Credit Cards
American Express Cash Magnet review: a simple flat-rate cash-back card
Check out this American Express Cash Magnet review and learn about this card's $200 welcome bonus and 1.5% cash-back reward.
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by Danilo Pereira
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more
Partner Offer through CreditCards.com
Get a 0% intro APR on purchases, 1.5% cashback, and a $200 cash sign up bonus
If you are looking for a simple cash-back card with a flat rate, the American Express Cash Magnet might be for you. This is our American Express Cash Magnet review.
How to get an American Express Cash Magnet?
In this American Express Cash Magnet application guide you will learn, step by step, how to apply for this card to start earning cash back.
- Credit Score: Good – Excellent
- APR: 16.99% – 27.99%%
- Annual Fee: $0
- Fees: 2.7% foreign transaction fee, $10 or 5% cash advance fee (whichever is greater)
- Welcome bonus: $200 cash bonus after spending $2,000 on purchases within the first 3 months from account opening.
- Rewards: Unlimited 1.5% cash back.
This card does not charge an annual fee, and you will earn a $200 cash bonus once you have spent $2,000.
However, to get the bonus, you must reach the $2,000 mark within the first 3 months from account opening. Plus, get 15 months of 0% APR on purchases.
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American Express Cash Magnet: how does it work?
In this American Express Cash Magnet review, you will see that this card’s most impressive feature is its long 0% intro APR period. However, it does offer other great benefits.
With this card, you will earn an unlimited 1.5% cash back on all purchases, so you do not have to keep track of bonus categories.
Another great feature is its welcome bonus, which earns you $200 after you spend only $2000 within the first 3 months since opening the account.
Redeeming rewards is fairly simple, but they impose a $25 minimum. Also, redemptions come in the form of statement credits only.
However, you can not use your statement credit to pay your minimum payment on a statement.
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Significant benefits and disadvantages of the American Express Cash Magnet card
Our American Express Cash Magnet review would not be complete without comparing this card’s pros and cons. Have a look at the list of benefits and disadvantages we have prepared for you below.
Benefits
- It does not require enrolling and keeping track of categories
- Does not have cash-back cap
- Non-expiring rewards
- Flexible payment options
Disadvantages
- Redemption minimum
- Charges a foreign transaction fee
- No bonus categories to boost rewards
Is a good credit score required from applicants?
The American Express Cash Magnet requires applicants to have a good to excellent credit score to qualify. This typically means a FICO score of 670 points and above.
Learn how to apply and get an American Express Cash Magnet
Does the American Express Cash Magnet sound like a match to you? If so, you might want to take the next step and apply for it.
In the link below, we have prepared a complete guide to the application process. Click on it, and we will show you how to do it.
How to get an American Express Cash Magnet
In this American Express Cash Magnet application guide you will learn, step by step, how to apply for this card to start earning cash back.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more
Partner Offer through CreditCards.com
About the author / Danilo Pereira
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