American Express Cash Magnet Card

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 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.

All information about American Express Cash Magnet® Card has been collected independently by allCards.com.

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.

Amex Cash Magnet

Rates & Fees
Terms Apply

Our Rating

4.3/5.0

Welcome Offer

$200

Annual Fee

$0

0% on Purchases

15 months

Reward Rate

1.5%

0% on Balance Transfers

15 months

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

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

Rewards

1.5% cash back
All eligible purchases
Earn 1.5% on all eligible purchases

Interest Rates & Fees

Annual Fee$0
Foreign Transaction Fee2.7% of each transaction after conversion to US dollars.
Regular APR19.24% to 29.99% (V) APR
Balance Transfers0% Intro APR for 15 months on balance transfers, then 19.24% to 29.99%(V) APR after that.
Balance Transfer FeeEither $5 or 3% of the amount of each transfer, whichever is greater.
Purchases0% 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 numerous factors in their underwriting process, and these factors can change at any time.

Lowest Approved Credit Score: 612

Average Approved Credit Score: 734

App StatusDateCredit ScoreBureauCredit Limit
Approved09/20/2023
776
Experian
$33,000
Approved01/10/2023
756
Experian
$1,000
Approved01/10/2023
760
Equifax
$1,000
Approved01/10/2023
765
TransUnion
$1,000
Approved01/23/2024
612
Not Provided
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Pros & Cons

Pros
  • Welcome offer
  • $0 annual fee
Cons
  • High APR
  • Foreign transaction fee

What Are the Best Alternatives?

Capital One Spark Cash Select for Excellent Credit
Capital One Spark Cash Select for Excellent Credit

Rating

4.7

Rewards Range

1.5% - 5%

Annual Fee

$0

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

Rating

4.7

Rewards Range

1% - 5%

Annual Fee

$0

Citi<sup>®</sup> Double Cash Card
Citi® Double Cash Card

Rating

4.9

Rewards Range

1% to 2%

Annual Fee

$0

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