American Express Cash Magnet® Card

Cardholders' Choice i
Cardholders' Choice i
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  • Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. 
  • Unlimited 1.5% Cash Back on your purchases. 
  • Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise. 
  • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%. 
  • $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee. 
  • You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018. 
  • No Annual Fee. 
  • Terms Apply.
Annual Fee:
$0
Purchase Intro APR:
0%
(15 Months)
Purchase Regular APR:
15.24% - 26.24%*
Variable
Balance Transfer Intro APR:
0%
(15 Months)
Balance Transfer Regular APR:
15.24% - 26.24%*
Variable

Details, Rates & Fees

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* See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the 'Apply Now' button, you can review the credit card terms and conditions on the provider's website.

Cash Advance Rate 27.49%* Variable
Cash Advance Fee 3%, Min: $5
Late Fee Up to $38
Penalty APR 29.99%* Variable
Balance Transfer Fee 3%, Min: $5
Foreign Transaction Fee 2.7%
Return Payment Fee Up to $38

Rewards

Welcome Bonus

Earn $150 after you spend $1,000 in the first 3 months.

Redeem bonus as statement credit.

All Purchases

1.5% cash back per dollar

No cap on spending


Cardholders' Reviews

The following information and reviews are brought to you by Credit Karma and/or its users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.
Most Helpful Positive Review
kjtydy6
Great Card
by kjtydy6
Helpful to 77 out of 78

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.

 
The following information and reviews are brought to you by Credit Karma and/or its users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.
Most Helpful Negative Review
Garda
Was let down.
by Garda
Helpful to 390 out of 443

I applied solely to do a balance transfer. I had "excellent odds" and was approved. I was only approved for a credit line of $1,000 with a 718 credit score. I had to rub my eyes to make sure I was seeing that right. I got approved for 10k on another card a year ago easily but this "balance transfer recommendation" card was a huge let down.


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† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.

‡ Average score refers to the arithmetic mean, typical low score to the 5th percentile and typical high score to the 95th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from November 2018 through April 2019. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.

 
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