Rental and decline the collision damage waiver at the rental Company counter, you can be covered for Damage to or Theft of a Rental Vehicle in a Covered Territory.
- Global Assist® Hotline:
- Whenever you travel more than 100 miles from home, Global Assist Hotline is available for 24/7 medical, legal, financial and other select emergency assistance and coordination services, such as medical and legal referrals, emergency cash wires, and missing luggage assistance.
Rate and fee information
- Purchase Intro APR
- 0% Introductory APR for the first 15 months from the date of account opening
- Purchase APR
- 19.24% - 29.99% Variable
- Intro Balance Transfer APR
- 0% Introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening
- Balance Transfers APR
- 19.24% - 29.99% Variable
- APR for Cash Advances
- 29.99% Variable
- How to Avoid Paying Interest
- Your due date is at least 25 days after the close of each billing period. You will not be charged interest on purchases if you pay each month your entire balance (or if you have a plan outstanding, your balance adjusted for plans) by the due date. You will be charged interest on cash advances on the transaction date.
Fees
- Annual Fee
- $0
- Fees for Balance Transfer
- Either $5 or 3% of the amount of each transfer, whichever is greater
- Fees for Cash Advances
- Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty Fees
- 29.99%
- Return Payment
- Up to $40
- Late Payment
- Up to $40
Pros & Cons
- No annual fee
- 0% Intro APR
- Uniform Bonus Tier
- $200 Welcome Bonus
- Relatively Low Cash Back Rate
- Limited Cash Back Reward Redemption
- Limited Acceptance Globally
- Foreign transaction fee
- APR Penalty
Features
- 0% Intro APR
- Low interest
- No Annual Fee
- Cashback
- Payment Flexibility
- Fraud Protection
- Rewards
- Bonus points
- Purchase Protection
- Auto Rental Insurance
- Good Credit
- Excellent Credit
About the issuer
Compare with other cards
- NoneAnnual Fee
- 19.99% - 29.99%Regular APR
- 5%Cash Back on hotels and rental cars booked through Capital One Travel.
- 0% Introductory APR for the first 15 months that your account is openPurchase Intro APR
- $39Annual Fee
- 29.99%Regular APR
- 1.5%Cash Back on every purchase.
- NonePurchase Intro APR
- NoneAnnual Fee
- 19.99% - 29.99%Regular APR
- 1.5%Cash Back on all purchases.
- NonePurchase Intro APR
See Another Credit Cards in the Bank
Disclaimer: Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit http://americanexpress.com to learn more.
American Express Cash Magnet® Credit Card Review
This article discusses the features, benefits, and pros and cons of the AmEx Cash Magnet® Credit Card, which has a flat cash back rate of 1.5% on all purchases and no annual fee.
American Express has various credit cards, and one of the best options is the AmEx Cash Magnet® Credit Card. It gives users a flat cash back rate that applies to all purchases. Also, it has a solid welcome bonus of $200 after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $200 cash back in the form of a statement credit. All these benefits come with no annual fee attached.
American Express has a 0% introductory APR period for 15 months on purchases and balance transfers. After the first 15 months, the APR of 19.24% - 29.99% Variable.
To get the AmEx Cash Magnet® Credit Card, you need an excellent credit score.
AmEx Cash Magnet® Credit Card: Pros and Cons
Here are the perks and downsides of using the AmEx Cash Magnet® Credit Card for your everyday purchases:
| Pros | Cons |
|---|---|
| Uniform Bonus Tier. The AmEx Cash Magnet® Credit Card is a simple flat-rate card that gives 1.5% cash back on all eligible purchases. Unlike other cards with bonus tiers, the reward system is straightforward. | Relatively Low Cash Back Rate. While the 1.5% flat rate is decent, it’s relatively low compared to what other credit cards offer. It has a limited reward earning potential for shoppers. |
| $200 Welcome Bonus. Users earn a $200 statement credit after spending $2000 within the first six months after opening the account. You will receive the $200 cash back in the form of a statement credit. | Limited Cash Back Reward Redemption. Cash back rewards can only be redeemed for statement credit, merchandise, or gift cards. To redeem these rewards, cardholders have to earn at least $25 in reward dollars. |
| 0% Intro APR. The AmEx Cash Magnet® Credit Card offers 0% intro APR on all purchases and balance transfers for the first 15 months and a variable purchase APR of 19.24% - 29.99% going forward. | Limited Acceptance Globally. This credit card isn’t widely accepted outside the US as MasterCard and Visa. |
| No Annual Fee. If you are looking for a no annual fee credit card, the AmEx Cash Magnet® Credit Card fits the bill. | APR Penalty. Failure to make payments on time attracts a 29.24% penalty APR. |
Foreign Transaction Fee. When this card is accepted outside the US, cardholders are charged a 2.7% foreign transaction fee. |
Rewards System in a Nutshell
With the AmEx Cash Magnet® Credit Card, you can earn 1.5% cash back on all purchases. The cashback is displayed as reward dollars on your account.
You can redeem these reward dollars as a statement credit. A minimum of $25 reward dollars is required to redeem.
After opening the credit card account, users earn a $200 welcome bonus as long as they spend $2000 within the first 6 months. You will receive the $200 cash back in the form of a statement credit. Also, cardholders enjoy a 0% introductory APR for the first 15 months, after that the variable APR will be 19.24% - 29.99%. A minimum payment has to be made monthly to avoid revoking this APR.
Who Can Benefit From the American Express Cash Magnet® Credit Card?
This card is ideal for customers who prefer flat-rate cash back. Since the AmEx Cash Magnet® Credit Card offers a 1.5% cash back on purchases, users don’t have to calculate how to use the card across different tiers for maximum rewards. It’s straightforward and a solid option for consumers seeking low fees and predictable cash back.
Are There Any Other Benefits?
Besides the welcome bonus and cash back rewards, this card has a wide array of benefits. They include:
- Secondary Car Damage and Rental Loss Insurance
AmEx Cash Magnet® Credit Card users get complimentary rental car insurance. If you pay for car rental with this card, AmEx provides secondary damage cover in case the rental car is damaged or stolen. Since this insurance is secondary, it pays for any extra charges after personal insurance coverage.
- Complimentary ShopRunner Membership
American Express has a partnership with ShopRunner that offers free membership to the service. With this card, users benefit from 2-day shipping on items purchased in ShopRunner’s network of over 140 online stores.
- Pay It Plan It Program
To help finance your purchases after the introductory period, the AmEx Cash Magnet® Credit Card has a Pay IT Plan IT program that allows users to pay balances over time. You can pay off small balances below $100 through the AmEx app. This program also allows you to break down larger purchases into small installments with a fixed fee.
- Dispute Resolution
AmEx commits to working with cardholders to resolve issues such as fraudulent transactions.
- Lowest Hotel Rates Guarantee
American Express guarantees users the lowest rates on hotel booking at the time of booking. If you book a hotel via the company’s booking channel, but find another lower rate for the same property within 24 hours, AmEx refund you the difference. All you need is to fill a claim, and AmEx will send you an email with instructions on how to provide your booking information.
All your claims must be submitted prior to your check-in date. This policy excludes discounts that aren’t available to the public as well as promotional packages.
- Purchase Protection
AmEx Cash Magnet® cardholders enjoy limited purchase protection on items stolen or damaged within 90 days of purchase. This protection is limited to $1000 per occurrence, meaning users can only claim $1000 of damage at a go. Also, it limits users to $50,000 per calendar year.
- Global Assist Hotline
Cardholders can call the company’s hotline when in need of help, such as emergency legal referrals, lost luggage, translation services, and much more. This hotline helps users to arrange for these services. However, the user is responsible for any cost incurred.
- Terms Apply
Conclusion
The AmEx Cash Magnet® is a handy option for users who want to earn fixed cash back without having to worry about tiers. The cashback reward system is simple and straightforward. It’s easier to calculate, unlike the AmEx Blue Cash Everyday® card that has shopping categories and a spending capping.
This card comes with a variety of benefits, such as the Pay It Plan It program that allows users to plan how to finance both small and large purchases. If you are interested in a card with a good welcome bonus and no annual fee, the AmEx Cash Magnet® might be a great option.
FAQ
What is the customer service phone number for American Express Cash Magnet® Credit Card?
How to check my application status for American Express Cash Magnet® Credit Card?
- NoneAnnual Fee
- 18.49% - 24.49%Regular APR
- 5%Cash Back on hotels and rental cars booked through Capital One Travel.
- NonePurchase Intro APR