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You are here: Home / Credit Cards / American Express Cash Magnet Card

American Express Cash Magnet Card

April 30, 2021 by Rob Berger

The American Express Cash Magnet® Card is Amex’s 1.5% cash back card. The welcome bonus, no 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.



American Express Cash Magnet® Card
Learn More
Rates & Fees
Terms Apply
Our Rating
4.3/5.0
Welcome Offer
$200
Annual Fee
$0
0% on Purchases
15 Months
Rewards Rate
1.5%
0% on Balance Transfers
15 Months

Pros & Cons

Pros
  • Welcome bonus
  • No annual fee
Cons
  • High APR
  • Foreign transaction fee

Features & Benefits

SecurityEMV Chip Enabled, Fraud Monitoring, Zero Liability
Contactless PaymentsTap to Pay, Apple Pay, Google Pay, Samsung Pay
Benefits24/7 customer service
Travel PerksAccess to Special Events and Concerts, Auto Rental Collision Damage Waiver, Emergency Travel Assistance

Interest Rates & Fees

Annual Fee$0
Foreign Transaction Fee2.7% of each transaction after conversion to US dollars.
Regular APR16.99% to 27.99% (V) APR

What Credit Score Is Required to Get the AmEx Magnet

Based on data we’ve collected from public forums, a credit score of 720 or higher is ideal. We have seen an approval with a score as low as 690, but keep in mind that credit card issuers consider more than just your credit score when evaluating a credit card application.

App StatusDateCredit ScoreBureauCredit Limit
Approved11/25/2020
800
Experian
$10,000
Approved03/21/2022
690
Equifax
$1,000
Approved03/21/2022
690
TransUnion
$1,000
Approved03/21/2022
708
Equifax
$1,000
Approved09/17/2022
730
Equifax
$1,500
Approved09/17/2022
730
TransUnion
$1,500
Approved09/17/2022
734
Experian
$1,500
Approved04/07/2019
767
Not Provided
$8,000
Approved04/13/2022
649
Equifax
$1,000
Denied04/21/2020
740
Experian
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What Are the Best Alternatives?

Capital One Spark Cash Select - $500 Cash Bonus
Capital One Spark Cash Select - $500 Cash Bonus

Rating

4.7

Rewards Range

1.5% - 5%

Annual Fee

$0

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Chase Freedom Flex(SM)
Chase Freedom Flex(SM)

Rating

4.7

Rewards Range

1% - 5%

Annual Fee

$0

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Citi® Double Cash Card - 18 month BT offer
Citi® Double Cash Card - 18 month BT offer

Rating

4.9

Rewards Range

1% to 2%

Annual Fee

$0

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About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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