American Express Cash Magnet® Card Reviews

American Express Cash Magnet® Card Reviews
3.3 out of 5 stars
58 Reviews

From Cardholders in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4 out of 5 stars

Customer Service

3.5 out of 5 stars

3.5 5

Card Details

  • Balance Transfer Intro APR 0% for 15 Months
  • Balance Transfer Regular APR 14.49% - 25.49%* Variable
  • Annual Fee $0
  • Purchase Intro APR 0% for 15 Months
  • Purchase Regular APR 14.49% - 25.49%* Variable
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Most Helpful Positive Review

Apr 21, 2019
Great Card
kjtydy6 Cardholder

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.

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Most Helpful Negative Review

Jun 03, 2019
Scam
Shezk Cardholder

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.

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These reviews were written by current and former cardholders in the last year.

Jan 04, 2020
easy to get, low credit limit
Angelinas72 Cardholder

i have 10 cc's never a missed payment, always pay full amount off before pmt due on any of them, had a score of 746 when i applied got 2000 cl big deal, sites easy to use but u cant use ur cash back till its 25 or more, no biggy, i never call cs on any of my cards so cant say if their cool or not. Gave 3 stars for the low credit limit, discover gave me 8500 w/a lower score. 

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1 Reply
Jan 05, 2020

What discover card did u get that 8500 limit on?

 
Dec 31, 2019
American Express works with you.
RMFH55 Cardholder

I only had fair credit when I applied and was given a decent credit line of 4k. Within a year and a half of timely payments I have more than doubled that. Rewards are good, too, bit they really came through for me when I needed them. Thank you, Am Ex!

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Dec 31, 2019
kwgoodman Cardholder

748 score, 10% utilization, 6year avg acct, approved $3500. It did pop up a message saying because of my balance transfers and amount of cards opened in the last year I didn't qualify for the intro offers. I've seen a bunch of people complaining about that. Maybe the pop-up is a new addition but it was very clear from the start before it even ran my credit that I wouldn't get the intro offers.

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Dec 28, 2019
Amex Cash Magnet
Angelito81 Cardholder

I applied for the card. It offered 15 months 0% intro APR and $150 bonus when I spend whatever amount it was in next three months. I was approved. I received in the mail the card, but no intro APR, no bonus given. I called and they said I was not approved for the offer. That's a scam. Also they decreased my limit on my Amex blue to half the amount, and this was basically what they gave me on the "new" card with HIGHER APR. I would be careful with AMAX if you try to get second card. I did not approve any of their changes to my accounts!!!

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Dec 28, 2019
This card is great.
aboutmyaccount Cardholder

Not only is this card great, American Express is probably the best, most professional, most respected credit card company out there. They are for a reason. Top of the line product with top of the line customer service. You can't go wrong here. Can highly recommend.

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Dec 25, 2019
Waste of time
BobbyDelano Cardholder

I have a excellent credit score, but they still refuse to raise my limit. Even after paying the balance down to 0 several times.
I have other cards with 10 times the limit this one has.
I have requested a limit increase twice. And was refused. When every credit card I have raises my limit each time I ask.
My CC use is now at 5%, and still nothing.
My initial reason for applying for this card, was to replace all my others, and consolidate into one.
I am very disappointed.
I can get a higher **** credit limit at freakin CHUCKY CHEESE

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1 Reply
Dec 31, 2019

Same here. They are very stingy. I have excellent credit, low DTI, high income, and get refused every time I request an increase.

 
Dec 15, 2019
Great rewards and offers!
Todd007200 Cardholder

Received awesome promotions through American Express and I'm flabbergasted but don't have a 5-star rating.

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Dec 11, 2019
Great card-I use it for all purchases
JS4242 Cardholder

I have had this card for a year. I love it. I got the welcome bonuses when I was told I would and the cash back is awesome! Glad I went with it..

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Dec 10, 2019
Awesome
Upf23 Cardholder

Great card, I got this card with a small CL because of my score then after 9 months they bumped me up to double. Best card I owe, service is amazing and so is Amex overall. Get this card

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1 Reply
Dec 22, 2019

What were your scores at time of application?

 
Sep 22, 2019
Best first step into the world of Amex!
bjdwashere Cardholder

American Express is the BEST to deal with! They really stand behind the product and put customers first. I can't say the same about some of the other credit cards that I have. I would highly recommend this card to anyone. Thank you credit karma for suggesting this one to me!

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American Express Cash Magnet® Card Reviews

American Express Cash Magnet® Card