American Express Cash Magnet® Card Reviews

American Express Cash Magnet® Card Reviews
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3.3 out of 5 stars
66 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

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.

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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Sep 09, 2019
It was oK
SDFIG Cardholder

I changed to a different card. 

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Sep 06, 2019
Have paid no interest & on auto draft.
Dbjs40 Cardholder

I have capital one venture one that seems to charge daily interest even when I pay balance off each month. This American Express has been my go to. Capital one doesn't even give full value on rewards when getting gift cards or applying rewards for statement credits, but both of my American Express cards do.

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Sep 05, 2019
Good
DsiS10 Cardholder

This credit card is very good although I did not receive the bonus due to my credit being low when I applied they increased my limit without me even telling them. I would recommend this card for building credit but please be aware most places don't take Amex so always have a backup that's like the mayor issue I have with Amex in general.

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Aug 30, 2019
I got the card i LOVE IT
blujay20 Cardholder

Hi i got this card i love it i got a cl 2$.

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Aug 30, 2019

That's Great. Congrats. I am planning to get one and wanted to ask what was your credit score at the time you applied for the card? Thanks

 
Sep 03, 2019

that was suppose to be 2k$ sorry about that people.

 
Aug 28, 2019
AMEX cash magnet, best card in wallet
Mrselman1967 Cardholder

Applied after approx 9 months of credit history.  Was approved in about 2 min for $4000, just recently ask for limit increase to $5000 and was approved immediately.  Awesome card, Thank you AMEX.

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Aug 30, 2019

Hi how did you do they how much you make a year what was your score?

 
Sep 01, 2019

That’s great. How much was your credit score at the time you applied for this card?

 
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!

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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 23, 2019
Can't pay certain bills but still ok.
Jyws Cardholder

Will update my review once I receive my $150 bonus

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Aug 24, 2019

I got my $150 bonus yay! 5 star now...they did what they said they will do.

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

Waste of inquiry

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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.

 
Aug 06, 2019
754 credit score 9% utilization
Jadesalvatore Cardholder

CK said approval odds were excellent, no pre approval from website though

scores 754, 768, 781

wanted for cash back but mainly for balance transfer of 5k

heard amex was generous with those with good credit scores and responsible usage

I have multiple cards with limits ranging from 5k-10k

only two cards with balances

no negs

long credit hx 

received a tiny 1000$ credit line

not worth the inquiry and will close acct as soon as card arrives 

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Aug 06, 2019

That's nuts some people with credit scores less then 680 are getting 10k limits but us higher 750 plus credit score people get less the. 2000 allowance its crap

 
Aug 06, 2019

Make sure you do not actually "close" the account, but keep it around because closed accounts make your credit look not so good. I keep my unwanted accounts as long as there is no annual fee cause apparently other creditors and lenders will take note on closed accounts.

 
Aug 07, 2019

Thanks for your feedback but closing an act would only affect me negatively if this account were older. Utilization would be affected barely since my available credit without this card is over 100k. Also Amex doesn’t report a new credit line until over month after applying for it so it probably won’t even be calculated in.

 
Aug 07, 2019

And I couldn’t care less if they look at my closed accounts they were all paid and in good standing for us with excellent credit they should be lining up to offer us their services they’re are not many of us and any bank would approve us, these mediocre limits show us whose not worth the trouble.

 
Aug 19, 2019

Just wondering if I was the only one heated about my 1k limit... I wanted to closer it, but my wife convinced me not to...

 
Sep 03, 2019

Hi did you call there recon line? amex dont just look at scores they check everything how i got this card is i have amex everday blue cash 0$ af card i had for 11 months befor that i started my credit with a cap one journey card.

 
Sep 13, 2019

Don't get mad at the computer..! Get an actual "live" person on the phone and you may get what you want..!

 
Aug 03, 2019
754 credit score 9% utilization
Jadesalvatore Cardholder

No neg 

scores 754, 768, 792

tiny 1000$ limit 

not worth the inquiry

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Aug 19, 2019

I guess that's the way they're doing business now... 756 and 0 utilization when I applied...

 
Sep 03, 2019

HI after 6 months you can ask for a cli of 5000 i did.

 
Jul 25, 2019
Bad
mardwk Cardholder

I never received the welcome bonus ($100) that they said they would provide. Also, the card is not supported for payments in many shops and websites.

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Jul 23, 2019
Using it for the balance transfer
Credometer69 Cardholder

I’ve never had an Amex card and CK stated very good approval odds. CK has been pretty accurate for me. Experian pull 701 Fico, 28% cred utilz, $7500 debt load with good debt/income ratios. System generated approval for $8000. Was approved on 7/22 so further details other than wanting balance transfer for 15 billing cycles. Cold apped, was prequalified for a few cards on AMEX site but Cash Magnet did not appear . Looking for prequalification on a lender’s website is not always accurate and just because no offers come up does not mean you won’t approved. 

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Jul 23, 2019
Very good basic card
achunt2143 Cardholder

Amex is great! And this card is a good card for when you want to have a big purchase. I'm buying counter tops with this card because of the 15 months no interest. I currently have two amex cards (blue cash and amex gold) and was pre-approved by amex before applying. They instantly approved me for $5k. My average age is 11months FICO all 729. CK TU 743 CC EQ 739

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Aug 02, 2019

I've never had an AMEX card but heard you must pay your balance in full. How does that work with 15 months no interest, I assume paying in full no longer applies?

 
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. 

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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 13, 2019
Great card
19672019 Cardholder

Spent the $1000 faster than I thought I would and the bonus was applied at the 30 day mark. Awesome 

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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.

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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.

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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."

 
Jul 05, 2019
Not a good card
1Wix Cardholder

Pros:

1. Higher credit limit

2. Fast application process

Cons:

1. Rewards post one month after spending ( every other company provides you with rewards on the same month that you spend )

2. Customer service is horrible

3. Card took 10 days to arrive after approval ( are you kidding me ? )

Bottom line: I would probably stick to Chase

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Aug 04, 2019

All of your cons are cause you have to be patient? You must be one of those whiny liberal millennials.

 
Jun 16, 2019
Idk
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.

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Jun 15, 2019
Better $$ incentives from other cards
Ziziloulama Cardholder

They lowered my limit because I don’t spend enough. Well I certainly won’t be spending anymore with them. My score is 821.  I should be given a higher limit. Have had this card for 25 years. 

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Jul 03, 2019

You certainly have not had this card for 25yrs. The cash magnet card was introduced a year ago.

 
Jul 26, 2019

An 821 score is great number; does decreasing your credit limit
lower your score?

 
Jun 14, 2019
EXTORTION
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.

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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 10, 2019
Not too shabby
BigAlIV Cardholder

I applied for this card to add a second Amex to my wallet. I have the blue cash everyday with a mid 700 credit score. Very low balance compared to what I was approved for with the blue cash everyday, but I called after receiving my card and got the balance doubled. Amex has the best customer service around by far! You don't wait on hold and they're always friendly and easy to understand.

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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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American Express Cash Magnet® Card Reviews

American Express Cash Magnet® Card