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American Express Cash Magnet Card
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Pros
- The card is offering unlimited cash back with 1.5 rate.
- $200 cash back for $1000 purchase.
- Reasonable interest rates for purchase and balance transfers.
- Minimum cash advance and balance transfer fees are very good.
- There is no annual fee for the card.
- Additional rewards with adding your family members.
Cons
- Cash Advance APR is a little bit high.
Review
American Express Cash Magnet Card is one of the most popular cash back credit cards of United States. There are various bonuses which comes with the membership to this card and there are good amount of rewards with the card. You can see detailed review about the card below and get more information on interest rates and fees…
Spend $1000, Earn $200 Bonus Immediately
You will able to earn good bonuses with this card. When you spend $1000 with your card, you will earn 20 percent back and this is equal to $200. You will also receive another $200 back as statement credit with the card. This is good opportunity for those who are looking for credit cards with reasonable APR and good amount of bonuses.
Unlimited Cash Back with 1.5 Rate on American Express Cash Magnet Card
The card also giving cash back opportunity for consumers with 1.5 rate. The rate of the cash back is moderate. However it is good because it is unlimited. Most of card companies offers those rates with limited opportunities. So if you are looking for a card for general purchases, American Express Cash Magnet Card can be quite profitable for you. We are going to compare this card for you with other cash back cards at incoming days.
0% APR on Balance Transfers & Purchases for 15 Months
You don’t need to pay interest rates for 15 months after you get the card. This is valid for balance transfers and purchases. This is another upside of the card for consumers.
15.24% to 26.24% APR for Purchases and Balance Transfers, 27,49% APR for Cash Advances
The minimum annual percentage rate for the card is 15.24% and the maximum is 26.24%. The minimum APR is very good for this level of card. The maximum APR is reasonable. 27.49% for cash advance is not also very bad. However if you are looking for a card with low interest, this is not a perfect card for you.
Improved Rewards with Adding Your Family Members or Friends to Your Card
If you add additional cards to your friends or family members, you will also start to earn from their purchases too. You will also earn from your bills too. Such as phone number…
Fees of American Express Cash Magnet Card
No Annual Fee
You will not need to pay annually for the card and there is no time limit for this.
Balance Transfer & Cash Advance Fees
You will need to pay $5 minimum for balance transfer and cash advance. The maximum fee for the card is 3%. You will need to pay whichever greater on transfers.
Foreign Transaction
If you ever purchase items from a foreign location or a foreign currency, you will need to pay 2.7% more with the card.
American Express Cash Magnet Card Rates and Fees Table
| Interest Rate (APR) | Rewards ($1) | Annual Fee | FTF(*) | Cash Advance Fee | Cash Advance APR | Balance Transfer Fee | Balance Transfer APR |
|---|---|---|---|---|---|---|---|
| 15.24% – 26.24% | 1.5 Unlimited Cash Back
$200 bonus cash back for $1000 purchase. |
None | 2.7% | $5 or 3% | 27.49% | $5 or 3% | 15.24% – 26.24% |
FTF: Foreign Transaction Fee
American Express Cash Magnet Card Editor Scores
| Type of Card | Editor Score | Overall Score | Total Cards |
|---|---|---|---|
| General | 264 | 200 | 100 |
| Zero Interest | 236 | 180 | 43 |
| No Annual | 211 | 166 | 60 |
| Rewards | 260 | 189 | 64 |
| Cash Back | 170 | 123 | 26 |
| Sign-Up Bonus | 216 | 199 | 44 |
Similar Credit Cards
- Bank of Hope Cashback Visa Signature
- Bank of America Cash Rewards Credit Card
- Wells Fargo Cash Wise Visa
You can write a review for American Express Cash Magnet Card and give more information about the card to other consumers.
Originally posted 2019-04-02 01:07:36.
