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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4 star reviews (15) See All

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

Jan 13, 2019
Larlar4343 Cardholder

Overall a good card. The promotional rewards is easy to acquire with only 1000 over 3 months. Plus the financing.

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Jan 08, 2019
Hooked!
queenb1999 Cardholder

I already have the Blue Cash Everyday. If you already have an AMEX card you can only apply for another on the AMEX site at least that was my experience. I applied for the Magnet card and was approved for 10k. With that I was able to transfer my Cap 1 balance! My credits scores are in the mid 700s but my utilization is 4% overall. Utilization counts. History with them definitely counts! With 2 Caps, 2 AMEX, 1 Discover, 1 Citi, I am now offically done!

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Dec 22, 2018
Excellent Odds, Only approved 2K
MsValerieAnne Cardholder

I applied for the card and got approved. My approval odds were excellent. My credit scores and FICO are all mid 700s. 100% on time payments for my other cards, yet my highest credit is $6,000 (Cap 1 card).  After reading all the others and how much lower some people had  score wise/history wise, I decided to apply hoping I'd get at least $4,00, since I'll be using it as a balance transfer card. I got approved for $2,000, with $1,500 being allowed for balance transfers, so instead going down to one payment a month, if i tranfer, I'll have 3 monthly payments. 

FICO (Transunion) 771 /  FICO (Experian)  753  -- Scores on here and CreditSesame 743 all the way around. 

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Dec 05, 2018
American Express Cash Magnet Card
jbengle1 Cardholder

I applied, received my card, used it for $1000 worth of purhases in less than three months but was denied $150 bonus,

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Dec 06, 2018

did they tell you why you were denied ?

 
Dec 16, 2018

You probably have to wait a couple of billing cycles before you get the bonus.

 
Dec 28, 2018

They have a 1 time welcome bonus per lifetime. So if you ever had one from them, even if it was a business card, you can't get another.

 
Nov 01, 2018
So far so good
WarCulture Cardholder

665 Avg score across, approved instantly for 2k, not my highest cl by any stretch but just fine with me as I’ve pushed another card from 2k to 12k in a year, I recommend for the unlimited cash back, the bonus is a plus but depending on your cl, going for the bonus may hurt your score if you can’t instantly pay it down.

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Nov 18, 2018

How did you get a card limit to go from 2k to 12k on just one year?

 
Nov 29, 2018

in the case of that card, I was approved for a 2k CL, 61days later I requested an increase at 3x’s the limit, it was approved (6k). Then 6 months from the application date I requested another CLI, which approved to 9k, then 6 months following that I requested another CLI, which approved to 12k. Also marking 1 year since I received the card

 
Dec 02, 2018

I researched "that card" and couldnt find this mystery "that card" credit card company. Smh

 
Dec 06, 2018

There are tons of credit card companies that follow six month CLI's, I assume you're not experienced in applying for cards and raising limits. Its doable with any card, American Express is known for a 3x Increase at 61 days, albeit not guaranteed, it is not unusual either. If you're looking for recommendations to follow my formula, I would suggest applying for an Amex.

 
Oct 14, 2018
Approved!
TUEQEX Cardholder

TU 727, EQ 736, EX 694. INSTANT $5,000 APPROVAL!

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Oct 02, 2018
Quick Approval!!
Moe1108 Cardholder

Quick and easy process! Was approved for $5000 with fair credit .

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Sep 22, 2018
Decent card w- 0%interest for 15 months
creditwyzard Cardholder

This is my third Amex card. I applied due to the 0%interest for 15 months feature, i had bills to charge but I wouldn’t use this card to transfer debt as that’s not free. I was approved instantly for $10K (my credit scores: TU 804 EX 794). However there was a drop in my other Amex card total by $7K. Customer service is good so far. But there’s a minimum payment every month and a penalty if not paid on time. It’s a decent card with one feature that serves me well: 0% for 15 months. I don’t plan to use it overseas (there’s a fee for foreign transactions). I’m happy with $150 cash back after spending $1000 and a further $100 after spending $6500 within a year. 

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Sep 02, 2018
Fast Approval $10k
hjjinc7 Cardholder

I was hesitant to apply reading the reviews. Equifax 738 TU 730 Experian 695; knowing that Amex uses Experian had me nervous. I already have one AMEX for my business so I decided to try it. I was approved immediately for $10k, my highest credit card to date. I have been rebuilding my credit for 3 long years and I will not stop until those scores are over 800. Thanks Credit Karma

i has excellent approval odds

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Sep 02, 2018

Thanks for the review! It was helpful in my decision to apply!

 
Sep 03, 2018

It’s helpful when similar people are on the fence. I’m glad I pulled the trigger. Good luck

 
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‡ 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.

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American Express Cash Magnet™ Card

15 Reviews
Cardholders' Choice i