The Cash Magnet® Card from American Express is a versatile and rewarding credit card option for those looking to earn cash back on everyday purchases. With no annual fee, this card provides a straightforward way to accumulate rewards without the burden of extra costs.
Designed with the modern consumer in mind, this card also includes various features that cater to different financial needs. From its competitive introductory APR to the flexibility of its Plan It® feature, the Cash Magnet® Card is a solid option for those who want to maximize their spending power while enjoying the benefits of American Express’s customer service and rewards programs.
Key information about the credit card
How does the annual fee work?
One of the most appealing aspects of the Cash Magnet® Card is its no-annual-fee structure. Many consumers find the idea of paying an annual fee for a credit card off-putting, especially when they’re trying to manage their finances carefully. With the Cash Magnet® Card, you can enjoy all the benefits and rewards without worrying about an additional yearly cost.
How is the credit limit determined?
The credit limit for the Cash Magnet® Card is determined based on a variety of factors, including your credit score, income, and overall creditworthiness. American Express considers your financial history and current financial situation when setting your limit, ensuring that it aligns with your ability to repay.
Advantages of the credit card
- 1.5% unlimited cash back on all purchases: This feature allows cardholders to earn cash back on every purchase without worrying about spending categories or reward limits.
- No annual fee: The card comes with no annual fee, making it a cost-effective choice for those who want to earn rewards without incurring additional expenses.
- Introductory 0% APR on purchases and balance transfers for 15 months: Cardholders can take advantage of this offer to make large purchases or transfer balances without paying interest during the introductory period.
- $200 statement credit as a welcome offer: New cardholders can earn a $200 statement credit after spending $2,000 on purchases within the first six months of card membership.
- Access to American Express Experiences: Cardholders get exclusive access to ticket presales and special events in entertainment, sports, and more.
Standout advantage
The standout advantage of the Cash Magnet® Card is its unlimited 1.5% cash back on all purchases. This straightforward rewards structure ensures that you can consistently earn rewards without the need to track spending categories or worry about caps on rewards. It’s a no-fuss way to maximize your earnings, making it a perfect option for those who prefer simplicity in their rewards program.
Disadvantages
- No bonus categories for higher cash back: Unlike some other cash back cards, the Cash Magnet® Card doesn’t offer higher rewards in specific spending categories, which might be a drawback for those who spend heavily in certain areas.
- Foreign transaction fees: The card charges a fee for foreign transactions, making it less suitable for international travel.
- No premium travel benefits: This card doesn’t offer perks like airport lounge access or travel insurance, which could be a disadvantage for frequent travelers.
A standout disadvantage
A notable drawback of the Cash Magnet® Card is its lack of bonus categories for specific types of spending. While the 1.5% cash back is consistent across all purchases, some consumers might find it less rewarding compared to other cards that offer higher rewards in popular categories like groceries, dining, or travel. This could be a disadvantage for those who want to maximize their rewards in areas where they spend the most.
Who can apply for this card?
To apply for the Cash Magnet® Card from American Express, you need to meet several basic eligibility requirements. Applicants must be at least 18 years old and have a valid Social Security number or an Individual Taxpayer Identification Number (ITIN).
A good to excellent credit score is typically required, which means you should have a credit score of at least 670 or higher to improve your chances of approval. Additionally, you should have a steady income to demonstrate your ability to manage and repay the credit. This card is not specifically designed for those with poor credit, so it’s important to ensure your credit profile is in good standing before applying.
How to apply for the Cash Magnet® Card by American Express
For the website
To apply for the Cash Magnet® Card online, start by visiting the official American Express website. Once there, navigate to the Cash Magnet® Card page and click on the “Apply” button. You’ll be prompted to fill out an application form that requires your personal information, including your name, address, Social Security number, and income details.
The online application process is designed to be quick and secure, and you’ll usually receive a decision within minutes. If approved, you’ll be able to start using your card as soon as it arrives, which typically takes 7 to 10 business days.
Through the app
If you prefer using your smartphone, you can also apply for the Cash Magnet® Card through the American Express mobile app. First, download the app from the Apple App Store or Google Play Store if you haven’t already. Once installed, open the app and log in to your American Express account or create one if you’re a new user.
From the app’s home screen, navigate to the credit card section and select the Cash Magnet® Card. The application process is similar to the website, where you’ll need to provide your personal and financial details. The mobile app offers the added convenience of being able to apply on the go, making it a great option for those with busy schedules.
At the branch
For those who prefer a more personal touch, you can apply for the Cash Magnet® Card in person at a physical American Express branch. Visit your nearest branch and speak with a representative who can guide you through the application process. This method allows you to ask questions and receive immediate assistance if you have any concerns about your application.
The representative will help you fill out the necessary forms and submit your application. While this method may take a bit longer than applying online or through the app, it provides the reassurance of direct customer service and support throughout the application process.
