American Express Cash Magnet® Card Reviews

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

From Cardholders in the last year


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

1 star reviews (17) See All

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

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!!!

more ...
Sep 09, 2019
It was oK
SDFIG Cardholder

I changed to a different card. 

more ...
Aug 27, 2019
Beware888 Cardholder

BEWARE, deceptive and thieving business! Every card I’ve had with the 0 intro promo has never required me to pay during the promotional period. Had I known these LIARS would render this promotion I would have never applied for this now pointless card. 

Customer service is Nonexistent! Might as well be talking to a robot. NEVER will do business with AE ever again!

more ...
Sep 13, 2019

I don't understand.. you are always required to make minimum monthly payments.. if you carry a balance after the promotional period ends.. you will be charged interest on all charges from day one.. all cards work this way..

Sep 21, 2019

Was going to make the same comment RickS111 made. The promotion wasn't "90 days with no payments" -- don't mean to hurt any feelings but this must be a young person without much credit history or experience.

Aug 06, 2019
797 Excellent credit 2k approved
edrservices Cardholder

Waste of inquiry

more ...

Was this review helpful?

1 Reply
Sep 06, 2019

I had a different Amex card with a 10k limit, with a credit score close to yours, and was also approved for 2k. Was very disappointed. But after a year, my credit limit is over 7k. Will probably close it after promo Apr ends in December. Otherwise, it's a great card. Offers member services almost all other credit cards have phased out.

Jul 21, 2019
Feel Cheated to The MAX!
ErikKenway Cardholder

$150 of welcome offer bonus after spending $1000 was the decision for me to open this account in the first place. After Meeting the treshold, and waited for 2 billing cycles there was no sign of the amount of $150 to pop up on my account. So I called them and guess what?! they said I was not eligible for the offer so there is nothing they can do to give me the bonus. To finalize the horrible experience with them, they required $25 minimum to cash out the cash back! Yeah Amex is a fraud! Stay away from this card or the company for your own sake. Never ever in my life this kinda stuff happened to me regarding welcome bonus offer. Closed my account right away. 

more ...
Aug 02, 2019

What were the conditions of getting the bonus offer, was it to spend $1k, how were you able to identify you qualified for the offer?

Sep 21, 2019

American Express's customer service has declined over the years. I had a Amex Gold Card since 1981 that I paid annual fees of $150/year for two cards though we rarely used it for more than 5 years. I was going to close it and then forgot (during my husband's chemo) to make my payment timely and was late two days. Amex kindly reversed the $29 late fee when I requested it due to my long history and sterling record of timely payments. Told the man to go ahead and cancel the card and that I was sending a check for the new balance minus the $150 fee due that month. I told him I'd charged $45 that had yet to show but would pay it on receipt of the bill. When the bill came, they'd charged me ANOTHER $29 late fee, this time for not paying the $150 annual fee! I called to remind them of the card's cancellation and was told they'd check the recording they made of my call to see if I'd "really" canceled it. In the meantime, Amex reported me to the credit bureau and my credit score dropped more than 100 points! I was livid. When I called demanding they remove the negative info from my Report, they'd taken care of it already (yet didn't call me).The following month my Credit Report showed account was again "in good standing" (BTW, that's how they reverse a negative even though it doesn't REMOVE their mistake from the Report), and my score jumped back up to 825 (but then went down to 815 for two months when I canceled the card).No follow up phone call or no "glad we could help reverse this" letter after 37 YEARS of being a perfect customer. I will NEVER do business with Amex again. Back in the day, Gold Amex card indicated good credit. I'd kept it because I hated to cancel a card I'd had for so many years. Credit score is now 830. My advice? NEVER pay a fee for a credit card.

Jul 09, 2019
Interest rates too high
Shadymist7 Cardholder

Stay away from AmEx.  Interest rates are WAY too high.  If you have decent/good credit, much better options with Discover.

more ...
Jul 09, 2019
Makes you wait to make payments
atruj Cardholder

Chase freedom unlimited card is the same but much better in that it let's you make payments whenever unlike this piece of trash that makes you wait.

more ...
Jul 17, 2019

Its only the first 30 days you have to wait. You can also call and make a payments over the phone during the first month.

Sep 06, 2019

I make payments at least twice a month, no issue at all. "You're doing it wrong."

Jun 16, 2019
Yomomasofit Cardholder

Had to wait over a week to get this card. I asked for express shipping yet I feel like they just bull****ted their way out when I asked. I needed it for an emergency and yet it took way longer than any other card I've had. Super bad customer support and they will just keep tossing you around if they don't know the answer to your question. It was easy to apply but super bad in their customer service and or the time it takes to get the dam thing.

more ...
Jun 14, 2019
Wifey1Sock Cardholder

Last time I ever use a AMEX card, was originally approved for 8k. Now after a few months they randomly decide to lower my CL on multiple cards to obscene amounts forcing my accounts to their max. After I called them to ask what's going on they are demanding early payment on the balance in exchange for the credit limit back. THIS IS EXTORTION. I WILL NEVER USE AMEX AGAIN. 

I used to rave about Amex customer service and features, now I will tell everyone to stay away for the EXTORTIONIST company AMEX.

more ...

Was this review helpful?

1 Reply
Jul 26, 2019

I agree!
When they lower your CL, it shows the CRA (credit reporting agencies) you are close to credit limit and that percentage affects your credit score. It affects you more than they care to know!

Jun 03, 2019
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.

more ...
Add a Review

Add Your Review

I Own It I Had It I Applied

Please state your experience.

How would you rate this card overall?

Please select a rating

What should others know about this card?


How was application process?

How was customer service?

See Your Approval Odds Before You Apply

Sign up for a free membership, and Credit Karma can estimate your chances of approval based on your credit profile. You’ll also get:

  • Credit scores and reports
  • Credit monitoring
  • Personalized recommendations

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.

† 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 and typical low score to the 5th 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 June 2014 through November 2014. 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.

The ratings and reviews are brought to you by our users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.

American Express Cash Magnet® Card Reviews

American Express Cash Magnet® Card