American Express Cash Magnet™ Card Reviews

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Approval Odds

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4.4 out of 5 stars
100 Reviews

From Cardholders in the last year

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ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4 out of 5 stars

Customer Service

3.5 out of 5 stars

4.5 5

Card Details

  • Balance Transfer Intro APR 0% for 15 Months
  • Balance Transfer Regular APR 15.24% - 26.24%* Variable
  • Annual Fee $0
  • Purchase Intro APR 0% for 15 Months
  • Purchase Regular APR 15.24% - 26.24%* Variable
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1 star reviews (7) See All

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

Jan 14, 2019
useless
Taped Cardholder

I have 802/797 and approved for $1k asked for $1001 and denied LOL they can keep it

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Jan 15, 2019

How many credit cards do you have? I have 927465 credit cards too!

 
Jan 02, 2019
Terrible
Galegrem1348 Cardholder

Was given a 10000 line tried once to use was denied because was using 3000 on one purchase they want you to use on multiple purchases cancelled card immediately don't bother

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Jan 02, 2019

Why didn't you do a large purchazse like buy a house for a million dollars?

 
Dec 28, 2018
Beware, AE offer 0% int, but won’t give!
Workmomof2 Cardholder

AE claims that because one goes through Credit Karma, the offer may not apply. Beware. They will charge you interest!!

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Oct 31, 2018
Joke
Machoman316 Cardholder

With a 725 score across all 3 bureaus, Ck said I had “good” odds. They denied me the $150 bonus as they did in another users comments, and offered me the same card with a $500 limit, NO BONUS. I wonder if Ck is getting our bonus for referrals because this is so disrespectful. I was approved back in July with a lower score for the chase freedom unlimited with over 3k, I shouldn’t have even applied for this one I know. With Amex low acceptance, you would think they’d be a little more generous. I won’t use this card, I  will try to return to sender, tried calling customer service, but that’s a whole different story, stay tuned. I won’t apply for another card through Ck, nor will I recommend this card to anyone.

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Nov 01, 2018

So you made something up in your head about Credit Karma and now using that as the reason why YOUR credit sucks? Amex gave you a $500 limit because you obviously aren't trustworthy. Your review speaks to your child like mentality. Grow up. No one is going to hold your hand or give you anything. EARN IT.

 
Nov 02, 2018

No one is gonna "stay tuned".

 
Nov 04, 2018

No, CK isn't getting your $150 bonus. High utilization likely will result in low credit limits on new cards.

 
Nov 07, 2018

@RALPHHABER obviously you are nothing more than a troll at best. A 725 fico is not a bad score, as you claim. With a 725 fico typically a much larger credit limit is offered. I think utilization, income or overall income to debt ratio was a factor in the very low credit limit. RALPHABER, its best to remain silent when you have no clue what you are talking about!

 
Nov 12, 2018

I agree with Creditguru7. We have to remember also that CK scores flex quicker than the actual FICO Scores. Just because you paid a large amount on a debt or for any reason it changes in your favor, wait a while before applying. There are many factors not just the score as said by Creditguru7 We look desperate when we apply without a steady score and not just a flex in the score. Also remember credit score is lower and takes time to catch up with the FICO. Ok so bottom line, don't go by just the FICO or any app.

 
Nov 26, 2018

Something doesn't sound good. I am a international student working full time. And I was instantly approved for 20K. I do have a decent credit score. I don't think credit karma has anything to do with this. It's all about your credit history and the current score.

 
Oct 04, 2018
Worst worst worst
Oussam Cardholder

Worst credit card ever Also worst customer service

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Oct 02, 2018
Process to apply easy, credit limit suck

I have many cards with 10k -20k limits. They approved me for a 2k limit. Income is high and credit score is 750 -775. I would like to use my amex cards more but the credit limits they give me suck.

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Oct 04, 2018

They will increase your limit gradually. Worth it

 
Jul 27, 2018
Not worth the credit ding
Maria2rrt Cardholder

Applied for this card with 740 credit score 100 o/o payment history over 8 yrs. 0 derogatory remarks. Excellent approval odds said credit karma and got approved for $500. Something is very much wrong. My credit score is truly very good. Will never use this card.

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Jul 27, 2018

That’s odd. I applied with a 711 score with 2 years of credit and got approved for $1600.

 
Jul 27, 2018

Your debt to income ratio is probably not very favorable, at least, not when you applied, that is.

 
Jul 31, 2018

Your credit score isn't the problem. Your credit/debt to income ratio is probably too high for Amex. If you have $30k in CC debt and make $60k a year, your DTI is 50%. Creditors prefer to see 40% or less to even extend new credit. Now if your credit available is $180k and your income is $60k, then you have a CTI of 300%. Even if you used your credit responsibly, you could easily hit the max DTI.

Cancel a couple of low level cards that aren't very old. That'll reduce your CTI. Also, make sure your information in your credit report matches what they received. It is possible that you accidentally reported an income of $30k when you meant to report $130k or something like that. It is also possible that your address isn't the same as your report, so they might be concerned you aren't who you say you are.

 
Aug 11, 2018

Great advice

 
Aug 30, 2018

Thats Impossible because Amex Minimum Credit Limit Approval is for 1000

 
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American Express Cash Magnet™ Card

7 Reviews
Cardholders' Choice i