This offer is no longer available on our site: American Express Cash Magnet® Card

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American Express® Cash Magnet® Card

Updated:

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280 reviews from Intuit Credit Karma members

3.3

Rating: 3.3 out of 5.

Great for simple cash back

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their American Express® Cash Magnet® Card or similar cards.

% of members by credit limit range

$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 40% 38% 13% 22% 18% 9%
$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 40% 38% 13% 22% 18% 9%
$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 40% 38% 13% 22% 18% 9%

The average credit limit for members who have matched with this card or similar cards is $8,130, with $1,000 being the most common.

Here’s the average credit score of members who matched their American Express® Cash Magnet® Card or similar cards.

% of members by credit score range

Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 3% 14% 13% 43% 26%
Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 3% 14% 13% 43% 26%
Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 3% 14% 13% 43% 26%

The average credit score for members who have matched with this card or similar cards is 707, with 807 being the most common. Note this is just one of the deciding factors when it comes to getting approved.


Member stats

Updated daily

25.9%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$99,056

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.



Member reviews

Overall rating:

3.3

Rating: 3.3 out of 5.

280 reviews from Intuit Credit Karma members

Most helpful positive review

April 21, 2019

5

Rating: 5 out of 5.

Great Card

Credit Karma Member

Okay, so I did not want to rush and write a review after my first impresssion, since it was not a good one. Allow me to elaborate. After spending two years repairing my credit and with a CS of 650 at the time, I applied for this credit card because A)CK said I had good approval odds, B) I was sent a pre-approval letter for another one of their cards, so I figured I had good chances, and C) this card has a cash bonus offer when I applied( $150 if I remember correctly) after spending only $1000 within your first three months. Although I did get approved instantly for $1k, they failed to inform me that i did not qualify for the cash bonus offer due to my credit score. Honestly, had I known this before, I woud not have applied. I then found myself with a credit card from a company that I resented already, but used it anyway for everyday purchases such as groceries, gas, and other bills always making sure to pay it off as soon as the charge was posted, always keeping a SUPER LOW balance. They have increased by CL twice since, and I have accumulated a significant amount of reward dollars and you can use them towards a lot of cool things, not just statement credit. They also have offers that you can add on your card to get cash back when purchasing from certain stores, restaurants and hotels(Levi's, Lulu's, Omni Hotels, CPK, MAC, Ray-Ban, etc) This absolutely changed my perspective and although it would have been nice to be eligible for that sign up bonus, this has become my go-to card. RE Customer Service: I initially called them when I spend my first $1000 to find out why the credit was not posted. They answered quickly and the operator was very efficient and clear about the procedure of opening the inquiry. I received a call back the next morning. I was in class so I did not answer and they left me a message. I was very impressed they called me and I did not have to be pursuing them to get the answers I needed. They did not have a resolution at that time, but they wanted to let me know they were looking into it and someone would call me. I did receive a call a couple of days later with the dissapointing news I mentioned above. Although I feel the offer was misleading, their service was outstanding and I have zero complains.

Most helpful negative review

June 3, 2019

1

Rating: 1 out of 5.

Scam

Credit Karma Member

I applied and received this card about 6 months ago... The first thing I was attracted to was the $150 welcome bonus offered when you spend $1,000 within the first 3 months. After spending WELL over $1,000 in less than the 3 months time frame I never received the welcome bonus or any information pertaining to it. After contacting customer service numerous times they are blatantly not honor the welcome bonus which is STILL posted/offered on all of their websites. Also you are not even able to redeem cash back until you have a minimum of $25 earned each time and many places don't even take American Express. I'm extremely dissatisfied with this card/company and I will no longer be using this card.

All member reviews