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

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
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 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
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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1 Reply
Dec 24, 2019

Plan to apply for AMEX in 2020. What were your scores when you applied?

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?

Dec 25, 2019

I call BS on this

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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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.

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..!

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American Express Cash Magnet® Card Reviews

American Express Cash Magnet® Card