Unlocking rewards: The Cash Magnet® card from American Express!

The Cash Magnet® card from American Express is a versatile and rewarding credit card designed for individuals who value simplicity and consistent cash back rewards. With its straightforward 1.5% unlimited cash back on every purchase, this card ensures that cardholders can maximize their rewards without the need to monitor rotating categories or spending limits.

In addition to its robust cash back program, the Cash Magnet® card offers a variety of other benefits that enhance the overall user experience. Cardholders can enjoy an introductory 0% APR on purchases and balance transfers for the first 15 months, access to exclusive American Express entertainment experiences, and convenient payment options like Pay It® and Plan It®.

Key information about the Cash Magnet® card from American Express

Cash Magnet® card from American Express

The Cash Magnet® card from American Express offers a straightforward and rewarding cash back experience, providing cardholders with 1.5% unlimited cash back on every purchase. This cash back is accumulated as Reward Dollars, which can be redeemed as statement credits. New cardholders can take advantage of an attractive welcome offer, earning $200 back after spending $2,000 within the first six months of card membership.

How does the annual fee work?

One of the standout features of the Cash Magnet® card is that it does not charge an annual fee. This makes it an attractive option for those who want to maximize their cash back earnings without the burden of recurring costs. The absence of an annual fee ensures that every dollar earned through cash back can be fully utilized by the cardholder.

How is the credit limit determined?

American Express determines the credit limit for the Cash Magnet® card based on several factors. These include the applicant’s creditworthiness, income level, and overall financial profile. For conventional credit cards like the Cash Magnet®, the issuer assesses the applicant’s credit history, existing debt, and income to set an appropriate credit limit. This process ensures that the limit provided aligns with the cardholder’s ability to manage their finances responsibly.

Credit card benefits 

  • 1.5% unlimited Cash Back: Earn 1.5% cash back on all purchases without any caps or category restrictions, making it simple to accumulate rewards.
  • No annual fee: Enjoy all the benefits and rewards of the Cash Magnet® card without the burden of an annual fee, ensuring maximum value from your cash back earnings.
  • Welcome offer: Earn $200 back after spending $2,000 on purchases within the first six months of card membership, providing a great initial boost to your rewards.
  • Introductory APR: Benefit from a 0% introductory APR on purchases and balance transfers for the first 15 months, followed by a variable APR of 19.24% to 29.99%, making it easier to manage large purchases or consolidate debt.
  • American Express experiences: Gain exclusive access to entertainment events, ticket presales, and card member-only experiences, enhancing your lifestyle and providing unique opportunities.
  • Flexible payment options: Utilize the Pay It® and Plan It® features to manage your payments more effectively. Pay It® allows for quick payments on small purchases, while Plan It® lets you split larger purchases into fixed monthly installments.

Unlimited Cash Back

The primary appeal of the Cash Magnet® card is its unlimited 1.5% cash back on every purchase. Unlike other cards that offer higher cash back rates on specific categories, the Cash Magnet® card provides a straightforward and consistent reward structure. This makes it ideal for individuals who prefer simplicity and do not want to keep track of rotating categories or spending limits.

Disadvantages

  • Foreign transaction fee: The card charges a fee on transactions made outside the U.S., which can add up for frequent international travelers and reduce the overall value of cash back earned.
  • Limited travel benefits: Unlike some other credit cards, the Cash Magnet® card does not offer extensive travel-related perks such as airport lounge access, travel insurance, or bonus rewards on travel purchases.
  • Variable APR: After the introductory period, the card has a variable APR ranging from 19.24% to 29.99%, which can be relatively high and potentially costly for cardholders who carry a balance.

Foreign transaction fee

A significant drawback of the Cash Magnet® card is the foreign transaction fee, which can add up for frequent international travelers. This fee can make the card less attractive for those who often make purchases abroad, as it reduces the overall value of the cash back earned.

Who can apply for this card?

To apply for the Cash Magnet® card from American Express, applicants must be at least 18 years old (or older, depending on state regulations), be U.S. residents with a valid Social Security number or ITIN, and have a good to excellent credit score (typically between 670 and 850). They should also have a sufficient income to support the credit limit granted and a stable credit history with no recent bankruptcies, defaults, or significant delinquencies.

How to apply for the Cash Magnet® card from American Express

Via WebSite

To begin, visit the American Express official website. You can find the site by typing “American Express Cash Magnet® card”. Once on the homepage, use the menu or search function to locate the Cash Magnet® card. It is typically listed under the “Credit Cards” section. Click on the card to access its specific page, where you can review detailed information about its benefits, fees, and terms.

On the Cash Magnet® card page, you will find an “Apply Now” button. Clicking this will take you to the online application form. Here, you will be prompted to enter personal information such as your full name, address, Social Security number, date of birth, and contact details. Ensure that all the information provided is accurate and up-to-date to avoid any processing delays.

Next, you will need to provide employment and financial information. This section will ask for details about your occupation, employer’s name, annual income, and any additional sources of income. This information helps American Express assess your ability to manage the credit provided. Accurate financial information is crucial for a smooth application process.

Before submitting your application, carefully read through the terms and conditions, privacy policy, and any other disclosures provided. You will need to agree to these terms by checking a box or providing a digital signature. Once you have reviewed all the information and agreed to the terms, you can submit your application by clicking the “Submit” button. Double-check your information to ensure there are no errors that could delay processing.

In many cases, American Express provides an instant decision on your application. If approved, you will receive a confirmation message, and your new card will be mailed to you within a few business days. If additional information is needed or the decision is pending, you will be notified about the next steps. Upon receiving your Cash Magnet® card, follow the instructions provided to activate it, either online or by phone. Activation is necessary before you can start using your card for purchases.