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American Express Cash Magnet® Card

Credit needed
Good, Excellent
APR
0% After to 13.99%-23.99%.
Annual Fee
$0

Card Summary

American Express Cash Magnet Card offers more than rewards. It is an easy cash-back credit card with no fees.

For 15 months, new cardholders receive an introductory promotion of 0% APR on all purchases. The APR will increase to 13.99% – 23.99% variable depending on creditworthiness.

After you have spent $1,000 on purchases using your Card, you'll receive a $150 credit in the form of a statement. Purchases earn you 1.5% cashback.

This may work well for someone who likes simplicity but it could not be as effective for anyone who wants to maximize the rewards that their credit card cards offer.

If you fail to pay the balance each month, your high APR card could become a problem after the promotion ends.

A great introductory bonus: Receive a Flat 1.5% Cash Back on Every Purchase

Offers a 15% discount on all purchases

Charges no annual fee.

Card Summary - Cons

There are no bonus programs to maximize your rewards.

Cash back redemption is only available in the form gift cards, statement credits or merchandise.

High APR charges.

People who are very active in the popular bonus categories.

Customers who are looking to maximize their reward potential.

Card users with a credit card who have a balance at the end of the promotion period.

Rates and fees

Issuer Name
American Express
Penalty APR
Variable: 29.99% Purchases Intro APR Purchases for 15 Months at 0%
Credit Needed
Good, Excellent
Balance Transfer Fee
N/A
Annual Fee
$0
Cash Advance Fee
You can choose to pay $10 or 5%, depending on the cash advance amount.
APR
0% After to 13.99%-23.99%.
Foreign Transaction Fee
After conversion to US Dollars, 2.7% of every transaction is retained.
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Here’s a smart way to pay off

American Express

The Best Features

Rewards

Annual rewards value approximately: $276

Cash back bonus for the first year: 150

Value of first-year incentives: $426

American Express Cash Magnet Card gives 1.5% cashback on all purchases.

This makes it a great choice for those who aren't looking to invest a lot or don't mind spending less time

Sign up bonus

APR Requirements

You will receive an initial 0% APR for purchases. After that, the APR increases to 13.99%-23.99% variable depending on your creditworthiness.

You can use the promotional period to allow you ample time to finance large purchases. U.S. News research shows that the APR of this card is slightly lower than the average.

You can also pay a monthly fixed fee with the card's Pay It Plan It feature.

Drawbacks

Highlights

After you have spent $1,000 on purchases using your Card, receive a $150 credit in the form of a statement within 3 months.

Get unlimited 1.5% cash back on all your purchases

The intro APR is 0%, for purchases starting at the day of account opening. After that, a variable rate will apply, which currently ranges from 13.99% to 23.99%.

Plan It (r) allows you to choose purchases over $100 to be split into monthly installments with a fixed-fee.

Amex offers rewards at restaurants, shops, hotels, and other places that you enjoy. Add as many offers to your card as you like, then use the Card to make payments and receive rewards on your statement.

Cash back is in the form Reward Dollars, which can be used to redeem for statement credit.

There is no annual fee

Benefits

American Express Cash magnet Card provides a few benefits to add value to the rewards program, APR promotion and other benefits. For example, if you are traveling, rental car insurance will cover you. Purchase protection is included in the shopping benefits.

Comparative Analysis with Other Cards

Redeeming Rewards

Maximizing Rewards

Annual Fees

American Express Cash Magnet Card does not have an annual fee.

This makes it easy for cardholders know how much they are getting from the card.

International transactions are subject to a 2.7% fee.

Conclusion

Do You Need the American Express Cash Magnet Card?

If you are:

A simple rewards program that gives you cash back.

Finance a major purchase.

Avoid paying an annual fee.

You don't need to be concerned about the limited cash-back redemption options offered by this card.

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No late fees. Reduced interest charges. Pay off

American Express