American Express Cash Magnet Card
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The American Express Cash Magnet® Card is Amex's 1.5% cash back card. The welcome bonus, $0 annual fee, and Amex benefits make it a good, but not great, cash back credit card option, especially since 2% cash back cards have been sprouting up like weeds. This card does have a 0% introductory rate for 15 months on both purchases and balance transfers, so it might be a good option if you have to make a major purchase in the next year or so. It has a few travel benefits, but it also has a foreign transaction fee, so it's only a good value if you travel within the U.S. We dive into the details and your approval odds in this AmEx Magnet review.
Our Rating
4.3/5.0
Welcome Offer
$200
Annual Fee
$0
0% on Purchases
15
Reward Rate
1.5%
0% on Balance Transfers
15
Welcome Offer
Earn $200 back after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. You will receive the $200 back in the form of a statement credit.Features & Benefits
| Security | EMV Chip Enabled, Fraud Monitoring, Zero Liability |
| Contactless Payments | Tap to Pay, Apple Pay, Google Pay, Samsung Pay |
| Benefits | 24/7 customer service |
| Travel Perks | Access to Special Events and Concerts, Auto Rental Collision Damage Waiver, Emergency Travel Assistance |
Rewards
Interest Rates & Fees
| Annual Fee | $0 |
| Foreign Transaction Fee | 2.7% of each transaction after conversion to US dollars. |
| Regular APR | 19.24% to 29.99% (V) APR |
| Balance Transfers | 0% Intro APR for 15 months on balance transfers, then 19.24% to 29.99%(V) APR after that. |
| Balance Transfer Fee | Either $5 or 3% of the amount of each transfer, whichever is greater. |
| Purchases | 0% Intro APR for 15 months on purchases, then 19.24% to 29.99% (V) APR after that. |
What Credit Score Is Required to Get the American Express Cash Magnet® Card
The following credit score data are based on publicly available information we have collected from various forums. We have no way to confirm the accuracy of this data. In addition, keep in mind that credit card issuers use a number of factors in their underwriting process, and these factors can change at any time.
| App Status | Date | Credit Score | Bureau | Credit Limit |
|---|---|---|---|---|
| Approved | 11/25/2020 | Experian | ||
| Approved | 03/21/2022 | Equifax | ||
| Approved | 03/21/2022 | TransUnion | ||
| Approved | 03/21/2022 | Equifax | ||
| Approved | 09/17/2022 | Equifax | ||
| Approved | 09/17/2022 | TransUnion | ||
| Approved | 09/17/2022 | Experian | ||
| Approved | 04/07/2019 | Not Provided | ||
| Approved | 04/13/2022 | Equifax | ||
| Denied | 04/21/2020 | Experian |
- Welcome offer
- $0 annual fee
- High APR
- Foreign transaction fee
What Are the Best Alternatives?
Capital One Spark Cash Select for Excellent Credit
Rating
4.7
Rewards Range
1.5% - 5%
Annual Fee
$0
Chase Freedom Flex(SM)
Rating
4.7
Rewards Range
1% - 5%
Annual Fee
$0
Citi® Double Cash Card - 18 month BT offer
Rating
4.9
Rewards Range
1% to 2%
Annual Fee
$0