American Express Cash Magnet Card

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.

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

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

Interest Rates & Fees

Annual Fee	$0
Foreign Transaction Fee	2.7% of each transaction after conversion to US dollars.
Regular APR	16.99% 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 Status	Date	Credit Score	Bureau	Credit Limit
Approved	11/25/2020	800	Experian	$10,000
Approved	03/21/2022	690	Equifax	$1,000
Approved	03/21/2022	690	TransUnion	$1,000
Approved	03/21/2022	708	Equifax	$1,000
Approved	09/17/2022	730	Equifax	$1,500
Approved	09/17/2022	730	TransUnion	$1,500
Approved	09/17/2022	734	Experian	$1,500
Approved	04/07/2019	767	Not Provided	$8,000
Approved	04/13/2022	649	Equifax	$1,000
Denied	04/21/2020	740	Experian	---

What Are the Best Alternatives?

Capital One Spark Cash Select - $500 Cash Bonus

Rating

4.7

Rewards Range

1.5% - 5%

Annual Fee

$0

Read Review

Chase Freedom Flex(SM)

Rating

4.7

Rewards Range

1% - 5%

Annual Fee

$0

Read Review

Citi® Double Cash Card - 18 month BT offer

Rating

4.9

Rewards Range

1% to 2%

Annual Fee

$0

Read Review

Related Articles