The
American Express Cash Magnet® Card is one of the best cash back credit cards available right now, especially for people in the market for low introductory APRs. Amex Cash Magnet’s rewards are straightforward and generous, starting with a bonus offer of
$200 statement credit for spending
$2,000 within
6 months of opening an account and continuing with unlimited
1.5% cash back on all eligible purchases. Rewards are provided via statement credits. The Cash Magnet Card’s fees and financing offers are equally impressive, featuring a
$0 annual fee as well as introductory APRs of
0% for 15 months on new purchases and
0% for 15 months on balance transfers.
The biggest downsides to the offer are Amex Cash Magnet’s
3% (min $5) balance transfer fee,
2.7% foreign transaction fee, and its high regular APR:
19.24% - 29.99% (V), depending on creditworthiness. But those problem areas can be managed and avoided, leaving nothing but lots of savings for cardholders.
As a result, WalletHub’s editors rank the American Express Cash Magnet Card among the best all-around credit cards on the market. You can learn more about why that’s the case below.
American Express Cash Magnet Review Highlights:- $200 statement credit for spending $2,000 in 6 months provides a 10% return. The average cash rewards card has a $228 initial bonus.
- Unlimited 1.5% cash back on all eligible purchases dwarfs the market average for a cash rewards card: 1.15%.
- 0% for 15 months intro on new purchases adds months without interest to the market-average offer: 0% for 11 months.
- 0% for 15 months on balance transfers with a balance transfer fee of 3% (min $5) compares favorably to the average balance transfer offer: 0% for 13 months with a 3.1% transfer fee.
- $0 annual fee is standard for a cash back card with a flat rewards rate on all purchases, but it still saves cardholders roughly $22.29 per year compared to the average credit card.
- Applicants with good credit or excellent credit – a credit score of 700 or higher – will have the highest Amex Cash Magnet approval odds. Check your latest credit score for free on WalletHub.
All in all, American Express Cash Magnet is a great everyday credit card, offering lots of ways to save users money.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.