Terms apply to American Express benefits and offers. Visitamericanexpress.comto learn more.
American Express is basically synonymous with luxury credit cards. After all, the issuer is responsible for starting the "black card" trend. But these days, it also offers a host of high quality cash-back cards that don't come with crazy annual fees.
The American Express Cash Magnet® Cardis one such example. This cash-back cardoffers a $200 statement credit as a welcome bonus for new cardholders when you spend $2,000 in your first six months. And you can earn unlimited 1.5% cash back on eligible purchases while enjoying some of the best perks that Amex is known for.
Below, CNBC Select breaks down the rewards, benefits and fees associated with the American Express Cash Magnet Card to help you decide if it's the right card for you.
Amex Cash Magnet review
American Express Cash Magnet® Card
Information about the American Express Cash Magnet® Card has been collected independently by Select and has not been reviewed or provided by the issuer of the cards prior to publication.
Rewards
Unlimited 1.5% cash back on all purchases
Welcome bonus
Earn a $200 statement credit after spending $2,000 in purchases within your first 6 months of card membership.
(Video) The "New" American Express Blue Cash EverydayAnnual fee
None
Intro APR
0% for the first 15 months on purchases from the date of account opening, N/A for balance transfers
Regular APR
18.49% to 29.49% variable
Balance transfer fee
N/A
Foreign transaction fee
2.7%
Credit needed
Excellent/Good
See rates and fees andour methodology, terms apply.
Pros
- No annual fee
- Earn a $150 statement credit after you spend $1,000 in purchases in your first 3 months
- 0% intro APR on purchases for 15 months from the date of account opening
Cons
- 2.7% fee on purchases outside the U.S.
- Cash back comes in the form of a statement credit (with a minimum redemption of $25)
Amex Cash Magnet rewards
The American Express Cash Magnet Card gives cardholders 1.5% unlimited cash back on all eligible purchases. This cash back can be redeemed as reward dollars for statement credits once you earn a balance of $25 or more. Occasionally, Amex may offer you the opportunity to cash these rewards in for gift cards or merchandise from select merchants.
In addition, there's also a welcome bonus: You can get $200 cash back when you spend $2,000 on eligible purchases in your first six months.
CNBC Select calculated how many rewards the average American could earn if they optimize the way they use their Amex Cash Magnet. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126.
The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953).
Here's a breakdown of how much cash back you can earn in each category, annually:
- Groceries: $78
- Gas: $33
- Dining out: $55
- Travel: $34
- Utilities: $73
- General purchases: $59
- Total: $332
Based on the annual spending budget from Esri, the average American can earn an estimated $482 in the first year of card membership, including the welcome bonus offer, and $1,810 over five years. This assumes that cardholders are redeeming cash back for a typical value of 1 cent each. Extreme optimizers might be able to achieve more value, and you may earn a higher or lower return depending on your spending habits.
Additional benefits
While Amex is known for offering luxury perks with cards like the American Express® Gold Card, the Cash Magnet is a no- annual fee card (see rates and fees) that comes with some of the same well-loved benefits. Terms Apply.
Amex Cash Magnet Travel Benefits
The Cash Magnet card comes with car rental loss and damage insurance when you book the rental vehicle on your Amex card. It also provides a Global Assist® Hotline to connect you to assistance when you or a family member loses a passport, comes down with sudden illness, needs language translation or encounters a customs and border question while on vacation.
(Note: Global Assist® coordination services are offered complimentary, but cardholders must pay for any third-party services once Global Assist® connects them to the appropriate resource.)
Amex cardholders can also take advantage of Destination Family benefits when they use the Amex Cash Magnet card to pay for valid bookings through the American Express Travel portal. Participating providers include:
- Abercrombie & Kent
- Royal Caribbean International
- Regent Seven Seas Cruises
- Travel Impressions
Your Family Destination benefits vary by provider and may not be available to residents outside of the U.S. The primary cardholder must be included in all vacation bookings, meaning you can't book a trip for the family but stay home yourself.
Another great travel benefit of the Amex Cash Magnet card is the Lowest Hotel Rates Guarantee. If you book a qualifying hotel at the prepaid rate on amextravel.com and then find the same exact accommodation for the same dates and number of family members at a lower price online, Amex will refund the difference (taking taxes and fees into account).
To qualify for Lowest Hotel Rates Guarantee, your claim must be submitted at least one day prior to your date of check-in.
For a travel credit card that gives you the opportunity to earn more on your hotel stays, you might consider Capital One VentureOne Rewards Credit Card, which give cardholders 5X miles on hotel and rental cars booked through Capital One Travel and 1.25X miles per dollar on every other purchase.
Amex Cash Magnet Shopping Benefits
If you're a frequent online shopper, you may have heard of Amex's free ShopRunner benefit. When you verify your account's eligibility, ShopRunner offers free 2-day shipping at participating retailers.
The Cash Magnet's Pay It® program lets cardholders split up eligible purchases over a fixed period of time for a set monthly fee with no interestas long as you pay your adjusted balance each month by the payment due date. (Pay It® is only available in the American Express® App; See rates and fees)
Finally, Amex offers complimentary dispute resolution which helps you stay on top of your purchases and easily address charges you suspect to be fraudulent. (Not all of the disputes will be in your favor, but Amex commits to working with cardholders to resolve any issues.)
Fees
The American Express Cash Magnet card has no annual fee, but there is a 2.7% foreign transaction fee. There's an introductory 0% APR for 15 months on purchasesfrom the date of account opening, (18.24% to 29.24% variable thereafter). (See rates and fees)
Bottom line
The American Express Cash Magnet® Card is great for families and individuals who like the idea of a simple, no annual fee credit card that lets you earn unlimited 1.5% cash back on all eligible spending. The $200 welcome bonus, which is redeemable as a statement credit, can add to your first-year earnings.
But if you have good to excellent credit, you may want to consider the Amex EveryDay® Credit Card, which offers rewards geared toward foodies: 2X Membership Rewards® points at U.S. supermarkets on up to $6,000 per year in purchases (then 1X), and 1X Membership Rewards® points per dollar spent on all other purchases.Terms apply.
Our methodology
To determine which credit cards offer the best value, CNBC Select analyzed 234 of the most popular credit cards available in the U.S. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.
CNBC Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.
Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.
CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.
While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.
Information about the American Express Cash Magnet® Card, Amex EveryDay® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.
For rates and fees of theAmerican Express Cash Magnet® Card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
FAQs
What credit score is needed for Amex cash magnet card? ›
The Amex Cash Magnet Card is aimed at consumers with a FICO® Score of 670 or higher.
Is the American Express cash magnet card worth it? ›Our Verdict. The American Express Cash Magnet® Card* might be a good choice for those looking for a simple flat-rate cash-back card and access to Amex Offers. Otherwise, the card doesn't measure up to higher-earning cash-back reward cards that beat the Cash Magent's 1.5% cash back on purchases.
Is Amex cash magnet hard to get? ›Your Amex Cash Magnet Card approval odds are best with a credit score of 700+. This means that you need at least good credit to get this card. It is also worth noting that your credit score isn't the only thing the issuer will take into account while considering your application.
What is the cash magnet card from American Express? ›The American Express Cash Magnet® Card* is a flat-rate cash back card. You'll earn cash back on every purchase at a flat rate of 1.5 percent back, no matter what you buy. The card also carries a nice welcome bonus and no annual fee.
Can I get an Amex card with a 650 credit score? ›This means you need a credit score of at least 700. If you're hovering around the 700 mark, it may be best to wait to apply when your score increases as the average applicant has a score of 715. Although, some applicants have been approved with a credit score as low as 643.
What is the easiest Amex card to get approved for? ›When applying for the Amex Blue Card, try to have a good credit score, which is a FICO® Score of 670 or above. This is one of the easiest Membership Rewards cards to open, and even consumers with average credit scores have a decent chance of approval.
What is the cash magnet card limit? ›The Amex Cash Magnet Card credit limit is usually around $1,000 to start, according to forum posts. However, some cardholders report limits that exceed $10,000. Just note that American Express does not include any specific Amex Cash Magnet Card credit limit information in the card's terms and conditions.
What is the most powerful Amex card? ›The most exclusive credit card is the American Express Centurion Card, also known as the Amex Black Card. It is reportedly reserved for people who spend at least $100,000 per year, and an invitation is needed to apply.
What is the hardest American Express card to get? ›The hardest Amex card to get is the Centurion® Card from American Express. Also known as the “Black Card,” this Amex card is hard to get because it is available by invitation only, and potential candidates are rumored to need an annual income of at least $1 million.
Why do most people not accept Amex? ›The different fees often make or break a deal for a merchant. This is why many merchants, especially small businesses, don't accept American Express. American Express' interchange fee is just too high. Providers like Visa and Mastercard charge between 1.15% and 2.5%, while Amex charges merchants between 1.43% and 3.3%.
Which is better the Amex Blue cash or cash magnet? ›
The American Express Cash Magnet® Card is the winner over the Blue Cash Everyday® Card from American Express. While both are among the best cash back credit cards American Express has to offer, the Amex Cash Magnet Card provides cardholders with better overall value.
How rich do you have to be to have a black American Express card? ›How much do you have to make to get Amex's black card? There aren't any income requirements per se, but you most likely need to be a high spender on your Amex cards. If you're in the ballpark of $250,000 to $500,000 in annual spending across all your open Amex cards, you may qualify for the Centurion card.
Can I withdraw cash from Amex at ATM? ›Our Express Cash and Cash Advance programs allow you the convenience of using your Card, along with a designated PIN (Personal Identification Number) to withdraw cash at participating ATM locations worldwide. Depending on the type of Card you have, you may have Express Cash or Cash Advance.
Is Amex cash magnet a metal card? ›No, Amex Cash Magnet is not a metal card. It's available only as a traditional plastic credit card. Amex currently offers a number of metal cards.
Will a magnet erase a credit card? ›The longer a card is exposed to a magnet (usually an inch or closer), the more likely the magnet is to erase information on the magnetic strip. Thankfully, it may take multiple, long-term interactions with a magnet to cause harm to your card.
What is the lowest credit score for Amex? ›The American Express credit score requirement is of at least 700, depending on the card. That means people with good to excellent credit are eligible to get approved for an American Express credit card.
What FICO score does Amex pull? ›For American Express, the data available currently indicates it pulls from all three bureaus, but primarily uses Experian's reporting in its decision making.
Which FICO score does Amex use? ›We believe everyone should know their credit score and have the tools to understand it better. That's why we're giving you VantageScore® 3.0 by TransUnion®, and the key factors that affect your score for free, even if you are not an American Express® Card Member.
Can I get an American Express card with a 580 credit score? ›Although American Express doesn't specify any minimum credit score requirements, you'll need good credit (or better) to qualify, which means a FICO score of at least 670. A premium Amex card — say, the American Express Gold Card — likely requires a “very good” FICO score, somewhere in the range of 740 and above.
Why is Amex so hard to get? ›Yes, it's hard to get an American Express card because they all require good or excellent credit for approval. But American Express isn't the only credit card company to target people in the highest tiers of the credit score scale. Barclays and Wells Fargo do too, for example.
Does Amex approve instantly? ›
Does American Express give instant approval? Yes, many times you'll be instantly approved for an American Express credit card. You may even be eligible to get an instant credit card number so you can use your card right away.
Is cash magnet good? ›The American Express Cash Magnet Card is a good card for a simple cash back option, with no annual fee. It also has a relatively generous one-time offer and a nice 15 month introductory 0% APR on purchases. However, it is not an ideal card to use outside the United States, given its foreign transaction fees.
What is the 200 bonus on American Express cash magnet card? ›This cash-back card offers a $200 statement credit as a welcome bonus for new cardholders when you spend $2,000 in your first six months. And you can earn unlimited 1.5% cash back on eligible purchases while enjoying some of the best perks that Amex is known for.
Should I have 3 credit cards? ›If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.
Why do rich people use Amex? ›It offers access to Centurion Lounges, hotel benefits, Delta Medallion status, and personal concierge. Plus, you can earn 1 point per $1 in Membership Rewards. A black credit will always have a certain amount of mystique because of the secrecy and exclusivity of the Centurion® Card from American Express.
Is Amex a high end card? ›The American Express Black Card is a high-end, exclusive charge card that is available to individuals on an invitation-only basis. Consumers may qualify for the American Express Platinum Card based on their credit score and income.
Does Amex approve everyone? ›Although American Express doesn't specify any minimum credit score requirements, you'll need good credit (or better) to qualify, which means a FICO score of at least 670. A premium Amex card — say, the American Express Gold Card — likely requires a “very good” FICO score, somewhere in the range of 740 and above.
Does Walmart accept Amex? ›Walmart accepts all valid American Express cards as payment, including credit cards, debit cards, and gift cards. Not only does Walmart accept American Express gift cards–they also sell them.
Why is American Express so special? ›American Express is good because its credit cards offer customers a wide selection of bonus rewards in popular purchase categories. American Express credit cards also have an assortment of lucrative welcome offers, introductory 0% APR offers, and luxury travel benefits.
Does American Express Blue cash have to be paid in full every month? ›Both the Blue Cash Everyday® Card from American Express and the Blue Cash Preferred® Card from American Express are regular credit cards that don't need to be paid in full each month. Paying in full will help you maximize your savings from rewards, however.
What is the spending limit on Amex Blue cash? ›
The credit limit for the Blue Cash Everyday® Card from American Express ranges from $500 to over $15,000. It varies based on a variety of factors, including your annual income and credit history.
Is Amex blue or gold better? ›If you're spending more than $500 per month at U.S. supermarkets and spend a lot on travel, the Amex Gold card delivers better value. If you subscribe to select streaming services and spend a lot on transit or gas, consider the Amex Blue Cash Preferred card.
How do rich people get black cards? ›How much do you have to spend to get a black card? There are very high spending requirements to get a black card. Generally, a card issuer invites only their most loyal customers who spend upwards of six figures or more a year to become a black cardholder.
Do you have to be rich to use Amex? ›American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.
Why is the Amex Black Card so special? ›It has an initiation fee of $10,000 and an annual fee of $5,000. It's also invite-only; you can't apply without permission from Amex. The card offers some incredible benefits, like complimentary elite status across four hotel chains and with Delta, airport arrival services, and access to a concierge.
Can I transfer money from my Amex to my bank account? ›Yes, you can transfer money from your credit card into your current account and then use the debit card linked to that account to spend it as you wish.
How much money can I withdraw from American Express credit card? ›American Express allows 20% of the credit card limit as the cash withdrawal limit. This set limit can vary from time to time and any revisions are communicated to the credit cardholder. A credit card limit of Rs. 2,00,000 means a cash withdrawal limit of Rs.
Can I withdraw cash from my Amex? ›Yes, your American Express® Credit Card gives you the flexibility to withdraw cash from any eligible ATM.
Can you upgrade Amex cash magnet? ›You must upgrade to a card offering the same type of rewards: For example, if you have the American Express Cash Magnet® Card*, you can only upgrade to the Blue Cash Everyday® Card from American Express (Terms apply) or Blue Cash Preferred® Card from American Express (Terms apply).
Why is my Amex card not metal? ›This was because of the change to contactless cards by Amex, forcing the company to use different metal materials to incorporate the technology.
Is the American Express cash magnet card a charge card or a credit card? ›
Card Summary
The American Express Cash Magnet Card is a simple cash back credit card that offers more than just rewards. New cardholders will get an introductory APR of 0% on purchases for 15 months. After that, the APR is 16.99% to 27.99% Variable, based on your creditworthiness (See Rates & Fees).
The magnetic strip on credit cards come in two varieties. The high-coercivity ones, like a typical credit card, require a field strength of somewhere around 4,000 gauss to demagnetize. The low-coercivity ones that are often re-written, like hotel keys or gift cards, require about 300 gauss.
Why are magnets bad for credit cards? ›Credit cards usually use ferrous oxide with a covering of plastic. The plastic protects your card from grazes and scratches. However, if another magnet is held close to your credit card for prolonged exposure, your credit card can lose its functionality and may stop working.
Do cell phones demagnetize credit cards? ›While your phone does create a magnetic field, it isn't strong enough to demagnetize your credit cards. The magnetic field comes from a small magnet located at your phone's speaker. This is too weak to cause any immediate damage to your credit card.
What is the minimum credit score that Amex will approve? ›Michael Battle, WalletHub Credit Card Analyst
The American Express credit score requirement is of at least 700, depending on the card. That means people with good to excellent credit are eligible to get approved for an American Express credit card.
- Capital One Platinum Secured Credit Card: No credit history. ...
- Petal 1 “No Annual Fee” Visa: No credit history. ...
- Discover it Secured: No credit history. ...
- Petal 2 “Cash Back, No Fees” Visa: No credit history. ...
- Mission Lane Visa: Bad to fair (300-670)
A 650 credit score is considered “fair” credit, which means you should be able to get a credit card or loan, but a little bit of credit improvement will give you many more options and help you save a lot more money.
Can I get an unsecured credit card with a 550 credit score? ›You need a credit score of 550 or higher to get an unsecured credit card. The higher your credit score is, the more unsecured credit card offers will be available and the better your chances of getting approved will be.
Does Amex give higher credit limits? ›Yes, Amex increases credit limits automatically. This might happen if you have excellent creditworthiness and make all your payments on time. Paying your balances in full each month or maintaining a low credit utilization ratio might also work in your favor.
What can I get approved for with a 630 credit score? ›As someone with a 630 credit score, you have just crossed over into the “fair” territory of credit score bands. You can qualify for financial products, like a mortgage or car loan, but you will likely pay higher interest rates than someone with better credit.
Is it hard to get approved for Amex? ›
Yes, it's hard to get an American Express card because they all require good or excellent credit for approval. But American Express isn't the only credit card company to target people in the highest tiers of the credit score scale. Barclays and Wells Fargo do too, for example.
Can I get an Amex card with a 670 credit score? ›According to the score ranges from FICO, that means American Express applicants typically have at least a 670 score: Exceptional. 800 and above.
What credit cards can I get with a 700 FICO score? ›- Best Overall: Wells Fargo Active Cash® Card.
- Best for Travel Rewards: Chase Sapphire Preferred® Card.
- Rates & FeesBest for 0% APR: Wells Fargo Reflect® Card.
- Rates & FeesTerms ApplyBest for Everyday Purchases: Blue Cash Preferred® Card from American Express.
Yes, you can get an unsecured credit card with a 500 credit score, but you will likely end up with high fees, high interest rates, and a low credit limit. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card.