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Offer Status
The information for the American Express Cash Magnet® Card has been collected independently by Motley Fool Money. The card details on this page have not been reviewed or provided by the card issuer.
With the American Express Cash Magnet® Card, you get one cash back rate that will apply to your purchases, a low introductory APR on purchases and balance transfers, and a solid welcome offer (terms apply). Best of all, these perks come with no annual fee attached (see rates and fees). This American Express Cash Magnet® Card review takes a deeper dive into the benefits so you can decide if it's a good fit for you.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR
Purchases: 0%, 15 months
Balance Transfers: N/A
APR
19.24% to 29.99% Variable
Rewards
1.5% cash back
Annual Fee
$0
Welcome Offer
Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership
$200 statement credit
Brings one-card wallet versatility with a solid welcome bonus, long 0% intro APR offer for purchases and balance transfers, and unlimited cash back.
Competitive cash back rate
Big welcome offer
No annual fee
Foreign transaction fee
Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership.
Unlimited 1.5% Cash Back on your purchases.
Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 19.24% to 29.99%.
Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
Amex Offers rewards you at places you like to shop, dine, travel, and more. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement.
Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits.
No Annual Fee.
Terms Apply.
The information for the American Express Cash Magnet® Card has been collected independently by Motley Fool Money. The card details on this page have not been reviewed or provided by the card issuer.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash back on rotating categories
Discover will match all the cash back you’ve earned at the end of your first year.
1% - 5% Cashback
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash rewards on everyday spending
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
2% cash rewards
Earn unlimited 2% cash rewards on purchases.
Intro:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for unlimited rewards on purchases
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
1.5-3 points per dollar
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.
Intro:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers
may not be used to pay any account provided by Bank of America.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
This credit card is a good fit for: Consumers who want to earn the same cash back rate on their spending or want to pay purchases or existing credit card debt off over time with a 0% intro APR.
Top perks
These are the top perks that come with this card:
Unlimited 1.5% cash back
The American Express Cash Magnet® Card earns this flat rate on your spending, making it a smart pick if you'd rather not spend your time carrying cards with different bonus categories and matching them to specific expenses. Terms apply.
$200 statement credit
Earn a $200 statement credit after you spend $2,000 or more in purchases with your new Card within the first 6 months of Card Membership. Terms apply.
0% intro APR offer on purchases and balance transfers
The American Express Cash Magnet® Card has a 0% intro APR that lasts for 15 months and applies to purchases and balance transfers. The go-to rate is 19.24% to 29.99% Variable after the introductory period expires (see rates and fees). To qualify for the 0% intro APR on balance transfers, you must request a balance transfer within 60 days of account opening.
This card has at least one notable area that could be improved upon.
Foreign transaction fee
Using this card internationally will cost you 2.70% of the transaction amount in U.S. dollars. You'll need to use a different card when traveling abroad to avoid these fees (see rates and fees).
The American Express Cash Magnet® Card is aimed at consumers with a FICO® Score of 670 or higher. But that number isn't set in stone, as applicants have reported approvals with low- to mid-600s scores. However, American Express considers many factors in its decision-making process, not just your credit score.
The Amex Cash Magnet Card is right for you if:
You should think about applying for the American Express Cash Magnet® Card in these situations:
You want a no annual fee cash back card.
You prefer flat-rate cash back because you don't have a lot of expenses in any particular spending category.
You need to finance one or more purchases at a 0% intro APR. Terms apply.
You want to make a balance transfer and pay down existing credit card debt faster without additional interest at a 0% intro APR. Terms apply.
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.
FAQs
Credit limits for the American Express Cash Magnet® Card are based on several factors, including a card member's income and credit history. Successful applicants typically receive a credit limit of at least $1,000, and some get credit limits of over $10,000.
The American Express Cash Magnet® Card isn't hard to get if your credit score is high enough. A FICO® Score of at least 670 gives you a good chance of being approved.
Yes, you can use this card internationally. However, it charges a foreign transaction fee of 2.7% of each transaction in U.S. dollars.
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Citigroup is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal and Target. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2024 $70 calls on PayPal. The Motley Fool has a disclosure policy.
For rates and fees for the American Express Cash Magnet® Card, click here
The Motley Fool owns shares of and recommends Visa. The Motley Fool recommends Amex.
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