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$150
Welcome offer
Up to 1.5%
Cash back
$0
Annual fee
0%
Intro purchase APR
for the first 15 months (then 12.99% to 23.99% variable)
| Product Name | American Express Cash Magnet® Card |
|---|---|
| Card type | American Express |
| Annual fee | $0 |
| Purchase APR | 0% intro for the first 15 months (then 12.99% to 23.99% variable) |
| Balance transfer APR | 0% intro for the first 15 months (then 12.99% to 23.99% variable) |
| Balance transfer fee | $5 or 3% of the transaction, whichever is greater |
| Cash advance rate | 25.24% variable |
| Cash advance fee | $10 or 5% of the cash advance amount, whichever is greater |
| Penalty APR | 29.24% variable |
| Foreign transaction fee | 2.7% of the transaction value |
| Interest free period | Up to 25 days |
| Late payment fee | Up to $40 |
| Returned payment fee | Up to $40 |
| Rates & fees | rates & fees |
Review by
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
The American Express Cash Magnet® Card is a simple credit card with a $0 annual fee and an unlimited 1.5% back in reward dollars on all purchases. Once you meet certain spend requirements, you earn a $150 cash bonus.
Also, you get a long 0% intro APR period on balance transfers and purchases for the first 15 months when you open your account . This can be incredibly helpful if you’re looking to make a large purchase early on and pay it off in more than year without paying interest.
Considering the card has no annual fee, it could be an ideal option for anyone who doesn’t spend much on any particular category of purchases. The only downside is that you’ll pay foreign transaction fees when using the card abroad or online with foreign merchants.
Amex recently made a series of benefits changes to the American Express Cash Magnet® Card. You can expect the following tweaks as of January 1, 2020:
Get $150 as statement credit after you spend $1,000 on eligible purchases in the first 3 months after opening your account.
For every purchase you make, get unlimited 1.5% in reward dollars — which you can redeem for statement credits, gift cards and merchandise once you reach at least 25 reward dollars.
Get one of the longest 0% intro APR periods on purchases and balance transfers. You won’t pay interest for the first 15 months after your account opening. After that, a variable APR of 12.99% to 23.99% applies. Just be sure to make your balance transfer within 60 days from when you opened your account.
You get all these perks with a card with no annual fee.
One of the American Express Cash Magnet® Card‘s biggest strengths is its simple rewards. Here’s how much cash back you might earn based on different levels of spending:
When you make purchases larger than $100, you can choose to pay in several monthly increments with a fee, instead of paying interest. You can make up to 10 active payment plans, but American Express decides the exact number. This feature is only available on the Amex mobile app.
Don’t stress if you bought an item and want to return it but the merchant won’t take it back. For purchases made within 90 days and worth up to $300, Return Protection may give you a refund. Also, get protection for accidental damage or theft on eligible items up to $1,000 per item and up to $50,000 per year.
You won’t be held liable for fraudulent charges made on your card.
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You may want to avoid using this card while you’re outside the country. Every time you make a transaction when traveling abroad, you’ll pay a 2.7% fee.
When you apply for the card, you’ll get a pop-up message informing you whether you’re eligible to get the welcome offer before Amex makes a hard pull on your credit. Some of the factors considered by the issuer are whether you canceled or downgraded from another card in the last 12 months, or whether you applied for multiple cards to get the welcome offer.
To get the 0% intro APR for balance transfers, you’ll have to make a balance transfer request within 60 days from when you opened your account. Also for every balance transfer you make, you’ll pay a transfer fee of $5 or 3% of the transaction, whichever is greater. Balance transfers less than $100 won’t be processed, but you can transfer up to $7,500 or 75% of your credit limit, whichever is lower. You can’t make a transfer from another American Express account.
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To apply, you must be:
You can apply with a 680 credit score, but to get a high credit limit and a lower APR on purchases and balance transfers, apply with an excellent score. American Express usually pulls your credit report from Experian.
Consumers generally like the card for what it offers, but claim that if the 1.5% cash back was bumped to 2% they’d be more inclined to get it. Many mention that compared to other cards, they weren’t impressed with the cash value amounts, especially compared to cards that offer the same perks and are accepted in more places, like Visa and Mastercard. However, customers love the long intro APR period for balance transfers and purchases.
The Better Business Bureau rated American Express with an A+. As of this writing, 172 customers rated American Express 3.78 out of 5 stars. Most of their complaints revolve around poor customer service and issues with products and services.
American Express can approve your application within a few minutes with its automated system. If additional information is required it could take a few business days up to a few weeks for a decision. Once you’re approved, you’ll get your card in 7 to 10 business days.
Just log in to your American Express online account. Then click Use reward dollars. Once your rewards dollars balance hits $25, you can redeem for statement credit.
From time to time, American Express will give you the opportunity to redeem for rewards such as merchandise and gift cards.
For those who want a simple, no-annual-fee card, the American Express Cash Magnet® Card could be a good choice. You could earn unlimited 1.5% cash back on all purchases and you get one of the longest intro APR periods for balance transfers and purchases.
If you want to earn higher cash back on everyday spending categories, the Blue Cash Preferred® Card from American Express may be more useful.
Apply for this card or compare other credit cards to find the best one to suit your needs.
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Images: AmericanExpress.com